Fintech as a Solution for Employee Financial Health: Findings from Five Exploratory Studies

Fintech as a Solution for Employee Financial Health: Findings from Five Exploratory Studies

Abstract

The financial technology (fintech) sector has grown rapidly in recent years. Awareness and use of fintech has grown as companies in this sector have increased their user-friendly design, convenience, and accessibility. A unique fintech niche that has developed rapidly alongside the overall industry is known as “employer-channel fintech.” Offered by employers, these solutions or benefits range from financial coaching to savings and loans, with the goal of supporting employees’ financial health and well-being. By helping employees with financial challenges, the fintechs also have the potential to improve related workplace outcomes like retention, satisfaction, and productivity.

Better understanding the impact of employerchannel fintechs is important to a range of actors, including employers, the fintechs themselves, and investors. To explore the role these products and services play in workers’ financial health and employment outcomes, our Financial Solutions Lab (FSL) partnered with the Social Policy Institute (SPI) at Washington University in St. Louis to study five companies from our Accelerator program that operate in this space. Our findings from individual exploratory studies with each company – Brightside, HoneyBee, Manifest, MedPut, and Onward – are highlighted in this report and fully explored in separate company-specific briefs.

Full content of the publication

Tags

Employment Financial Health Fintech Technology

Authors

Nadia van de Walle

Andrew Dunn

Additional Information

Date published

01/03/2021

Document Type

Research

Geographies

United States

Target

General

Pages

23

Related publications

27 May 2021

Financial Anxiety and Stress among U.S. Households: New Evidence from the National Financial Capability Study and Focus Groups

The economic impact of the COVID-19 crisis has brought to light the deeply rooted financial struggles that many American...

27 May 2021

2020 Impact Report Center for Financial Education BBVA USA

BBVA’s Center for Financial Education creates opportunities for individuals and communities to improve their financial...

27 May 2021

TFI Consumer Research On financial health in Europe

The findings in this report show that the majority of Europeans believe their financial health has been unaffected by th...