New research from Pathward illustrates the role of purpose for Fintech companies
Survey: A majority of senior fintech executives report difficulty focusing on their company’s official purpose while responding to macroeconomic factors such as inflation, supply chain issues, labor shortages and a potential economic downturn.
LAS VEGAS, October 24, 2022–(BUSINESS WIRE)–MONEY20/20–Pathward™, NA, an industry-leading financial empowerment company, today announced the results of research on The role of purpose in the Fintech industry, at Money20/20 USA. The survey of top fintech executives indicates that most fintechs have a defined purpose, but they struggle to stay focused on the company’s purpose in volatile market conditions.
Pathward led the research to better define the link between business practices and corporate purpose among fintech providers. While 100% of senior fintech leaders surveyed said their businesses have a stated purpose, a majority (60%) have only defined that purpose in recent years. As a result, staying steady in this pursuit remains a new corporate behavior.
“While we recognize that maintaining purpose through various cycles that can impact our businesses is a challenge, research shows that if corporate purpose remains top of mind for leaders, it can drive business results,” said Brett Pharr, Pathward CEO. “Our fintech partners see the value in teaming up with a purpose-driven partner. Pathward has had the advantage of practicing a consistent focus on purpose for decades, which has been an advantage as we help people and businesses reach the next phase of their financial journey.”
The survey also indicates that fintech leaders recognize the business value of purpose-led organizations. According to the survey’s findings, when evaluating what drives a partner’s trust, commitment to purpose is the number one consideration for fintech leaders.
“With financial inclusion as our goal, we are committed to working with partners who have a shared vision for the future. The customer focus and innovation in the fintech industry today makes the expansion of financial inclusion and access more possible across multiple segments of customers,” said Pathward President Anthony Sharett. “We are encouraged to see that our fintech counterparts see the value in this commitment to purpose. Almost all fintech leaders surveyed believe that a purpose-led banking partner is a more engaged and trusted partner.”
Pathward’s research reveals additional insights into how fintechs are operationalizing purpose across the organization.
The role of purpose in the Fintech industry The White Paper provides results from an online survey by Pathward of 500 senior executives from financial technology and financial services companies over a six-day period in August 2022. Respondents were executives at the vice president level and above. Survey results are available on Pathward.com.
About Pathward™
Pathward™, NA, a national bank, is a subsidiary of Pathward Financial, Inc.™ (Nasdaq: CASH). Pathward is a US-based financial empowerment company driven by its mission to drive financial inclusion for all™. Pathward strives to increase financial accessibility, choice and opportunity across the Banking as a Service and Commercial Finance business areas. The strategic business lines provide end-to-end support for individuals and companies. Learn more at Pathward.com.
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