Douugh’s customers are currently limited to manual direct deposit switching, a solution that reportedly has a lot of friction. Working with Pinwheel increases Douugh’s chances of becoming the primary bank account for many of its customers. It’s a big opportunity, considering 21% of consumers have their primary bank account in a neobank which is expected to increase to above 45% in the next two years.
On average, neobanks see a direct deposit of USD 1,000 per customer each paycycle, meaning even just 1,000 customer switches can result in an increase of USD 26 million in deposits in a year.
Consumers are switching to fintech solutions because they efficiently deal with clients’ needs and are convenient. However, manual direct deposits are an obsolete feature and a source of friction for the end-user.
Pinwheel has helped fintechs by automating their direct deposit switching, setting them up to increase revenue and better serve customers. Using Pinwheels API, Douugh is set to become a one-stop-shop for all its users’ money management needs.
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