Exploring Earned Wage Access with Vui App
Who is Vui App?
Vui App is the first Earned Wage Access (EWA) company in Vietnam, bridging the gap between paydays for more than 200,000 Vietnamese employees. They work to empower employees to build a better financial future, leverage companies’ resources for sustainable development, and partner with local government to provide a better alternative to loan sharks.
EWA represents a paradigm shift in the way employees access their earnings. Unlike traditional pay cycles that limit wage access to specific dates, EWA platforms facilitate immediate access to a portion of earned wages. By getting real-time access to funds, employees have greater financial flexibility, enabling them to manage unexpected expenses, avoid high-interest payday loans, and improve overall financial well-being.
We worked with Vui App to collect data from end-users across six dimensions of financial inclusion (access, business impact, household impact, client protection, resilience, and agency) to better understand their reach and impact. This comprehensive assessment of Vui App’s impact revealed their approach to EWA is both holistic, and viable. Their platform successfully addresses multiple user demands including early access to wages, support for dealing with potential financial shocks, and educational financial resources.
Key insights from our impact study together
- 91% of respondents say they do not have access to a good alternative to Vui App // (60dB MFI Benchmark* = 57%)
- 95% say, through Vui App, they were accessing a EWA service for the first time // (60dB MFI Benchmark = 57%)
- 30% said quality of life had ‘very much improved’ because of Vui App 60dB MFI Benchmark = 33%)
- 78% ‘strongly agree’ the fees, interest rates, and penalties are easy to understand and clear (60dB MFI Benchmark = 70%)
- 32% say financial resilience has ‘very much improved’ (60dB MFI Benchmark = 19%)
- 21% report ‘very much improved’ confidence (60dB MFI Benchmark = 35%)
*Benchmarks are from June 2023, the date of Vui App’s 60dB Report publication.
“If I don’t have money to spend at the end of the month, I will use Vui App to make a salary advance; any urgent work can be solved.”
Male, 34
How Vui App are using their social impact data
The flexible nature of Earned Wage Access platforms relies on providing a seamless gateway between client companies and employees. The 60dB survey revealed that customer satisfaction levels could be increased by developing aspects related to how regularly user accounts are updated – particularly when it comes to being able to view hours clocked so far in real time. As a direct result, Vui App improved their integrations with their client companies to ensure the in-app timesheet is updated more regularly.
The 60dB data led to two successful internal working sessions with Vui App’s Co-founder and CEO, Dzung Dang, where they went through the results of the study as a team. The data was found to be so useful that it was made compulsory for every person in the company to examine the raw data and read the user feedback, word for word.
Vui App adapted the 60dB report to create their own extensive impact report on how Earned Wage Access is improving financial wellbeing in Vietnam – with the findings of the impact report relying heavily on 60dB data. This is a resource they share with both new and existing clients, as well as a range of banks and investors in Vietnam. Check it out below.