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Dailypay has emerged as a trailblazer in the realm of workforce technology, redefining the way employees access their earnings and manage their financial well-being. With an unwavering commitment to promoting financial wellness and empowering individuals through innovative on-demand pay solutions, Dailypay has rapidly established itself as a leader in the financial technology space. Their groundbreaking platform offers employees immediate access to earned wages, alleviating financial stress and driving productivity across diverse industries.
This remarkable achievement was recently recognized when Dailypay clinched the coveted Best Workforce Technology Solution - United States, 2024 award from the Global Brand Frontier Awards 2024 by Boston Brand Research & Media. This accolade not only highlights Dailypay’s excellence in technological innovation but also underscores its significant impact on reshaping traditional payroll paradigms and fostering an inclusive, employee-centric financial ecosystem.
At the helm of consumer financial solutions, Jack Rubin, SVP of Consumer Financial Solutions at Dailypay, has been instrumental in steering the company toward its visionary goals. Under his leadership, Dailypay continues to break new ground by integrating state-of-the-art technology with a deep understanding of workforce dynamics. As a champion of financial empowerment, Jack has led initiatives that bridge the gap between employers and employees, ensuring that the benefits of technological advancements are accessible to all.
Boston Brand Research & Media is honored to feature this exclusive written interview with Jack Rubin. In this conversation, we delve into the strategies that have propelled Dailypay to the forefront of workforce technology, explore the innovation driving their success, and gain insights into their future aspirations for transforming employee financial wellness. Below are the questions we have prepared for Jack and his team.
This recognition reinforces our mission of empowering employees through innovative financial solutions. DailyPay is creating the ultimate Employee Experience platform, an innovative financial hub that provides employees with control over their earnings and financial well-being, including how they access it and what they do with it. This gives employers a powerful tool for recruitment, retention, and productivity. We’ve recently added new consumer financial products, like credit health, to meet the growing needs of employees and have many more new offerings on the horizon.
DailyPay is a financial technology platform that provides employees with on-demand access to their earned wages, regardless of their employer's pay frequency. This reduces financial stress and empowers workers to manage their finances. DailyPay does this by integrating with employers’ payroll systems and enabling workers to track, transfer, and access their earnings via their bank account or DailyPay Visa® Prepaid Card.
My primary objective is to drive innovation and ensure that DailyPay's platform meets the evolving needs of both employers and employees. We are working on a suite of consumer financial products and solutions that will improve the financial lives of millions of hardworking people around the world. These solutions will join DailyPay’s award-winning earned wage access solution on our worktech platform. The goal is to be a financial wellness experience that actually propels workers forward in their journey to financial well-being. We know the economic challenges and obstacles workers are facing and want to address them head-on. It’s not about being just a marketplace of offers—we want to create an experience that catalyzes workers to start and stay, on their financial wellbeing journey. These relevant, impactful, and useful tools will span everything from credit health to savings and beyond.
DailyPay has had a significant positive impact on employee productivity and financial well-being. By providing employees with access to their earned wages, we have helped them reduce financial stress, pay bills on time, and avoid overdraft fees. Research commissioned by DailyPay shows that employees who leveraged DailyPay were better positioned to pay bills on time, avoid late fees, and avoid accumulating credit card debt. The data shows about 7 in 10 DailyPay users who previously paid late fees did this less often or stopped completely since they started using DailyPay. In addition, 62% of users who previously incurred credit card interest charges did this less often or stopped completely since they started using DailyPay. That same study also shows that employees with access to DailyPay’s worktech platform stay longer on the job with 55% taking extra shifts.
Total personal debt in the U.S is at an all-time high of $17.5 trillion. So it is not surprising that in the U.S. alone, over 60% of workers are living paycheck to paycheck with over 1 in 4 having no emergency savings at all. On top of that, more than one-third of Americans’ credit (34.8%) is considered subprime, which means their credit score is lower than what's needed to get the best possible interest rates. Unfortunately millions of workers around the world face these same issues as well. Our mission is to create products and solutions that help workers address these issues, empowering them to pay bills on time, reduce their debt, raise their credit score, and live better financial lives.
DailyPay serves more than 1,000 employer clients, with millions of users on the platform. Clients across virtually every industry include Target, Hilton, Kroger, HCA Healthcare, and Dick’s Sporting Goods. DailyPay has joined forces with a number of high-profile strategic partners including ADP, Workday, Visa, PNC Bank, Oracle, TD Bank, Santander, and BMO (Bank of Montreal). In the past year, DailyPay moved over $26 billion on its platform, clearly demonstrating that our multifaceted worktech solution is an essential benefit for workers.
One challenge we’ve encountered is educating the market about the positive impact we truly make in people's lives. For employees, DailyPay is more than just a way to access pay before payday, it’s an important financial wellness tool with features like:
Our app encourages responsible usage, and the data proves this: 80% of users surveyed say DailyPay has had a positive influence on their financial habits, with a majority using DailyPay as a tool to track their earnings on a daily basis. For employers, DailyPay’s enterprise-grade platform powers more than just hourly earnings. DailyPay can support salaried and hourly workers, tipped pay, bonuses, payroll corrections, and many other off-cycle payments, helping consolidate platforms while expanding capabilities.
We are focusing on innovation and expansion in several key areas. We are expanding DailyPay’s suite of consumer financial products and solutions that improve the financial lives of millions of hard working people all over the world. We are also broadening our reach to new markets and industries. We’re doing all of this while continuing to invest in our technology and platform. The goal is to be a financial wellness experience that actually propels workers forward in their journey to financial wellbeing. We know the economic challenges and obstacles workers are facing and want to address them head on. We want to help workers start, and stay, on their financial wellbeing journey.
DailyPay stands out in the Earned Wage Access (EWA) market with a comprehensive WorkTech platform that delivers exceptional value to both employers and employees.
Unmatched Scale and Financial Strength:
Seamless Integrations & Employer Support
For organizations looking to strengthen the relationship with their workers, it’s critical to look for a platform that facilitates positive engagement and easier communication between employers and daily workers. DailyPay’s enterprise-grade worktech platform seamlessly integrates across ecosystems with quick implementations and no impact to payroll and payroll teams.
