To Be the Destination App for the Financially Underserved
PayActiv’s third Vision Statement is: “To be the destination app for the financially underserved”.
We share these Vision Statements with you, the employer, because you are PayActiv’s partner. In choosing to be our partner, we want you to have a complete understanding of who you are partnered with, and we hope to both offer and find inspiration in sharing our values.
We have a vision that one day all workers will not only have Earned Wage Access, and the time and freedom that comes along with it, but to a multitude of tools that will enhance their lives.
Many users of our service belong to a demographic generally known as “the financially underserved”, which is defined as:
- Consumers with low or volatile incomes.
- Those who have little or no credit, or a FICO score below 650.
- Individuals who meet the FDIC criteria for being underbanked or unbanked.
Consequently, these people operate at a comparative financial disadvantage, locked out of tools and services the rest of us take for granted, pushed to more expensive options that also offer much less flexibility and freedom. This subjects them to a “financial tax”, or “fin-tax” that constantly holds them back from making financial progress in their lives.
Most businesses see the underserved as a source of high-fee revenue. Providers that solve a problem for this demographic are monetarily rewarded.
Yet that is not nearly as powerful or convincing a reason to serve this market as is the holistic value that results from doing so. That is the reason we seek to be the destination app for this demographic.
PayActiv adheres to the theory that a “rising tide lifts all boats”. The underserved are held back because of their financial obstacles. If their lot is improved – if they are able to establish security, dignity, and savings (our Mission Statement) — then their full potential as human beings is unlocked.
There are so many contributions the underserved can make to themselves, their families, and our society as a whole. It is thus common sense that we should all strive to help them unlock that potential.
This goes beyond offering a helping hand. It actually presents the grandest of all opportunities – to give people the tools to self-transcend, and in doing so, help our entire society to reach the pinnacle of vibrancy and health.
This is the reason why PayActiv’s vision is to be the destination app of the underserved, and why offering our service to your employees is offering them more than just freedom
Holistic Financial Wellness
Learn how PayActiv measurably reduces employee financial stress and employee turnover.