SmartPay
SmartPay from PayCaptain focuses on deep personalisation for employees to help them save and make better provision for their financial future. Users are prompted into healthy and sustainable saving behaviour at a time that’s meaningful to them and their finances. Integrated into PayCaptain’s payroll software, SmartPay makes highly relevant, personalised recommendations to help employees meet their financial goals.
With up to 34% of adults in the UK having £1,000 or less in savings and 78% of UK adults having maths skills below GCSE grade C, PayCaptain has built SmartPay to provide an easy-to-use tool that’s personalised to an individual’s circumstances, helping them build more financial resilience through payroll.
Using the power of payroll - an existing business process that touches 100% of employees - gives them access to a transformational set of tools. SmartPay from PayCaptain will transform employees’ financial futures.
“7 in 10 employees surveyed said they would want access to SmartPay and felt they would benefit from using it"
Using Behavioural Insights to Improve Employee Financial Resilience Report
Behavioural Insights Team, 2023
Benefits of SmartPay
Makes saving manageable
By presenting savings goals in daily amounts, SmartPay breaks down financial goals and makes them more achievable.
Improves financial decision-making
Prompting employees into good financial decision-making at personally relevant, timely moments makes them more likely to save.
Breaks down barriers to saving
Increases financial security and peace of mind that financial commitments can be met by overcoming behavioural biases to saving.
Boosts workforce productivity
By building savings and improving financial resilience, employees experience less financial stress, leading to fewer distractions and increased workplace efficiency.
“70% of employees said they would like to set up automated savings with SmartPay"
Using Behavioural Insights to Improve Employee Financial Resilience Report
Behavioural Insights Team, 2023
Prompting employees into healthier financial behaviour
SmartPay makes in-context, highly personalised prompts to employees through the PayCaptain mobile payroll app. With personalised suggestions being more likely to be accepted by employees, SmartPay influences healthy payroll saving and pensions behaviour, while reducing unsustainable actions like saving more than employees can afford:
Optimises pay for employees
Avoids the erosion of pay through tax and NI by guiding employees to save and maximise the full value of salary increases and bonuses - resulting in savings of up to 50% of the salary increase for some employees by eliminating deductions.
Highlights more opportunities to save
With personalised alerts that celebrate changes in an employee’s financial situation, SmartPay makes recommendations for impactful ways to save - like diverting the funds to savings at the end of student loan repayments.
Helps employees make better saving decisions for retirement
SmartPay gives employees more chances to opt in to pensions and promotes the benefits of investing. This friendly approach helps employees build for a more comfortable future.
Working Closely with the Behavioural Insights Team
Over a period of 12 months, PayCaptain commissioned an in-depth research project to understand how the subtle way in which choices are presented can influence human behaviour. The detailed study led to PayCaptain developing SmartPay’s groundbreaking technology to encourage saving, responsible investment, and promote sound financial decision-making through ‘nudging’ employees with personalised, highly relevant suggestions.
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