What independent workers (don’t) want from their bank, in 4 charts
- Independent workers in the U.S. are seeking new banking options, because their needs are not being adequately served.
- Millions are looking to switch banks in the next year, creating a major opportunity for banks to capitalize on.

The independent economy – which includes freelancers, independent consultants, content creators, on-call workers, and merchants – is growing fast. It currently consists of 68 million people in the U.S. alone, and it’s estimated that by 2025, it will include over half of all U.S. workers.
Despite the rapid growth, this market remains largely underserved when it comes to their banking needs. Recently, a number of challenger banks and fintechs have sprung up to offer personalized services tailored to the needs of independent workers. Examples include Lili, Oxygen, Lance, Novo and indi. However, so far, major banks and traditional financial institutions haven’t stepped in to sufficiently fill this growing gap in the industry.
Every customer has specific needs, but a business of one is a different ball game. Independent workers have unique requirements, as they have to manage their income, taxes, savings, and other financial obligations on their own, in addition to running their business. So when it comes to bank account offerings, what exactly are they looking for?
Abound, a firm that builds financial APIs for the independent economy, turned to independent workers themselves to learn more about their specific banking needs. Abound surveyed over 400 independent workers from across the U.S., representing a variety of roles, income levels, age groups, and years worked. Findings highlight how independent workers feel about their current banking situation, the problems they face, the features they care about the most, and what their ideal bank account would look like.
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