By SalaryFits, 7 March 2019

Employee financial wellbeing is fundamental to enhance engagement, productivity and lower turnover rates in the workplace. Employers have a unique chance to be supportive and careful about their employees’ financial health. With that in mind, responsible financial institutions and employers are levering from technology to promote sustainable credit offerings, insurance and other financial products to millions of employees.

According to the World Bank, there are still 1.7 Billion unbanked adults worldwide (2017) who are excluded from the formal financial system. On top of that, the vast majority of the population is considered ‘underbanked’ or ‘sub-prime customers’ for the banks and, therefore, has limited access to products that meets their needs and that have a sustainable pricing. In the United Kingdom, for example, payday loans firms can offer an APR to up to 1,000 per cent.

With that said, it is required that financial institutions and supportive employers look for innovative solutions to promote financial inclusion and the wellbeing of the “un(der)banked” population. A promising technology is allowing these individuals to pay for financial benefits straight from their salaries, resulting in more accessible financial products to employees of companies and no additional costs or workload for the HR.

A London-based fintech company developed a technological solution which allows companies to provide access to competitive financial products as part of their employee benefits package, together with an automated salary-linked payment feature at no additional cost to employers or to employees.

With a solution like this, financial providers can benefit from a cost-effective commercial channel and technology platform through which they will have better access to information, lower transaction costs, lower default rates and moreover significantly lower costs of acquisition. As a result, they are able to access an environment in which they can better understand consumers’ ability to pay, rely on the stability of their work relationship and have the reassurance of the willingness to pay element as a result of the repayments being made straight from the salary.

As financial providers benefit from lower costs and more customers, it results on more competitive offerings to the whole employee base of partnered companies. For instance, in the United Kingdom, responsible lenders and employers are offering payroll loans to employees with an APR that can vary between 4,9% and 10%.

Based on a £16,000 loan contract to be paid back in 3 years, an average British employee could save around £70 every month or a total of £2,500 if compared to the market average APR charged for consumers loans in the UK. This sort of proposition can improve the lives of millions of families, having already beneficiated more than 10 million of them worldwide. It is a win-win solution for all parties involved: employees, companies and financial institutions.

Source: <a href="http://fintechcircle.com/insights/channel-to-promote-financial-inclusion/">Fintech Circle</a>

FinTech Circle: A New Channel to Promote Financial Inclusion

By SalaryFits, 7 March 2019

India – On 15th February in ITC Maratha, Mumbai, PeopleStrong held its annual product launch event called “AltifyHR 2019”. During the event, SalaryFits was showcased as one of Employee Benefits Partner on PeopleStrong’s Alt One platform that connects more than 200+ leading organizations and more than 700,000+ employees, across India.

“This event was a great opportunity to highlight our partnership and to be part of the prestigious Annual Product Launch by PeopleStrong. We strongly believe, our association will help to promote Financial Wellbeing as an Employee Benefit in India”, said Ankit Varliani, Director – Business Development, SalaryFits India.

PeopleStrong is the largest HR Technology company in Asia. On its journey to writing the #NewCodeofWork, PeopleStrong delivers its technology and services in one offering, using its on-demand technology product PeopleStrong Alt, which has distilled tens of thousands of hours of ‘natural research and development (R&amp;D) — a decade long experience of servicing the HR functions of top Indian companies.

SalaryFits is a company focused on empowering individuals through their salaries. By leveraging the existing relationship that employees have with their employers, SalaryFits allows different ranges of providers to offer fairer financial products compared to the ones available in the market.

SalaryFits and PeopleStrong Join Forces for Financial Wellbeing Benefits in India

By SalaryFits, 22 April 2019

SalaryFits has recently started a partnership with a benefits provider, Edenred, in Portugal: “It’s a very interesting synergy, because it combines corporate welfare benefits with those concerning credit”, said Moacir Giansante, SalaryFits Italy Country Manager .

In 2018 SalaryFits became part of the Fintech District community, “a very similar one to that based in London, in Canary Wharf: Level39 – explains Giansante – it is important for us to be part of an innovative environment like this, with a number of  startups but also attended by financial institutions looking for new ideas “.

See more at: <a href="https://www.fintechdistrict.com/salaryfits-interview-with-moacir-giansante/">Fintech District</a>

The Recent Partnership with Edenred

Salaryfits aims to make sustainable credit a reality.
Our solution consists of a BI tool to integrate fastly and efficiently the offers from local financial providers to the payroll systems of entities, allowing those providers to better access the credit profile of the employees of those entities.
We are focused on promoting financial inclusion and sustainability, always enhancing the security and reliability of the environment of the transactions, and offering benefits for employees of the companies which are integrated to our platform.
Besides our unique and disruptive business model, we rely on previous and very successful experiences from our parent companies in Brazil and Mexico. Our product is based on a patented platform and a business strategy that has been tested and improved within these markets for more than 15 years.

SalaryFits

Salaryfits aims to make sustainable credit a reality.

Our solution consists of a BI tool to integrate fastly and efficiently the offers from local financial providers to the payroll systems of entities, allowing those providers to better access the credit profile of the employees of those entities.

We are focused on promoting financial inclusion and sustainability, always enhancing the security and reliability of the environment of the transactions, and offering benefits for employees of the companies which are integrated to our platform.

Besides our unique and disruptive business model, we rely on previous and very successful experiences from our parent companies in Brazil and Mexico. Our product is based on a patented platform and a business strategy that has been tested and improved within these markets for more than 15 years.

CEO, SalaryFits

CEO at Salaryfits, Partner Manucci Advogados Law Firm. Working with scaling IT companies, withfocus on Fintech. International Law, International Contracts, International Business, Startups Advisory and mentorship.