Bankjoy customers can achieve account primacy by eliminating the
friction that causes 90% of users to drop off. The Pinwheel Prime
platform allows consumers to set up their direct deposit in
seconds.
DETROIT, April 16,
2024 /PRNewswire/ -- Bankjoy, a leading digital
banking provider for banks and credit unions across the U.S., has
announced its partnership with Pinwheel, a fintech that helps
financial institutions win primacy with frictionless account
activation.
Bankjoy's customers can integrate the most
advanced digital deposit switching (DDS) solution Pinwheel
Prime.
Through the partnership, Bankjoy will help its customers easily
integrate the industry's most advanced digital deposit switching
(DDS) solution, Pinwheel Prime, into the digital banking
experiences for over 70 banks and credit unions nationwide.
Customers of banks or credit unions that use Bankjoy can take
advantage of Pinwheel Prime's two-click deposit switch,
transforming a multi-step process requiring customers to leave the
bank experience into a fully integrated digital journey that takes
mere seconds.
Drawing on Pinwheel's success with applications like Cash App,
which saw a significant increase in direct deposits in a
challenging liquidity environment, Bankjoy aims to provide similar
advantages to credit unions and community banks. This collaboration
allows these institutions to compete effectively by offering an
easy and fast deposit switch option.
Pinwheel's research shows that the speed and ease of deposit
switching powered by Pinwheel's solutions can help financial
institutions grow direct deposit enrollment by 32% and lower the
time it takes a customer to make their first direct deposit by
65%.
Financial institutions have long burdened customers with manual,
paper-based deposit-switching experiences, creating friction and
exposing them to fraud vulnerabilities. Even solutions
that offer digital set-up experiences often require consumers to
manually look up their payroll provider and input additional
information, leading to a staggering 90% drop-off. To eliminate
this friction, Pinwheel is growing a robust proprietary payroll
provider network, including partners like OneSource Virtual (OSV),
making it possible to instantly identify and authenticate U.S.
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.
With this partnership, Bankjoy's customers can rapidly implement
Pinwheel Prime without taxing their engineering teams. Almost
immediately, banks and credit unions using the Bankjoy platform can
transform their account opening flow, driving immediate uplift to
account activation and acquisition ROI. Beyond reducing friction,
digitizing the direct deposit switching process allows financial
institutions to tap into advanced real-time insights into their
customers' income so they can deepen their relationships, unlocking
an increase in customer lifetime value of over 14%.
"Bankjoy is committed to transforming our comprehensive
end-to-end platform into a formidable deposit growth engine for our
clients," said Weiwei Duncan, COO of
Bankjoy. "By seamlessly integrating from Bankjoy online account
opening through various tightly-knit third-party integrations like
Pinwheel, we can equip our clients to excel in the competitive
deposit market. Our goal is clear: to ensure that our clients not
only compete but win the deposit war, leveraging advanced
technology to streamline processes and enhance user engagement.
Removing the friction during the deposit switching setup process is
a major step towards achieving account primacy, quickly becoming
one of the most important factors for banks and credit unions
looking to grow their revenue."
"Partnering with Bankjoy was a natural fit, as they've made
their mark as innovators in the digital banking industry, " said
Kurtis Lin, co-founder and CEO of
Pinwheel. "We're proud to partner with leaders in the digital
banking space who help us further facilitate a smooth direct
deposit experience for more consumers. With this collaboration, we
can bring the ability to easily switch direct deposit settings to
an even wider set of consumers, facilitating a fairer financial
system with greater choice and portability."
About Pinwheel
Pinwheel helps banks win primacy by making switching direct
deposits easy. Through exclusive and first-of-its-kind partnerships
with payroll providers, Pinwheel can instantly authenticate
consumers without credentials. This new product provides
best-in-class conversion, greater security, better insights, and a
seamless UX for switching direct deposits at the world's leading
financial institutions. The Pinwheel Prime platform has
enterprise-grade security protocols to power connections to over
1,800 platforms (covering up to 100% of US workers paid via direct
deposit) and over 1.5 million employers. From that point of
connectivity, leading fintechs and financial institutions (such as
Block's Cash App, Citizens Bank, Acorns, Credit Karma, and more)
leverage us to power direct deposit switching, earned wage access,
income & employment verification, and build innovative new
products. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue,
First Round Capital, and more.
About Bankjoy
Detroit-based FinTech, Bankjoy,
delivers modern banking technology, including mobile banking,
online banking, and a banking API to banks and credit unions — big
and small. The company prides itself on creating beautiful products
with advanced features, simple navigation, modern look and feel,
and world class user experiences shaped by talking to users.
Bankjoy is a Curql Collective, Bessemer Venture Partner, Y
Combinator-, and CheckAlt-backed company. For more information,
visit www.bankjoy.com.
Media Contact
Mallory Griffin
Bankjoy
706-830-0868
mallory@yorkpublicrelations.com
Gina Papini,
gina@pinwheelapi.com
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SOURCE Pinwheel