Survey: A majority of senior fintech executives report difficulty focusing on their company’s official purpose while reacting to macroeconomic factors like inflation, supply chain issues, labor shortages, and a potential economic downturn.
MONEY20/20--Pathward™, N.A., 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 senior fintech executives indicates that most fintechs have a defined purpose, but they grapple with remaining focused on company 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 executives surveyed said their businesses have a stated purpose, a majority (60%) have only defined that purpose in the last few years. As a result, staying steady in that pursuit is still a new company behavior.
“While we recognize that it is a challenge to maintain purpose through various cycles that can impact our companies, research shows that if corporate purpose remains top of mind for executives, it can drive business results,” said Brett Pharr, Pathward CEO. “Our fintech partners see the value in joining forces with a purpose-driven partner. Pathward has had the benefit of practicing a steady focus on purpose for decades, which has been an advantage as we help people and businesses reach the next stage of their financial journey.”
The survey also indicates that fintech executives 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 No. 1 consideration for fintech executives.
“With financial inclusion as our purpose, 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 more segments of customers,” said Pathward President Anthony Sharett. “We are encouraged to see that our fintech counterparts see value in that commitment to purpose. Nearly all of fintech executives surveyed believe that a purpose-led bank partner is a more committed and reliable partner.”
Pathward’s survey reveals additional insights on how fintechs are operationalizing purpose throughout their organizations.
The Role of Purpose in the Fintech Industry white paper provides results from an online survey by Pathward of 500 senior executives from companies delivering financial technology and financial services products during a six-day period in August 2022. Respondents were executives at the vice president-level and above. Survey results are available on Pathward.com.
Pathward™, N.A., a national bank, is a subsidiary of Pathward Financial, Inc.™ (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all™. Pathward strives to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.