FinTech Female Fridays: Team DailyPay
Updated: Mar 20, 2020
Today we highlight Team DailyPay who work to empower the financial wellness of each employed citizen across the nation as our leading pay benefits provider.
Lara Brooks, VP of Strategy, Executive Committee
1. DailyPay’s mission is to have companies pay their employees faster; have you seen positive effects and improvements on employees’ credit scores and financial stability?
Our business is geared toward making an improvement in employees’ day-to-day lives and boosting financial wellness, without them having to deal with the world of payday loans. 83% of employees surveyed across our top industries — QSR, security, hospitality and consumer services, to name a few — say that DailyPay helps them pay bills on time and avoid late fees or overdraft fees.
Often, the credit score is not relevant because employees may be underbanked. For those who do have a credit score, however, one late payment alone (for a consumer who has never missed a payment on any credit account) could have a significant impact on a higher credit score — as much as a 90-110-point drop on a FICO score of 780 for a 30-day delinquency. Then consider how detrimental this is for employees who miss payment due dates often. Over three-quarters of U.S. workers are living paycheck to paycheck, which is why our mission to enable employees to take their first step toward financial security is key.
Michelle Bonavitacola, Director of Sales Development & Operations
2. DailyPay’s clients range from Vera Bradley to Sprinkles Cupcakes to Berkshire Hathaway; what type of clients are you looking to partner with and why?
The need for DailyPay by Employees Requiring Income Now (ERINs) and Millennials and Gen Z who Get Instant Everything (MAGGIEs) spans all industries. Since our mission is to help people take their first step toward financial security, we look to partner with organizations that really want to make a difference in the lives of their employees. Whether the company is 500 employees or 500,000 employees — we can support them.
Preeti Krishnan, Chief of Staff
3. What do you see as the largest challenge within the payment space, and how do you think that DailyPay can assist with these issues?
For the last 50 years, payroll has been a mechanical process that takes place on a predictable weekly, biweekly, semimonthly, or monthly schedule. Workers without savings, who had an emergency or a bill due outside of the normal pay cycle, have been forced to endure late and overdraft fees or, even worse, resort to predatory payday loans to handle these circumstances. DailyPay solves this problem by providing employees on-demand access to their pay in a fully compliant, easy-to-access way, revolutionizing the modern pay cycle. As we grow, we continue to be the only fully compliant platform that provides a seamless, transparent experience.
Jeanniey Mullen, Global Chief Innovation & Marketing Officer
4. Is there a proven record of improving upon the financial health from your customers? How are you able to measure this?
We have done surveys. We have found that DailyPay customers average a 41% reduction in turnover, and some find up to 77%. Recruitment also improved with DailyPay partners doubling their applicant pool; 1.9x were more likely to apply for a daily pay job, and partners filled open positions in half the time (52% faster).
Alesya Nasimova, Deputy General Counsel
5. How does DailyPay control privacy laws for their partners’ employees’ paycheck numbers? Are there any backup systems just in case there is a breakdown?
Security is one of the most important aspects of DailyPay. We recognize the concern of employers to protect their employees' information, and we want to protect our users. DailyPay is Soc 2 compliant, and we never share or sell any of the information we receive; all of the information is used for the sole purpose of providing the DailyPay service. We consistently stay up to date on any new laws or regulations that would affect our users and their information, and our legal team collaborates cross-functionally with other departments to ensure compliance.
Erin Carmichael, Controller
6. As a controller at a FinTech company, how is auditing and compliance keeping up with the fast pace and demand of FinTech companies and their clients?
Auditing techniques continue to get more sophisticated, and the largest firms are really pushing to develop new analysis tools and to use AI to assist them with their procedures. The more that auditors can hone the risky areas, the better able they will be to tailor their audit procedures. This hopefully will bring down the time requirements and costs of doing audits.
Jaime McDougall, Director of Marketing
7. As the Director of Marketing, how have social media outlets changed the marketing space in the past few years, and where do you see them affecting the marketing space in the future?
The relevance of having an organic social media presence/strategy is long gone, and I see it as more of a pay-to-play channel. Our social channels are very important to drive revenue and brand. It will continue to get more expensive to get in front of consumers, but ads will continue to become more personalized, targeted and dynamic.
Brands should start thinking about the role of influencer marketing, live video, AR, and VR, which are emerging trends in social media marketing that are here to stay.
Mariele Marki, Head of Employer Brand & Culture
8. As the Head of Brand and Culture, at what point should a start-up begin focusing on employer branding?
It should start with the founders even before they make their first hire. There needs to be an awareness that what is being created is a place of work. Founders are also employers, in addition to the functional roles they have in the organization (marketing, tech, operations, etc.). This awareness should lead to conversations about what kind of workplace needs to be built, what priorities exist, the kind of culture to create, and their roles in creating this culture.