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Case Studies

Early Payday Solution

CLIENT OVERVIEW

A multinational company, based out of UK and Asia, with 5000+ employees aimed to boost financial wellness by offering early access to earned wages.

THE OPPORTUNITY

A lot of employees had expressed their concerns with financial wellness and needed access to wages before payday for emergencies or daily expenses. Fixed monthly payroll cycles were adding to the financial stress of the employees. The client, as an employer required automation, compliance, and minimal overhead to provide employees with the option to take early pay or small loans against salary.

OUR APPROACH

NeoQuant took up the challenge with the aim to empower financial freedom and reduce burden of the employees in need of immediate finances. It was also important to map the eligibility and number of transactions permitted. Maker-checker availability was a must to ensure that there was two-factor-authentication for all requested transactions.

WHAT WE BUILT TOGETHER

We implemented our ‘Early Payday: A comprehensive solution designed to address immediate financial needs.’ A business rule engine was integrated to calculate eligibility for accessing funds for all the employees, offering them a part of the paycheck, before the payday.

Application Tracking

  • Allows tracking the current status of applications such as saving/current accounts opening.
  • The customer can also check the status of their activity using the pre-login platform through

Service Tracking

  • Tracks service requests for customer, informing them of the estimated time to complete their request.
  • If request/ticket is not resolved on time, the customers get points to redeem vai another product.

Notification & Alerts

  • As per the touchpoints specified by the client, notifications are triggered to the concerned authorities.
  • The notifications could before any actions like delays in resolving requests or to upsell, etc.
TECHNOLOGY USED

Architecture : Microservices

Frontend : Angular

Database : Mssql version 7

Backend : DotNet Core

WHAT WE BUILT TOGETHER
  • After implementation of this solution, it was surveyed that the client has achieved 95% employee satisfaction.

  • By leveraging Early Payday, the client noted a significant 40% drop amongst employees in regular loans.

  • NeoQuant was able to efficiently manage the payroll integration in line with compliance.

Business Impact

The branch level inquiries reduced by 20%, allowing the staff at branch more time to focus on other necessary tasks.
The number of customers that tracked the request statuses online exponentially increased, indicating that the solution was proving to be useful for them.
The improved customer experience strengthened the client-customer relationship to a great degree.
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