New Fintech Products
Flood The Market
As Earned Wage Access established itself as a must-have benefit for competitive businesses, many new fintech products emerged with a goal of limiting predatory practices in the banking industry, with some even focusing on helping low-income and underserved groups.
Promising developments include products that track and manage food stamps, build emergency savings outside of retirement accounts, and protect against overdraft fees. These products complement EWA to help employees reach their financial wellness goals.
The creation of EWA has also inspired other products including the rise of “early pay,” where banks offer bank check deposits two days early, cutting out payment processing times once deposit notifications arrive.