Financial Inclusion: HR’s revolutionary tool for Happy Employees
By Alvaro Amorim, CEO SalaryFits India
Financial Inclusion is relatively new in India but the timing is just perfect. In the cashless and digitised economy it aims to provide easy & affordable financial services to people. This model is particularly interesting for employees who have difficulty in accessing credit lines, or those who already have relevant burden and need to find an alternative credit to consolidate their debts at a lower cost. Adopting financial inclusion is a key for the sustainable development of any organisation and its people. This is show it Works:
1. SalaryFits is a platform that allows financial institutions to integrate its systems with payroll information of entities, companies, providing access to a new risk assessment tool, as well as the possibility of deducting the instalments directly from one’s salary.
2. The platform manages loans and other financial products, payments of which are directly discounted from employees’ payroll, from the source before the employees receive their salaries, significantly reducing default risks and also the bureaucracy to approve a loan.
3. Financial Inclusion is effortless to operate, and does not require significant time of HR manager. They do not have to approve or sponsor any credit for the employees. HR can rather incentivise the employees to build good financial habits.
4. SalaryFits promotes reliability for Financial Sector by lowering default rates, providing security and anti-fraud control through an innovative risk assessment tool. With a small integration effort financial institutions can lower transaction costs and also provide easy credit access to employees /customers.
SalaryFits, through a spin off model from Brazil, is a global fintech giant with 17 years in service having 2.7 million users, has brought patent technology based cloud solution to the Indian market. SalaryFits is a flexible and sustainable financial inclusion tool currently integrated with 140 payroll systems. In India, the company is partnering up with mobile wallets in order to offer a low cost alternative to bank accounts, and offering the first set of financial products to individuals who would only transact in cash until recently. For enhancing employee’s financial health and their productivity check us out at www.salaryfits.com or write at firstname.lastname@example.org.
This article was originally published in BizFour (vol. 6), a monthly journal published by EaseYourBiz – a people management platform targeted for Business Owners & HR Leaders to sort people related issues & drive them towards results.
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