New Research From Pathward Illustrates the Role of Purpose for Fintech Companies
October 24 2022 - 9:00AM
Business Wire
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.
About Pathward™
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221024005276/en/
Courtney Heidelberg 605.291.7044 mediarelations@pathward.com
Pathward Financial (NASDAQ:CASH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pathward Financial (NASDAQ:CASH)
Historical Stock Chart
From Jul 2023 to Jul 2024