Hosted by Araminta Robertson, 'Market like a fintech' is the new podcast for fintech marketing professionals and enthusiasts who want to stay up-to-date with the latest trends in the industry, and level up their marketing knowledge. Subscribe here to never miss an episode.
In this episode of “Market like a fintech”, Araminta is chatting with Jeanniey Walden, CMO at DailyPay. Jeanniey has led marketing and growth for fortune 1000 companies, has authored several books and was recently nominated as transformational CMO of the year by the CMO Club. Earlier this year, Jeanniey was also recognised as one of the top 30 most influential fintech marketers of 2021 on our annual honorary list.
DailyPay is an earned income software based in New York that integrates with large company payroll and time management systems, allowing employees to get paid on demand. 80% of Fortune 200 companies that offer on-demand pay partner with DailyPay, including Dollar Tree, Berkshire Hathaway and Adecco. As you’ll see in the episode, they also have exciting news to share.
In this episode, Araminta and Jeanniey talk about how fintech companies can remain customer-centric while focusing on the larger vision, how DailyPay markets to employers when the end-users are employees, and why fintech companies should prioritise brand awareness.
This episode is brought to you by VC Innovations.
VC Innovations is a full-stack marketing services agency dedicated to innovation industries with a special focus on Fintech. They work with businesses across 3 key areas of marketing infrastructure, demand generation campaigns and event properties including the must-attend Fintech Talents Festival. Check out www.vcinnovations.co.uk to find out more.
“From a fintech perspective, the market is just changing … and I think when you're in fintech, having that larger company experience is extremely helpful to understand the process, the people, [and] the organisational structure of large companies so that you can appreciate when you're creating technology or a solution like our DailyPay technology platform. All of the elements you need to consider, usually when you're in a start-up, you're coming out to solve a specific issue or problem, you create a way to do it, but you don't appreciate the organisational structure of the people inside large companies, but also their tech stack.”
“As technology will always continue to innovate, even the most flexible, open platform of today is at risk for being strict, inflexible, a platform of tomorrow.”
“The way that we develop new technology evolves so rapidly, it's going to be a constant challenge for every fintech to keep up with [and] look at their back end system and appreciate how they can adjust for not only older technology platforms that are more structured but also the overall US market.”
“It is not written in the constitution or in any other country's law book that you must get paid on a certain day of the month or a certain number of times a month. That's a rule that was made up by different companies, by the payroll industry, by the government in the US coming out of World War Two for taxation evaluation purposes, it wasn't built with the employees' best interests in mind by any means.”
“The expectations that we have, as consumers for on-demand everything, if you want anything to eat, you can go to Uber Eats, you can go to Grubhub seamless, any delivery service, if you want to rent a place to stay, you can go to Airbnb, Vrbo, you can just get anything that you want today on demand. Why should your pay be any different?”
“When you think of developing an experience from a tech-dependent perspective, it really opens up a whole new way to think about how you create the experience that your company has to offer.”
“Typically, a vision is something that's so big, you can never accomplish.”
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“And I think a lot of fintech companies that are working with organisations or on the B2B side often forget that the data that your solution captures, even if it's used in a proprietary scenario with no individual insights being shared, tend to be valuable to the employer, for example, when someone takes money out from their DailyPay account, we ask them ‘why?’.”
“In one company, we found a lot of people were taking money out to take care of their pets. So just [by realising] 15% of the people that took money out in the past month were doing it for pet care, the company was able at the next annual benefits to offer pet insurance. So that information really helped advise companies on being a better organisation, creating a stronger culture and building a better relationship with their employees.”
“[Call centers] use [DailyPay] for retention, so they have very different reasons why the different industries tend to come towards on-demand pay as a solution, and specifically DailyPay.”
“We get so excited about the value that [DailyPay] creates, and the benefits for both the employer and the employee. We thought, once somebody knows about it, they want to share it with everybody.”
“We're always looking at data and looking at improving the product, sharing that information with the companies that employees work with to create a better experience, and really appreciate how people are living their lives. And I think that the key with any fintech company is understanding the consumer motivation behind the use of the technology to create.”
“When you’re a B2B organisation, and your target market or your TAM is relatively small, maybe it's 25,000 organisations, even if all 25,000 of those companies love you, it really doesn't create a buzz in the market. So you really need to look at how you expand that. And really, the expansion comes from your employees, because each person reaches about 350 [people].”
“I have always believed that your employees are your best brand ambassadors, they are phenomenal at recruiting and retention, proving value and really sharing their authenticity.”
“Find your cultural values, the day you start a company when you are the single and first employee of your organisation, think about what you want the culture and the values to be. And start that from the beginning. Because it will come through in everything that you do as you're growing through the first five employees then to 10, then 50, and continuing to grow.”
"I think the word spreads when you have a great product that drives to a great benefit.”
“We started with events a lot, a lot of shows and events where our audience was. So that was at the top of the funnel coming down. Now at the bottom of the funnel, it really did a lot of outreach and cold calling and trying to find companies that looked like they had a problem.”
“If you take people along your journey with you, and you're not some corporate entity or some shiny company, you are truly a group of people trying to make a difference with your products, and invite them to share that journey with you that authenticity really helps to build credibility...Authenticity really comes through and it doesn't cost a lot of money. It's not hard, it's just really inviting people in.”
“Letting [customers] see how your product gives them an opportunity to have a better life, to be a better person, to make a better difference in the world. That's really important.”
“Even if you're B2B, and you're doing open banking, or you're trying to do a partnership with a traditional bank, showing what they can aspire to be and inspiring them about having better relationships with their bank clientele for retention, all of that matters.”
For more tips, listen to Jeanniey's complete story below.