We stepped into a new world in 2014. It happened without fanfare, without a TV mention, without a Wall Street jump, and it didn’t even trend on Twitter. But for the first time in history, card and contactless payments surpassed cash transactions.
Historically, as technology evolved, the banking industry always kept pace in integrating those new technologies in order to better serve their customers. But all of that changed during the financial crisis of 2008. During the crisis, banks were focused on dealing with new rules, regulatory requirements, and fines imposed on them. Innovation became a distant priority.
But in the same duration, some of the most game-changing technological innovations evolved. We were introduced to new platforms and products that changed the way we lived our lives, from the iPhone to Airbnb to Uber to Seamless. They quickly became integrated into our day-to-day experience.
Consumers began to expect more from their financial institutions. A gap was created between ‘what your banks offer you’ and what you as a customer came to expect from a user experience and convenience perspective.
That ‘gap’ is what the FinTech industry is focused on capturing right now. However, the gap was so large that even non-traditional banking players decided to join in and take advantage of it, primarily, technology firms. And the rest is history.
It is a new world we are living in today. This new world needs new-age leadership that can bridge the gap and create advanced solutions.
These kinds of leaders aren’t built overnight. Great leaders develop through a never-ending process of self-study, education, and experience combined with internal willpower and desire.
All these qualities, and many more, can be attributed to the Vice President of Business Operations at DailyPay– Preeti Krishnan.
Prior to joining DailyPay, Preeti Krishnan was working as an attorney. Although she enjoyed the intellectual stimulation and the professional experience gained working in law, she wanted to dip her toes into more operationally focused projects where she could be part of the entire process.
Coincidentally, Preeti stumbled across a LinkedIn post from Jason Lee, DailyPay’s Founder and CEO, to join as DailyPay’s first Chief of Staff. DailyPay’s mission to create a new financial system to help the everyday working American piqued her interest, and she jumped at the opportunity.
“Joining DailyPay has been a rewarding journey that has not only challenged me to think outside the box but also has molded my career,” recounted Preeti. “As the current Vice President of Business Operations at DailyPay, I have my hands in various company-wide operations from structuring a clear product ‘go-to-market framework’ to drive value to all internal and external stakeholders to strategically thinking of new ideas to increase revenue,” she added.
DailyPay – The Industry Dominator
DailyPay works with enterprises and Fortune 500 companies in just about every industry, from healthcare to restaurants. Through its massive data network, proprietary funding model, and connections into over 6,000 endpoints in the banking system, DailyPay is continually working hard to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions.
DailyPay’s Pay Balance, a first-of-its-kind technology that revolutionizes the experience of pay by changing the way employees access their money, has been instrumental in building a new financial system that reaches more employers and employees. DailyPay users have been able to pay over 17 million bills on time over the last few years alone and over 50 million transfers were paid out.
Knowing the potential of their platform, the DailyPay team expanded Pay Balance to the banking industry by introducing the DailyPay Marketplace. The DailyPay Marketplace provides banks, FinTechs, and all types of financial services providers to participate in the on-demand pay movement for the first time.
By partnering with DailyPay via the Marketplace, DailyPay clients will gain access to DailyPay’s proprietary on-demand pay capabilities at the intersection of payroll and banking. This includes DailyPay’s flagship products that give employees access to earned pay prior to payday and the entire suite of DailyPay capabilities.
Riding the Tech Wave
Six years ago, offering employees access to their earned pay daily was unfathomable. There was no technology set in place to turn this into a reality nor were there any guidelines to create a solution. Fast forward to 2021, millions of employees now have access to their earned pay at any time from anywhere with DailyPay. DailyPay has improved employees’ lives and transformed pay into a unique experience. To combat the mass labor shortages negatively affecting businesses and the economy, businesses have partnered with DailyPay, boosting recruitment and retention.
DailyPay is one technology company that has positively impacted the economy and transformed how individuals receive their pay. DailyPay is normalizing having access to one’s pay and creating an efficient workforce and pay system. The advancement of technology and increased usage of technology open more doors for creativity.
“We’ve advanced from cash to cheques, online bank accounts, direct deposits, credit cards, on-demand pay, and much more simply because of technology. So, expect more technologies and services in the finance sector and for them to become part of our daily lives,” remarked Preeti.
The Pandemic Dictate
DailyPay considers the safety of its employees as its number one priority. Preeti’s team invested in additional technologies so that every employee would be connected to the larger body while working remotely. Even after opening the office doors, they set in place safety protocols such as social distancing and hand sanitizers around the workplace.
Explaining the pandemic effect on DailyPay, Preeti Krishnan explained, “While many businesses suffered economic losses due to the pandemic, DailyPay saw significant engagement and partnerships form during this period. With proven studies of DailyPay improving retention rates, employees’ lives, and additional positive benefits, many companies were knocking on our doors for a DailyPay solution. When we encountered challenges, we strategically pivoted to ensure that our business kept running smoothly.”
The Neoteric Voice of DailyPay
Diversity and inclusion are at the core of DailyPay’s values and have been instilled into the company culture since the beginning. DailyWomen, DailyPay’s women-centric employee resource group, was formed in the first year of our company’s founding. Over the years, this group has grown tremendously and has been instrumental in creating the next generation of leaders in the fintech industry.
According to a survey conducted by DailyPay, 63% of survey respondents agreed that having female leaders in a company was good for business, and 53% indicated that having women in leadership positions makes a company better positioned to relate to customers. Diversity and inclusion in the workplace are a must-have, and leaders should put in the effort to create a supportive environment.
To Infinity and Beyond…
Preeti envisions herself as an excelling working mom who is successful at home and at work, and on that note, Preeti remarked – “Wherever I am, I envision myself to be a leader that invests in my team and develops operation strategies to help companies better manage their staff, finances, and relationships. Data and processes have always excited me and working at DailyPay has encouraged me to think and execute with a big mindset. I plan to continue to execute strategic, data-driven action steps that contribute to a company’s growth framework.”
DailyPay has been rapidly expanding these past six years and Preeti is quite excited to continue to take part in DailyPay’s growth. The company already serves millions of people and partners with 80% of the Fortune 200 companies that offer on-demand pay.
DailyPay is already transforming the financial system, and in a couple of years, Preeti expects more companies to adapt DailyPay and for daily access to the platform to be the norm. To support its clients and their employees, DailyPay has been investing resources into developing new solutions to create an even more holistic financial system for everyone.
So, be on the lookout in 2022 for some new inventions!
Word to the Wise
Remember these three points:
- Build out a bulletproof business plan.
- Design a product or service that no other business can follow.
- Create a mission statement and stick to it.
As Nike would say, “just do it”.
Your business plan, product/solution, and mission statement will change over time and that’s fine. But it’s important to have a foundation to build off of.
To receive funding from investors, you need a solid product and an execution plan to convince them to join your team. You’re bound to have competitors. So, design a solution that no competitor can compete with. In the on-demand pay industry, no other business comes close to offering a solution like DailyPay. Why? We invested much time and money into developing technologically advanced solutions. A mission statement is a light that directs you up the right path. Without it, you’ll forget the purpose behind your solution and it’ll stunt the company’s growth.
Lastly, everything is all talk if you don’t take action. You’re going to have fears and a lot of ‘what if’ questions popping up. It takes a leap of faith to start a business and it won’t be perfect. Once the other three bullet points are set, just go for it and see where you end up.
- Preeti Krishnan, Vice President of Business Operations at DailyPay