Last week on May 16th, our team attended FTT Embedded Finance & Super-Apps Europe 2023. We wanted to use this opportunity to discuss how embedded finance and super-apps can be used to serve the underserved, as well as what customers can do with these to navigate the ongoing cost of living crisis.
In a world currently thriving on innovation within the digital landscape, we found it crucial that we address how financial technology like mywage can be used to support and benefit those who may be struggling with financial management in times of need, and what can be done to empower these individuals.
From transformative technologies to discussions surrounding the future of financial inclusion, the event provided a stage for cutting-edge insights and innovative solutions into reshaping the new age of fintech forever. However, amidst the storm of embedded finance’s endless possibilities, one topic stood out to us more than anything.
How can we use embedded finance to help people take control of their lives and make well-informed financial decisions?
In this article, we’ll discuss our key takeaways regarding the value of financial literacy with the use of technology, and what workers can do to foster this power.
Understanding Financial Wellness
Technology has revolutionised the way we go about handling our finances – whether it be mobile banking or online investment platforms, people now have access to a plethora of new digital tools to manage their finances in different ways. However, without a solid grasp of core financial principles and concepts, it’s likely that these tools may be overwhelming, or misused entirely.
Understanding the fundamentals of financial well-being (i.e. the effect of certain financial decisions in the long run, or having the capacity to deal with the unexpected) can equip individuals with the necessary knowledge to leverage finance technology effectively, enabling them to make sound monetary choices to ensure long-term financial wellness.
Thankfully, in an era where any information is readily available at the click of a button, particularly with the introduction of ChatGPT, people everywhere have access to a wide variety of financial information. Financial education is more accessible than ever before, and it’s never too late to learn. It’s crucial to have an understanding of financial wellness before taking on the world of financial technology.
The Importance Of Data Transparency
Data transparency is a foundational pillar of a comprehensive financial system. This refers to the accessibility and clarity of financial information on any given platform, allowing stakeholders to understand the risks and rewards associated with their financial decisions. In turn, this knowledge of the direct impact of your financial decisions will facilitate more effective decision making in future.
During Orsela Cani’s panel discussion regarding the use of embedded finance to serve the underserved, she emphasised that “To empower workers, they need the resources to make decisions using clear data that makes sense to them. Having that possibility in one place on one single platform would greatly serve those that need it most.”. The key here is clear data that makes sense to them. Our goal at mywage is to encourage people to understand their data, empowering them to take control of their monetary wellbeing – presenting financial data in a complex manner which people can’t understand will have the opposite effect.
On the mywage platform, we offer an extensive range of reports out of the box, with users being able to produce custom reports themselves with ease. Absolutely any data within the mywage solution can be reported on or cross referenced, giving your teams absolute transparency into their payroll data. Financial data should be offered back to your workforce as an educational piece, which is why we offer AI-driven data insights to help your employees make well-informed financial decisions.
How RealTime Visibility Benefits Your Workforce
Now that we understand the educational benefits of financial data, there’s one thing that must be addressed – why are so many people still putting up with receiving their monetary data weeks later than they should be?! Technology is advancing at a rate nobody could’ve predicted, yet there’s still a lack of real time that we seem to be missing.
RealTime visibility promotes financial literacy and awareness. By providing individuals with real-time access to their financial data, they can develop a deeper understanding of their financial habits, patterns, and trends. As a result, people can identify areas of improvement, recognize the impact of their decisions, and become more financially responsible. This visibility empowers them to make necessary adjustments promptly and stay on track towards their financial objectives, fostering responsible monetary behaviour.
mywage recognises the importance of RealTime visibility, which is why our platform gives users the ability to streamline the entire Payroll process by leveraging RealTime visibility of the entire Payroll process. We want to empower the future of work by giving workers the information they need to allocate their income towards savings, expenses, and debt repayments with greater accuracy and confidence. To manage your cash flow effectively, timely data is a must.
The Future Of Payroll: OnDemand Pay.
OnDemand Pay refers to the employee payment method by which employees can access their wages before their traditional payday. This provides your workforce with the flexibility and control to manage their wages in their own way, proving particularly helpful in managing unexpected expenses, emergencies, or cash flow challenges.
The future of payroll demands an instant system to allow customers to budget and forecast effectively. Similarly to the benefits of RealTime Visibility, OnDemand Pay can serve as a tool to promote financial management, such as budgeting and planning skills. With each generation, people are getting less and less patient – we expect things to be quick, instant, and efficient, and our solution recognises this.
mywage adapts to the future of technological demands. As Orsela Cani said in her panel discussion, “The future is one where people want to get paid instantly.”. This is why we’re developing an OnDemand Pay system for our platform. Transparency is key for well-informed financial decisions, but the future of work demands an instant system with ultimate data visibility to optimise this feature.
Keeping Your Workforce Financially Educated
Overall, more is needed to be done to make people more financially aware. The educational qualities of financial technology are a substantial part of what gives these platforms value – as fintech providers, we have a duty to contribute to a more financially literate society.
At mywage, we believe that the root of success lies in workforce empowerment. It’s no secret that we’re exposed to technology every moment of our lives, so why not put this to good use and improve our finance management? Our mission is to give workers the tools they need to make well-informed financial choices. Whether it be through data transparency, RealTime visibility, or OnDemand Pay, we’re focused on pushing your workforce to thrive financially.
If you believe in the power of data transparency, RealTime visibility, and OnDemand Pay for the financial well-being of your workforce, we have the solution you need.
Find out more about mywage today, or book a demo now.
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