Alkami Telemetry Data – Earned Wage Access (EWA)
EWA sounds convenient, but is it?
Source: “The 2023 Alkami Data Telemetry Report: State of the IndustrySM, Emerging Financial Institution Opportunities in an Uncertain Economy / “The Definitions of “Money” and “Payments” Continue to Evolve” page 12.
What we’re seeing: Per Alkami’s telemetry data, EWA appeals to younger employees, with more than 66 percent of users between 21 and 40 years of age participating.
Takeaway: Earned wage access has seen a 600% growth in users since 2018, with the monthly amount that users withdraw also increasing.
Call to action for FIs: Account holders need education and advice about these growing trends. Per J.D. Power, bank customers who have received advice or guidance from their bank in the past 12 months are significantly more likely to have opened an account with their primary bank. Be the place they go to learn about all things related to their money, not just the trend of the moment.
Download the 2023 Alkami Data Telemetry Report: State of the IndustrySM Emerging Financial Institution Opportunities in an Uncertain Economy