Bankjoy + Pinwheel Partnership Gives Banks and Credit Unions Easy Access to the Industry's Most Advanced Digital Deposit Switching Solution, Pinwheel Prime

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Apr 16, 2024, 14:41 ET

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.

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
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Gina Papini, [email protected]

SOURCE Pinwheel