In the dynamic landscape of workplace financial services, one company stands out as a true pioneer – SalaryFits. Insider London proudly partners with SalaryFits, an innovative force reshaping the future of financial wellness in the workplace.
Building Sustainable Financial Services
At its core, SalaryFits is on a mission to promote sustainable financial services. Their focus extends beyond conventional offerings, diving deep into developer-friendly APIs that seamlessly integrate with payroll processes worldwide. This pioneering approach empowers global and regional benefit providers, such as lenders, insurers, and investment managers, to access real-time payroll data. Through this connectivity, these providers can efficiently collect payments via salary deduction, ensuring a hassle-free and secure financial ecosystem.
The Financial Landscape in the UK
In the UK, there is a growing need for the kind of services that SalaryFits provides. Recent research by PwC has revealed that 20.2 million adults in the UK are financially under-served. This means that at least 1 in 3 adults may have difficulty accessing credit from mainstream lenders. This represents a 50% increase in the size of this population since 2016. An additional 8.9 million adults exhibit signs of financial fragility. These individuals are among the most at risk of becoming under-served shortly as a result of a further squeeze on their finances as the cost of living crisis continues.
The Importance of Employer Support
The rising importance of employer support in the UK cannot be overstated. A staggering 70% of UK employees find themselves short by at least £600 annually, with 2 in 3 of those short by £1,200 each year. Furthermore, 51% spend time worrying about their financial situation every day of the week – twice as much compared to 2021. 23% are worrying multiple times a day. Nearly 3 in 4 (71%) agree that their mental health would improve if their employer gave them immediate financial well-being support and benefits.
The SalaryFits Approach
SalaryFits recognises that employers are a valuable channel for reaching underserved, but financially stable individuals. With the support of employers, financial institutions can reach a much wider range of prospective clients. SalaryFits prov ides real-time access to payroll data, enabling instalment/payment collection through salary deductions on a monthly or weekly basis. This approach provides financial institutions with the opportunity to rapidly expand their customer base. It also serves as a tool to serve financially excluded individuals, increasing the financial institution’s total addressable market.
The Impact of SalaryFits
SalaryFits is making a significant impact in the financial services sector. Over 5 million employees in 400+ enterprises worldwide can access financial products in SalaryFits APIs. More than 160 financial institutions and fintechs are building products on top of SalaryFits APIs. Every month, over 6 million salary payments (deductions) are processed.
SalaryFits is at the forefront of promoting sustainable financial services at the workplace. Their innovative approach is not only beneficial for financial institutions but also plays a crucial role in improving the financial well-being of employees. As we at Insider London are proud partners with SalaryFits, we invite you to book a company visit with them to learn more about their transformative work in the financial services sector. Contact us via firstname.lastname@example.org to schedule a visit