Lumin Digital partners with Pinwheel to enhance deposit switching

Monday 17 June 2024 08:43 CET | News

US-based banking solution Lumin Digital has partnered with Pinwheel to augment conversion rates and enrolment for banks and credit unions with Pinwheel Prime.


Pinwheel, a fintech company enhancing financial institutions' account activation processes, has announced a partnership with Lumin Digital, a leading cloud-native digital banking solution. Pinwheel's deposit-switching solutions, including Pinwheel Prime, significantly boost conversion rates by increasing direct deposit enrolment by 32% and reducing setup time by 65%. Lumin customers can now access Pinwheel Prime and other products like Pinwheel Verify and Pinwheel Earnings Stream, driving immediate improvements in account activation and acquisition ROI.

Commenting on this partnership, officials from Pinwheel said that between traditional financial institutions and neobanks, consumers have many choices, so they want to help banks and credit unions make their deposit switching process for customers as easy as possible. In a survey, they discovered that 72% of consumers say they would be more likely to make a bank their prime bank if it offered Pinwheel Prime at acquisition, which is reason enough to want to get their technology into the hands of as many financial institutions as possible.

Lumin Digital has partnered with Pinwheel to augmented conversion rates and enrolment for banks and credit unions with Pinwheel Prime.

Digitising the deposit switching process

The Lumin and Pinwheel partnership offers unique benefits to financial institutions. Lumin has a strong reputation as an innovator in digital banking, helping financial institutions build strong digital relationships with their customers and members. Pinwheel arms financial institutions with best-in-class frictionless account activation technology that can be easily integrated into Lumin's digital banking platform.

Pinwheel Prime is a deposit switching solution, developed to combat the staggering statistic that 90% of consumers never finish the high-friction, paper-based deposit setup process. Digitising the direct deposit switching process provides financial institutions with real-time insights into customers' income, enabling deeper relationships and a more than 14% increase in customer lifetime value.

Speeding up lending applications

After financial institutions capture a customer's direct deposit with Pinwheel Prime, they can use Verify, which allows them to access verified income and employment within seconds to power more innovative lending options. Notably, Pinwheel became the first and remains one of the only companies in their space to become a Consumer Reporting Agency (CRA). This crucial achievement allows income and employment data to be legally used for credit decisioning.

Pinwheel's deposit-switching products are powered by a proprietary payroll provider network, including partners like OneSource Virtual (OSV). This network makes it possible to instantly identify and authenticate US workers' payroll records directly within the bank account application workflow. Pinwheel effectively removes barriers responsible for half of the drop-off along the traditional consumer journey by ending the need for consumers to know and enter their payroll credentials.

Together, Lumin and Pinwheel are empowering banks and credit unions with the key to achieving account primacy and growing deposits.

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Keywords: lending, digitalisation, banking, partnership, digital banking
Categories: Banking & Fintech
Companies: Lumin Digital, Pinwheel
Countries: United States
This article is part of category

Banking & Fintech

Lumin Digital



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