Global Fintech Series: A Path to Financial Wellness

There have been countless variables for how the “new normal” is impacting this subsector of FinTechs Digital acceleration has taken place in telehealth, insurance claim scanning, contactless payments and now on-demand pay. Specically, on-demand pay ensures employees feel safe and empowered with these new digital experiences, including instant-pay apps on mobile devices.

Why on-demand pay, though? The current bi-weekly payroll cycle has failed to timely and nancially cover employees’ necessary and unexpected emergency costs. COVID was an awakening for businesses to abandon the antiquated payroll process and migrate to a digital, contactless pay solution which provides employees access to their earned pay and eliminates the typical two-week wait time until payday. Speed and safety are prioritized through digitization which ends up saving everyone valuable time and money. If you can change the cycle of payments — and make the money earned available when it is needed — you can remove the financial stress of waiting.

In a time when financial wellness is top-of-mind for mostly everyone, it’s imperative employers properly equip workers with benefits like financial flexibility. During COVID-19 we learned many valuable lessons – including the need to save for unexpected medical emergencies.

Fintech companies can empower employees with the ability to harness the power of their pay and increase their financial security through a customized savings experience. It is important, however, to distinguish between different providers given the recent boom in the industry. When choosing a provider, there are many factors to consider within the entire ecosystem: the product itself, the funding experience, the data security, the customer support, the flexibility or limitations that come with different models – just to name a few.