Financial institutions and fintechs building on Narmi can now
easily introduce frictionless direct deposit switching to their
account opening journey with Pinwheel Prime.
NEW
YORK, July 1, 2024 /PRNewswire/ -- Pinwheel, the
fintech helping financial institutions win primacy with
frictionless account activation, today announced a partnership with
Narmi, a leading provider of digital banking solutions for
financial institutions. 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.
Financial institutions or fintechs building
on Narmi can now introduce frictionless direct deposit
switching.
Pinwheel Prime is the industry's only direct deposit switching
solution with 100% coverage of the US workforce, making it possible
for millions of workers to move their direct deposit within seconds
regardless of how they receive income. 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 digitized down to a few simple clicks within a
bank's app or via tablet at a bank's branch, making it easier and
quicker than ever for consumers to update their direct deposit
settings and fund accounts.
In addition to 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 transformative offering
for financial institutions in their quest for customer primacy.
"Narmi was built to bridge the gap between traditional banking
systems and cutting-edge technology, helping banks and credit
unions quickly and more easily access digitization," said
Angela Gentry Yue, SVP of Operations
at Narmi. "We're excited to partner with Pinwheel to unlock digital
direct deposit switching for our trailblazing customers. These
offerings are poised to be transformational in helping our
customers accelerate customer activation and drive deposit
enrollment."
"In a recent survey, we discovered that 40% of newly opened
accounts are never activated largely because of customer
frustration with the current direct deposit switching process,"
said Brian Karimi-Pashaki, Partnerships Lead of Pinwheel. "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 a superior and seamless digital
experience. We're proud to aid in this mission and extend
simplified processes like automated direct deposit switching to a
broader audience."
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 enrollment. Together,
Pinwheel and Narmi are committed to driving digital transformation
and ensuring that all consumers benefit from the latest
advancements in financial technology.
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 Narmi
Narmi's digital platform empowers
financial institutions to unlock the very latest capabilities in
digital banking and account opening, enabling them to move faster,
tap new growth opportunities, and achieve true digital
transformation. The Narmi platform was built with the customer
experience in mind, empowering financial institutions with an
experience that is always effortless, current, and dependable. As a
result, Narmi's customers are seeing as much as 3x account growth
in less than 30 days and 4x deposit growth in as little as 90 days.
Additionally, Narmi's financial institution customers are winning
awards like Bankrate's 2020 Best Online Bank and Nerdwallet's Best
Bank of 2021 for Online Experience. For more information, please
visit www.narmi.com.
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SOURCE Pinwheel