Earned Wage Access and Financial Wellness Solutions (EWA & FWS) in the US – Products PEAK Matrix® Assessment 2022
PEAK Matrix® Report

6 Sep 2022
by Sharath Hari N, Bansari Bhanushali, Varun Madan

Talent shortage and changing employee expectations are driving organizations to improve the employee experience. Employee expectations are also changing with respect to payroll, which they expect to be more flexible and support them at the time of actual need. Earned Wage Access (EWA), which changes the paradigm of biweekly or monthly payroll and instead makes earnings available instantly can alleviate employees’ financial concerns and improve the pay experience. In particular, the solution can make payroll administration easier and reduce wait times for workforce categories such as hourly workers, gig-workers, independent contractors, and freelancers. Organizations can also leverage EWA to disburse off-cycle payments such as rewards, bonuses, tips, reimbursements, and last-day payments.

In response to the increasing demand for their offerings, EWA vendors are differentiating their solutions by providing tools that allow employees to set financial goals, educate them on various financial terms and policies, reduce debt by automated savings and loan repayment, and thus improve their financial well-being.

In this research, we assess 15 leading vendors featured on the Earned Wage Access and Financial Wellness Solutions (EWA & FWS) in the US – Products PEAK Matrix®. Each vendor profile features the vendor’s key strengths and limitations to assist buyers in making sourcing decisions.

Scope

  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading EWA & FWS vendors, client reference checks, and ongoing analysis of the EWA and FWS products market
  • Industry: all
  • Geography: US

Contents

In this research, we analyze:

  • The relative positioning of 15 vendors on the Everest Group PEAK Matrix® for EWA & FWS products
  • Key vendor strengths and limitations

Membership(s)

Human Resources

Sourcing and Vendor Management

 

Page Count: 42