News

Pinwheel and Narmi partner to unlock deposit switching

Tuesday 2 July 2024 14:20 CET | News

US-based fintech company Pinwheel has partnered with digital banking solution provider Narmi to offer frictionless digital account activation and direct deposit switching.

 

Narmi's customers can now access Pinwheel's suite of digital account activation solutions, including Pinwheel Prime, which is designed to win and deepen customer primacy for banks and credit unions.

Pinwheel Prime is a direct deposit switching solution with 100% coverage of the US workforce, enabling millions of workers to move their direct deposit within seconds regardless of how they receive income.

Pinwheel has partnered with digital banking solution provider Narmi to offer frictionless digital account activation and direct deposit switching.

Augmenting direct deposit switching and customer engagement

Traditionally, the process of updating direct deposit settings has been a friction-filled, paper-based process with a lengthy time to see changes take effect. With Pinwheel Prime, the entire direct deposit switching process is simplified and digitised down to a few clicks within a bank's app or via tablet at a bank's branch, making it easy and quick for consumers to update their direct deposit settings and fund accounts.

Besides removing friction for consumers and uplifting activation, financial institutions leveraging Pinwheel Prime gain access to real-time insights into customers' income, enabling deeper relationships and at least a 14% increase in customer lifetime value. Research shows that 72% of consumers say they would be more likely to make a bank their prime bank if it offered Pinwheel Prime at acquisition, making it a useful in their quest for customer primacy.

This collaboration not only simplifies and accelerates direct deposit conversion but also positions fintechs and financial institutions to build stronger, more valuable relationships with their customers by offering users a frictionless digital experience. Narmi customers can expect to achieve the same growth demonstrated by many financial institutions using Pinwheel, yielding a 32% increase in direct deposit enrolment. Together, Pinwheel and Narmi are committed to driving digital transformation and ensuring that all consumers benefit from the latest advancements in financial technology.

Officials from Narmi said their company was built to bridge the gap between traditional banking systems and cutting-edge technology, helping banks and credit unions quickly and more easily access digitisation. They're happy to partner with Pinwheel to unlock digital direct deposit switching for their trailblazing customers. These offerings are poised to be transformational in helping their customers accelerate customer activation and drive deposit enrolment.

Representatives from Pinwheel replied that in a recent survey, they discovered that 40% of newly opened accounts are never activated largely because of customer frustration with the current direct deposit switching process. By removing friction from this process, Pinwheel will help Narmi's customers boost activation rates and reduce churn. Narmi's work to unlock the latest capabilities in digital banking and account opening for community financial institutions is crucial for ensuring all consumers can access an augmented and seamless digital experience. They're happy to aid in this mission and extend simplified processes like automated direct deposit switching to a broader audience.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: bank account, partnership, digital banking, financial institutions
Categories: Banking & Fintech
Companies: Narmi, Pinwheel
Countries: United States
This article is part of category

Banking & Fintech

Narmi

|

Pinwheel

|
Discover all the Company news on Narmi and other articles related to Narmi in The Paypers News, Reports, and insights on the payments and fintech industry: