The role of freelancers in the economy is increasingly important and there is the need to serve them with adequate financial products.
Banking has traditionally been built on a society where people would start working in one profession and would stay in the same role and company for their whole life with long term employment contracts that would reflect this position.
Today much has changed and our society is evolving towards a new idea of work, one where people are more independent and move around both in terms of positions and geographically. Furthermore there is a proliferation of platforms that create gig economy workers that will use applications to find customers.
With Open Banking banks have the opportunity to partner with startups like Oval Money to create and distribute products that are suited for this growing market, thus bringing financial inclusion and education.
Read more in my contribution to the Nesta Open Up Challenge for the future of business banking.