RoamHR Enabling Banks and Credit Unions To Provide Financial Wellness and Tax Planning Services for Gig Economy and Independent Workers
NEW ALBANY, Ohio, Sept. 16, 2019 /PRNewswire/ -- RoamHR, the digital platform empowering the freelance workforce to easily and effectively manage its taxes, is now positioning banks and credit unions to better meet the needs of consumers who are independent workers or participants in the gig economy. Through its mobile platform, RoamHR offers a tool for regional and community financial institutions to more effectively compete against larger institutions and fintechs, as well as increase deposits by attracting new customers and members and deepening relationships with existing ones who are 1099 employees.
"With more and more opportunities for independent workers, the income model for Americans is becoming increasingly complex and it is vital that we adapt to these market changes in order to ensure excellent service and experiences for our customers," said John Gill, Chief Operating Officer for Somerset Trust Company.
RoamHR is available on all major app stores and enables independent workers to automatically track and estimate their annual income and transfer the appropriate amounts to their bank savings accounts (or other investment accounts) to support required quarterly tax filings. The platform supports open banking and is unique in its financial institution-focused features, including: a tax savings account with patent-pending, continuous accounting capabilities that support income fluctuations and multiple revenue streams; the flexibility for users to connect to any of their existing accounts; and automated mileage tracking and expense capture.
"With more than 54 million independent workers nationally, this represents a significant market opportunity for banks and credit unions to grow their deposit base and ensure that they remain relevant financial partners to their customers and members as the nature of their professional work evolves," said Rick Gonzalez, Founder and CEO of RoamHR. "Our company's pedigree is in retail banking and financial services, and we have leveraged our experience and understanding of the business of banking to provide institutions with a thoughtfully designed platform to better support their strategic goals."
About RoamHR
RoamHR is the ultimate financial platform for freelancers. Our solution is precision-engineered to solve the biggest tax and budgeting challenges faced by the self-employed and contract workers, making it incredibly easy for 1099 employees to save money, plan for quarterly tax payments, track mileage and other deductible expenses, and automate tax payments. Our goal is to unlock new levels of financial freedom for freelancers, wherever they may roam. Whether you're a truck driver, a designer, or a developer for hire, our easy-to-use platform allows freelancers the freedom to focus on the work that you want to do, and not on tax planning. To download the RoamHR platform or learn more, please visit www.roamhr.com.
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