Make it Personal: Niche Financial Concept for Makers Brings Business-Personal Banking to Life

Photo by Roman Kraft on Unsplash

More U.S. creative types are making their businesses personal, joining the ranks of makers who sell handmade goods online. This technology-fueled explosion in home-based commerce has been a boon for platforms like Etsy that focus on bringing these goods to market. It also presents a tailor-made opportunity for creative financial institutions looking to get in on the fun.

With approximately 90 million active customers worldwide, Etsy has tapped into a maker market that shows no signs of slowing. The number of sellers using the platform has skyrocketed, nearly tripling since 2019.

Many makers are young. Of the 4.6 million Americans who plan to expand their online handmade businesses, 76% are Millennials or members of Generation Z. Born between 1981 and 2012, these young entrepreneurs are digital natives who seek a streamlined, online solution for their personal businesses.

Attuned to the remarkable demand for their goods, makers have big plans. A whopping 82% of them share a desire to increase their sales. In fact, according to recent filings, 2.6 million Etsy creators plan to open a checking or savings account in the next six months, and 1.7 million of them plan to get a new credit card in the same timeframe.

Makers are attuned to the market opportunity, yet financial services for their businesses are lagging.

Traditional financial institutions aren’t built for makers, whose income fluctuates and who might not operate on a set, orderly business plan. Transaction and other fees add up, and many makers say they are unclear about whether to open business accounts or keep their income flowing into personal checking.

These makers hunger for analytical data to help them make big decisions for their small businesses, and often find their financial institution can’t help them track their earnings and budget. Creators need business support and personal financial health advice, too. They need a partner designed for their unique business model.

Niche solutions like Métier by Nymbus can be an attractive entry into business-personal banking. Digital, thoughtful, nimble and built for makers, Métier is an example of financial institutions and brands creating a concept that speaks to the growing needs of this rapidly expanding market of makers.

Create Something New: Tools to Empower Entrepreneurs

Niche solutions empower online entrepreneurs to grow their business while meeting personal financial goals in a way that traditional banking simply cannot.

  • Streamlined invoicing: Cashflow irregularities are a thing of the past with access to financial services like small-business and short-term loans with fair rates, debt consolidation and financial coaching.
  • Track multi-source earnings: Equip makers with the analytics they need to understand their income, expenses and taxes. Automated bookkeeping features can be built-in or linked with solutions like QuickBooks.
  • Separate business from personal: To help illuminate cashflow, offer separate cards for business and personal accounts. Offer cash back and reimburse a percentage of transaction fees to build savings.

For financial institutions or brands looking to get in on the explosion of the creator economy, a niche solution like Métier is a gateway to opportunity.

Seize the Opportunity: Make Niche Solutions

Etsy is the largest online marketplace for creators, and its growth is surging as more makers bring their skills to market. In fact, the company’s latest annual report showed revenues of 2.3 billion, an increase of 538.2% in the last five years. Analysts predict 19% annual growth for Etsy, and expansion nearly as robust for its competitors at 14% annually.

Fintechs are starting to take notice of the opportunity and the Europeans are ahead of the curve. Both Ayden and Klarna offer financial solutions to platforms like Etsy, providing instant payouts on pending card transactions. While these firms are focused on servicing the servicers, 4.6 million American creators are in search of a solution for their banking needs.

The financial institution or platform that offers makers niche solutions like Métier will elevate the creator experience, expanding access to this growing market. Now is the time to join the movement to offer better services to makers, strengthening the foundation of this innovative new sector.

For brands who seek to build their revenue and brand recognition, and aim to lock in customer affinity while reaching previously unattainable audience segments, carefully tailored niche products can be part of the solution.

To find out how Nymbus can help you launch Métier, request a demo today.

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Nymbus Labs

Nymbus Labs

helps institutions grow and attract new market segments with banking technology, strategic marketing and user-experience expertise.