Who is PayKey?
PayKey is a fintech startup founded in 2014, with the goal of enabling banks to present financial services within the customers’ daily interactions, enhancing the banking experience while helping banks boost customers’ financial wellbeing.
What are Salary on-Demand Platform benefits for the bank?
When offering the service to its corporate clients, the bank benefits in various ways:
Direct revenue from service fees.
Cross sell and upsell additional financial products
A new customer acquisition channel
Better engagement with existing clients and clients of other banks
Corporate client acquisition and retention tool with a unique offering
What are the benefits of the service for employers (corporate clients)?
The Salary on Demand service is a sought-after employment benefit, with no costs for the employer, enhancing workplace culture in various ways.
It has been shown that employers who provide Salary on Demand as a workplace benefit enjoy:
An Increase in employee engagement & productivity
A boost in recruitment.
Successfully retaining employees, lowering churn.
Why would employees join this service provided by their employer?
Access to earned wages has shown to have multiple advantages for those who use it:
Reduces financial stress
Replaces expensive external payday loans
Allows for better financial planning
Can additional services be made available through the service?
Yes. PayKey’s Salary on-Demand platform allows the bank to offer additional financial products to their clients and clients of other banks. These products are based on real-time data, and can include loans, advances, saving accounts and more.
Who is eligible for this?
PayKey’s solution fits all. Big and small banks and employers of any kind (large corporates and SMBs). On top of that, the platform is “payroll agnostic” and supports ALL HR systems used, global, local and manual as well.