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
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.
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
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.
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.