2023, TrueMoney Salary Advance
Salary advance is a financial product that allows employees to access a portion of their salary before their regular payday.
Overview
The product is designed to provide a financial cushion for employees with unexpected expenses or bills to pay before their regular payday. The salary advance product is intended to be simple and easy to use, with minimal requirements for the employee to qualify for the advance.
This enables our internal business and product to pilot test the potential and credibility of a disbursement advancement feature before a public release consideration occurs. The project serves to:
1. Provide employees with a convenient and reliable way to access a portion of their upcoming salary when they need it
2. Provide employees who are likely to face unexpected financial expenses or emergencies access to funds before their next payday
3. Minimize the risk of financial hardship for employees and reduce the need for high-interest loans or credit card debt
4. Enable employers to offer a valuable benefit to their employees and enhance their overall employee satisfaction
The product is designed to provide a finance cushion for employees who may have unexpected expenses or bills to pay before their regular payday. The salary advance product is intended to be simple and easy to use, with minimal requirements for the employee to qualify for the advance.
This enables our internal business and product to pilot test the potential and credibility of a disbursement advancement feature before a public release consideration can be put in place. The project serves to:
1. Provide employees with a convenient and reliable way to access a portion of their upcoming salary when they need it
2. Provide employees, that are likely to face unexpected financial expenses or emergencies access to funds before their next payday
3. Minimize the risk of financial hardship for employees and reduce the need for high-interest loans or credit card debt
4. Enable employers to offer a valuable benefit to their employees and enhance their overall employee satisfaction
The product is designed to provide a finance cushion for employees who may have unexpected expenses or bills to pay before their regular payday. The salary advance product is intended to be simple and easy to use, with minimal requirements for the employee to qualify for the advance.
This enables our internal business and product to pilot test the potential and credibility of a disbursement advancement feature before a public release consideration can be put in place. The project serves to:
1. Provide employees with a convenient and reliable way to access a portion of their upcoming salary when they need it
2. Provide employees, that are likely to face unexpected financial expenses or emergencies access to funds before their next payday
3. Minimize the risk of financial hardship for employees and reduce the need for high-interest loans or credit card debt
4. Enable employers to offer a valuable benefit to their employees and enhance their overall employee satisfaction
The product is designed to provide a financial cushion for employees who may have unexpected expenses or bills to pay before their regular payday. The salary advance product is intended to be simple and easy to use, with minimal requirements for the employee to qualify for the advance.
This enables our internal business and product to pilot test the potential and credibility of a disbursement advancement feature before a public release consideration can be put in place. The project serves to:
1. Provide employees with a convenient and reliable way to access a portion of their upcoming salary when they need it
2. Provide employees, that are likely to face unexpected financial expenses or emergencies access to funds before their next payday
3. Minimize the risk of financial hardship for employees and reduce the need for high-interest loans or credit card debt
4. Enable employers to offer a valuable benefit to their employees and enhance their overall employee satisfaction
The product is designed to provide a financial cushion for employees who may have unexpected expenses or bills to pay before their regular payday. The salary advance product is intended to be simple and easy to use, with minimal requirements for the employee to qualify for the advance.
This enables our internal business and product to pilot test the potential and credibility of a disbursement advancement feature before a public release consideration can be put in place. The project serves to:
1. Provide employees with a convenient and reliable way to access a portion of their upcoming salary when they need it
2. Provide employees, that are likely to face unexpected financial expenses or emergencies access to funds before their next payday
3. Minimize the risk of financial hardship for employees and reduce the need for high-interest loans or credit card debt
4. Enable employers to offer a valuable benefit to their employees and enhance their overall employee satisfaction
Digital loans, advances, and repayment should provide a simpler and more seamless experience when compared to a traditional walk-in loan request or borrowing experience. Our design objectives should:
1. Provide and onboard users with simple written and prepared video instructions
2. Create and communicate information transparently. Information that provides details regarding borrowing accountability, late fees, request limit, repayment are written and supported with examples
3. Ensure the designs for notifications and dynamic feedback on repayment details gets read by the users. This provides transparency to the user’s attitude towards financial literacy
Valuable takeaways
In these six months, our team has seen a hefty amount of paperwork reduced and operational costs optimised, enabling our business and product teams to iterate and improve the design of our solution over time.
TrueMoney Cambodia employees enrolled in this pilot test programme saw gradual improvements in their respective financial planning and management.
