The gig economy has experienced rapid growth in recent years, as the convenience of a flexible schedule appeals to a wide base of workers. The unique nature of gig workers’ employment means that they have specific banking needs. However, large banks have traditionally focused their efforts on accommodating the needs of individual consumers and large corporate institutions. This has left a gap in the financial services industry, as gig workers’ specialized needs are not being properly met. To talk more about why and how banks should better serve the gig economy, PaymentsJournal sat down with Mark Vipond, VP, Solution Management at the NCR Corporation, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group. PaymentsJournalPaymentsJournalPaymentsJournaljQuery(document).ready(function ($){var settings_ap41303474 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"41303474",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_85667_6",settings_ap41303474); }catch(err){ console.warn("cannot init player", err); } }); An overview of the gig economy in the United States While rideshare apps like Uber, grocery delivery options like InstaCart, and meal delivery options like DoorDash may be the first examples to come to mind, the gig economy encompasses far more workers than many realize. It’s hard to pinpoint the exact size of the gig economy, which is largely due to a lack of industry consensus as to who qualifies as a gig worker. Even so, there are a number of predominant reports that have estimated the size of the gig economy. For example, a U.S. Bureau of Labor Statistics report, which used U.S. Census data, estimated there are 26 million gig economy workers in the nation. However, this report only included individuals using gig work as their primary source of income—not those using it as a secondary or supplemental source of income.  A Gallup poll, on the other hand, estimated 56 million non-traditional workers, or gig workers, which is in line with estimates by Upwork and the Freelancers Association. McKinsey released a report estimating that there are 42 million gig workers. Unlike the U.S. Bureau of Labor Statistics, though, these estimates included gig workers with primary sources of income outside of the gig economy. Regardless of the ambiguities, explained Grotta, the gig economy in the United States is undoubtedly significant in size. “By any measure, we can say that the gig economy is really quite large in the U.S. As we get more acclimated to gig work as a country,” she added, “I’m hopeful that we will start to define this a bit more clearly.”  The gig economy is wide-ranging, here to stay, and largely underserved The gig economy began to accelerate after the