New research from Pathward illustrates the role of purpose for fintech companies

NewsPress Releases
Revised: 09 January 2023
Published: 24 October 2022
role of purpose for fintech companies

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.

 
LAS VEGAS, MONEY20/20 – Oct. 24, 2022 – 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.

 

 

Media Relations Contact:

Courtney Heidelberg

605.291.7044

mediarelations@pathward.com


  • Pathward News Leases image
    Revised: 06 January 2023
    Published: 08 September 2022
    Fair Market Value vs. $1 Buyout Lease
    There are two types of equipment leases factoring receivable companies your business can use to buy equipment: those that use fair market value and those that have dollar buyout leases. Learn everything you need to know to make the best decision for your company.
    Insights
  • Pathward News Lending image
    Revised: 06 January 2023
    Published: 08 September 2022
    Asset-Based Lending vs. Factoring
    Asset based lending and factoring provide the same service for financing but in different ways. Learn more about Pathward's factoring lending solutions.  
    Insights
  • Pathward 5C's image
    Revised: 06 January 2023
    Published: 08 September 2022
    The Five Cs of Credit
    Before you apply for a loan, there are five factors traditional banks take into consideration before issuing one to you. Learn about the five c's of credit and Pathward's unique inclusive approach.
    Insights
  • The Role of Purpose in the Fintech Industry
    Revised: 06 January 2023
    Published: 24 October 2022
    White Paper: The Role of Purpose in the Fintech Industry
    Building a purpose driven organization is being put to the test. Almost all senior executives surveyed reported 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.
    Insights
  • Pathward Equipment Loan image
    Revised: 12 January 2023
    Published: 08 September 2022
    Equipment Loan vs. Equipment Lease: What Makes Sense?
    Equipment leasing and equipment loans are the most used resources in the finance business equipment industry. Learn about the best fit for your business from Pathward.
    InsightsCommercial Finance
  • Revised: 15 May 2023
    Published: 15 May 2023
    Pathward Provides Counsel on BaaS Success
    Community banks and financial institutions (FIs) can increase revenue, deposits, and customers by offering banking as a service (BaaS) relationships.
    InsightsNews
  • Revised: 06 September 2023
    Published: 04 August 2023
    Breaking Down Financial Inclusion on the Bankadelic Podcast
    Pathward’s Anthony Sharett spoke with Lou Carlozo, host of the Bankadelic podcast, to discuss our renewed purpose, rebranding and our bank’s historical evolution, and how we approach partnership and differentiation in the Banking as a Service environment.
    InsightsNewsAnthony Sharett
  • Work from home
    Revised: 11 October 2023
    Published: 12 October 2023
    The Remote First Approach
    Today’s remote work conversation revolves around return-to-office mandates. Many executives are either planning for employees to return full time to the office – or have already instituted a full return. Pathward’s CEO Brett Pharr shares his views on Pathward’s sustained commitment to remote-first employment.
    InsightsBrett Pharr
  • Small Businesses Appear Optimistic About Growth Despite Critical Cash Flows Issues
    Revised: 23 February 2024
    Published: 23 February 2024
    Financing Options for Small Business Navigating Today's Market
    Pathward®, N.A. completed a Small Business Credit Habits and Needs survey of 1,000 small business owners and executive decision makers to understand the state of small businesses and their financing habits and awareness.
    InsightsNews
Close

You are leaving a Pathward website

You are leaving a Pathward website and will be going to a website that Pathward does not control. Pathward has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.