Atomic CEO Jordan Wright Reflects on 2020 and Looks Ahead to Payroll Connectivity in 2021
Jordan Wright, Atomic’s Co-founder and CEO, was featured in Substack author Sarthak Haribhakti’s annual roundup alongside other fintech founders.
Jordan discussed a breakout year for fintech, the biggest misconception about consumer trust in fintech, and what Atomic Financial is laser focused on in 2021.
Atomic’s payroll connectivity plan for 2021
Jordan outlined that the Atomic payroll connectivity plan is to remain laser focused on our customers in 2021 and beyond.
Our goal is to reduce friction for companies to onboard consumers through payroll connectivity. We will streamline access to payroll data, automate direct deposit account updates, and digitize income and employment verification processes.
Our top objectives include:
- building comprehensive coverage of employers and;
- improving conversion rates, leveraging our mapping of employers to their respective payroll providers.
What aspect of payroll connectivity is underestimated?
One-size-fits-all data pipelines do not work to integrate with payroll providers.
Though a handful of providers hold a large market share, every employer relationship is unique because they offer customizations and varying levels of self-service access to employees.
By specializing in payroll connectivity, Atomic is a solution for customers to access and update payroll data without distracting resources from their core product.
What has been Atomic’s biggest challenge?
Consumers don’t trust fintech companies with their paycheck.
We’ve been overwhelmed by the level of demand from consumers actively trying to work with our customers as their primary deposit institution.
The real roadblock is there is no standardization in payroll. Without payroll connectivity, friction is created for consumers who want to update direct deposit details.
One enhancement we made while building our payroll connectivity product was in response to consumers’ search behavior and enabling a dual search of either their employer or payroll provider and leveraging our mapping to fill in the other.
Want more insights from Atomic?
Email us or signup up using the contact form at the bottom of the page.
We also highly recommend reading the full series of Sar’s Newsletter including parts one, two and three of the series.