Pinwheel Smart Branch is a First-of-its-Kind Solution to Allow Customers at Physical Bank Locations to Seamlessly Setup or Switch their Direct Deposit and Verify Income or Employment with their Smartphone or an In-Branch Terminal

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Mar 27, 2023, 09:00 ET

Pinwheel Smart Branch is the first omnichannel payroll connectivity solution that allows in-person direct deposit setup or switching and income and employment verification processes for banks, credit unions, community banks, and other financial service providers.

NEW YORK, March 27, 2023 /PRNewswire/ -- Today, Pinwheel launched Pinwheel Smart Branch, a first-of-its-kind solution that will bring payroll connectivity to the in-person bank branch experience.

Pinwheel Smart Branch was built because banks need a way for customers who visit physical branch locations to seamlessly set up or switch their direct deposits and verify their income or employment with their smartphone. Without Pinwheel Smart Branch, banks must continue sending customers away to complete an outdated and inefficient paper-based direct deposit set-up process, losing out on significant opportunities to deepen their relationship with these customers.

The role of brick-and-mortar retail banks in the customer journey is ever-changing but remains integral to the customer experience. 60% of consumers visit one of the 70,000 brick-and-mortar bank locations each year at US banks. Consumers specifically prefer brick-and-mortar locations for account openings (~75%) or complex loans like mortgages (about half), two of the primary services Pinwheel Smart Branch streamlines.

Pinwheel Smart Branch can be used at any point in the customer experience, but it is essential for customers opening up new accounts because having their income deposited directly into a new account is the next natural step in the setup process. Pinwheel provides a seamless connection to a customer's payroll or income accounts.

When customers start the account opening process, a bank employee can show them an easy-to-use QR code that allows them to update their direct deposit settings securely, directly from their smartphone. Alternatively, banks can issue terminal devices ranging from bank teller computers to iPads. All of these services are completed with explicit consumer consent.

Banks can use Pinwheel Smart Branch right away because it is powered by Link 2.0, a universal gateway that enables payroll connectivity across any customer-facing touchpoint, whether it's digital, branch, mailers, or more.

"Banks see millions of new account openings per year, so that's hundreds of thousands of opportunities for banks to set up customers' direct deposits in one easy step when they visit their branch," said Kate Marienthal, Client Solutions Lead, Pinwheel. "There's no reason the customer experience should fracture when the need to set up direct deposits is presented. Now, thanks to Pinwheel Smart Branch, banks won't need to send customers away to fill out paper forms at home. They can finalize the process right inside their locations. We're excited about what the availability of this new solution means for our customers' omnichannel strategies."

"A customer's account setup experience should automatically include direct deposit set up when they visit their bank," said Lauren Crossett, CRO, Pinwheel. "For banks, it's a simple fact that the customer relationship starts with a person's paycheck. People are staying at jobs for shorter periods of time while the prevalence of gig-based jobs continues to grow, as does the number of people with multiple income sources, so banks will have more opportunities than ever to onboard their customers' direct deposits. Still, if banks can't address the friction caused by outdated, manual paper-based setup processes, they will lose customers to institutions that can offer an easier way to access their regular paychecks. The same applies to smaller main street institutions like credit unions and community banks. We're even working on a product geared specifically towards these organizations that need an even swifter and more lightweight direct deposit switching deployment option. We're excited to roll that out next month."

Pinwheel Smart Branch can help banks, credit unions, community banks, auto lenders, mortgage loan officers, property or rental management companies, tax professionals, and more all improve their operations and the customer experience in several key ways:

Create an omnichannel banking experience that unifies the same payroll connectivity solution across web, app, and in-person banking. Pinwheel Smart Branch can be used alongside Pinwheel's flagship, digital-first direct deposit switching product, DDS 2.0, which now covers 100% of US workers who are paid via direct deposit.
Reduce waiting times and improve employee productivity by eliminating the manual processing of paper forms.
Access consumer-permissioned payroll data to develop new services and solutions tailored to your customers.
Protect consumer data and remain FCRA-compliant.

"Manual deposit switching and income verification processes simply can't give banks additional visibility into their customers' financial picture, which is why Pinwheel Smart Branch will not only vastly improve direct deposit and income verification workflows, but financial institutions can also tap into this consumer-permissioned data to develop new and innovative products," said Marienthal. "With Pinwheel, our customers can provide widely demanded services like Earned Wage Access (EWA), revolving credit, and even improved lending evaluation processes. We're always working to innovate solutions that can power a fairer financial system while mutually benefiting consumers, financial institutions, and fintechs, so we're extremely proud to have developed the first omnichannel payroll connectivity solution."

To learn more about the step-by-step Pinwheel Smart Branch process, visit https://www.pinwheelapi.com/blog-post/branch-payroll-connectivity

About Pinwheel: Pinwheel is the market-leading income and employment API. With Pinwheel, fintechs and financial institutions are empowered to build the next generation of financial products that will help create a fairer financial system. Pinwheel provides access to consumer-permissioned income & employment accounts and actionable insights that help them make sense of the data they need to tailor their tools and services for consumers. Pinwheel's platform has enterprise-grade security protocols to power connections to over 1,600 platforms (covering 80% of US workers), and over 1.5 million employers. From that point of connectivity, leading fintechs and financial institutions (such as Block, formerly Square) leverage us to power direct deposit switching, earned wage access, income & employment verification, and build innovative new products. Pinwheel is also a Consumer Reporting Agency (CRA), making the company the only provider in the space offering Fair Credit Reporting Act (FCRA)-compliant income and employment data that lenders can use actively in decisioning. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue, First Round Capital, and more.

Contact: Gina Papini, [email protected]

SOURCE Pinwheel