From the way payroll and benefits are administered to the nature of work itself, fintech innovation is helping build the 21^st century workplace.

Will “pay day” be a thing of the past? How long until companies across the country are competing on the basis of their ability to help you pay off your student loans?

Technology has done much to change the nature of work in recent years. The same can be said for specific areas like financial technology. Here’s a look at how fintech innovations are making their own contributions to the 21st century “office”.

Getting Paid

Many of us work because we enjoy what we do. But whether you consider getting paid a top priority or just a perk, who wouldn’t love the flexibility of being able to get income when you need the money most – rather than on an arbitrary, twice a month schedule?

Companies like Gusto are among those making this possibility a reality. This summer, the payroll, benefits, and HR technology company introduced Flexible Pay, a new solution that enables employees to get paid on a date other than their employer’s standard pay date. Calling bi-weekly pay schedules a “relic” of the days when payroll taxes were calculated manually, Gusto co-founder and CEO Joshua Reeves has set out to prove that “with modern technology, employees shouldn’t have to wait weeks to get paid.”

The New Workspace

Even the word “telecommute” sounds more like something from a bygone time rather than the way a growing number of Americans are “going to work”. But the reality of remote employment for a growing number of people is here and fintech companies have both encouraged and participated in this trend. “Millennials simply don’t feel they need to be in the office, or at their desk, to get a job done — especially since the evolution of technology has made portability very possible,” Demetrios Gianniris, a director at MG Engineering, wrote for Forbes.com earlier this year in a post called The Millennial Arrival and the Evolution of the Modern Workplace.

To this end, innovations in mobile technology and messaging (consider Eltropy’s innovations in providing secure, compliant communications via popular messaging apps) have helped accelerate the revolution in remote work. There are also fintechs removing friction from some of the more mundane aspects of working outside the office. Expensify, for example, has partnered with Uber to make it easier for workers who use the ride-sharing service to separate business from personal expenses. And speaking of expenses, the tools offered by companies like Ondot empower workers to make necessary purchases while ensuring control and accountability for managers and employers.

Doing the Work

The flip side of the convenience that technologies like chatbots and IVR provide is that, for a growing number of financial professionals, these technologies are virtually co-workers. As machine learning and AI become increasingly commonplace, workers are more likely to rely on interacting with processes than communicating with people when it comes to getting their daily tasks done.

For financial advisors, fintechs are developing a wide variety of tools to make it easier for them to communicate with customers, and build highly personalized investment portfolios and financial plans. Onist, which announced a partnership with Quovo this summer, enables financial advisors to set up a virtual family office to facilitate collaboration between advisors and clients.

Technology also promises to make it easier for workers to leverage the work of other workers more effectively. One of the key insights of New York-based WorkFusion was the way a combination of machine learning and crowdsourcing of human talent could enable smaller businesses to “punch above their weight” when it comes to managing data. The company has since leveraged this technology to produce the first integrated RPA (robot process automation) and cognitive automation platform: Smart Process Automation (SPA) currently deployed in verticals including financial services, healthcare, and insurance.

Managing the Gains

Fintechs are in the lead when it comes to helping workers make better financial decisions. A firm like DoubleNet Pay helps employees manage cash flow by automating their billpay and savings obligations and coordinating payouts around paydays. Wealthucate, a financial wellness specialist out of San Jose, California, provides an automated financial wellness program that helps businesses enhance their own offerings. Wealthucate’s solution leverages gamification and personalization to increase the participation rate in benefit programs and help companies better explain their benefit offerings.

Among the more interesting ways that fintechs are helping workers manage their money is the approach by Student Loan Genius. This company enlists employers in the fight to help Millennial workers in particular pay off their student loans while simultaneously investing in their own employer-based retirement plan as soon as possible.

Fintech and the Work of the Future

It may be only a matter of time before we are able to watch the real-time flow of micropayments into our accounts or a be a part of a workforce in which most of us have both a robot supervisor and a robot subordinate. In any event, it is clear that whatever innovations the workplace of the future holds, fintech companies will be very much a part of making them happen.

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