Banks have spent billions in the last few years on speeding up payments so customers can gain access to money in seconds; on-demand wages is one trend that banks have started to take notice of with U.S. Bank and KeyBank testing solutions; millennials in particular have become accustomed to getting music or TV on demand and are beginning to expect to receive wages on demand; a study from Harvard’s Kennedy School says workers who received on-demand wages were 19 percent more likely to stay in their current job, which could mean hundreds of millions in savings for large retailers for example; while the trend has not yet hit the mainstream it is starting to change the thinking of employers and workers who live paycheck to paycheck. Source.
