DailyPay: Driving Customer Success & Retention

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A recent panel discussion featured Ed Zaval, Chief Customer Officer of DailyPay, Inc., at Benzinga’s 9th Annual Fintech Deal Day & Awards in Detroit, Michigan.

DailyPay is a financial services company revolutionizing the way employees access their earnings.

Here are the five key takeaways from the panel discussion and what it means for Customer Success:

Daily Pay's Approach to Financial Inclusion

• The platform enables employees to access their pay daily.

• It provides "earned wage access" between traditional pay periods.

• The integration with real-time payments from the Clearing House ensures secure and instant access to earned wages.

Addressing Employee Needs

• Ed Zaval urged companies to understand and meet workers' immediate needs.

• DailyPay's Customer Success team works at the intersection of clients and employees.

• This ensures a higher employee retention rate and motivation to deliver more value to the company’s customers.

Financial Inclusion Initiatives

• The panel discussed the broader implications of financial inclusion for gig workers, small business owners, and the unbanked population.

• The collaboration between DailyPay and the Clearing House aims to bridge the gap by providing critical liquidity between pay periods.

The Role of Instant Payments

• Cheryl Gurz, from the Clearing House, highlighted the impact of instant payments in changing how individuals, especially in the gig economy, access and manage their funds.

• The real-time payment network is a valuable tool to drive financial inclusion and reduce barriers for people traditionally underserved by the banking system.

Collaboration in the Fintech Landscape

Sherri Haymond, leading digital partnerships at MasterCard, shed light on collaborative efforts between fintech firms and traditional banks.

The partnership between DailyPay and MasterCard is an example of how such collaborations can benefit users by expanding access to financial services.

Why It Matters for Customer Success

1. DailyPay's innovative approach transforms how employees receive their pay and contributes to higher employee satisfaction and retention.

2. The collaboration between financial service providers, such as DailyPay, the Clearing House, and MasterCard, underscores the industry's commitment to driving financial inclusion.

Stay tuned for more innovative customer success and retention strategies!

-Hakan.

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