Banks & Cities Blind to Gig Economy

Since leaving the traditional workforce in 2018, I've had to learn the hard way, why the current financial system slash structure sucks. Meaning, providing financial instruments that actually help people gain economic stability, better yet independence.

I should clarify a thing or two before going further in what is really me going on a rant in the written form. So no, this isn't going to be about cryptos. Well, not directly, lol.

First thing, over these 20 plus months, I've learned that financial institutions and city services have no clue how to process people working in the #GigEconomy. If you're reading this and have no idea what I'm talking about? You could Googly it. But to save time, think of things like Task Rabbit, Uber, and Instacart. Those are a few examples of what makes up the Gig Economy.

More people are using none-bank apps to get paid, move, and use their "money." Hell, I've met people who don't even connect their apps to their actual bank account (if they have one.)

The second point is that in the little time I've been in the Gig Economy, aka #AppForce, I can say without a doubt I see the expansion. At the time of this rant, I work between the DMV and New York. I've met more people who do it fulltime too. And they all say the same thing, people are always so surprised when they tell them it's their full time. I even know a guy who travels between the east and west coast doing Task Rabbit.

So where am I going with all this?

Simple, banks and cities don't know how to provide services for this growing part of the workforce. For example, when you're applying for a service in your city, they ask for financials. One question is, "do you get paid monthly or biweekly." Some may ask if it's weekly. You can get paid every day, once you figure out your workflow for some #GigApps. Banks use the same question format BTW.

Another fun fact, a bank will count you as "self-employed." Tell you to fill out a "profit and loss" document in addition to asking questions like "what's the name of your company?" or "how much is your payroll?" Mind you, neither of these questions apply to your reality of being self-employed.

The sad reality is that even though the people who work in banks use these services all the time in one form or fashion. They still don't understand or notice the change in the workforce. I guess this is why traditional banks are seen as dinosaurs or at least the leadership. Haha Jamie Diamond (ok, that was the 1 crypto reference.) And probably part of what's contributing to them losing customers to online banks, IMO.

The same goes for those who work for the city. How do they get to work on time? Or a better one, when it's a rainy day, what's for lunch? Ask any Lyft or Door Dash driver, these are real scenarios. IMO, regarding city leadership, they aren't taken care of all the citizens. Again, this goes back to not paying attention to what's happening in real-time, right before our eyes.

Job security is a concept of the past. #Babyboomers are starting to catch on, but the millennials are leading the race in the AppForce.

In another 5 to 10, it will be the Y and Z geners.

In the beginning, I said this was a rant. Turns out, it's a short one. I'm picking on these two things because they've been recent pain points for me. I'm also hoping that another person in the Gig Economy sees this and realizes they aren't the only ones dealing with this back work outdated system. If I'm lucky, someone reads this and understands how behind these institutions are and starts working on updating things.

Last point, since it's always about the money. I wonder if the people in charge realize how much economic development is being stifled by not having policies and procedures that include this workforce? Or is this like being #anitfree WiFi?