Pinwheel and nCino Partner to Offer Direct Deposit Switching

As part of the partnership agreement, nCino will create an integration between its Consumer Banking Solution and Pinwheel Deposit Switch. The integrated functionality will help banks and credit unions achieve better deposit switch conversion rates. Head-to-head tests among available deposit switching solutions have proven that Pinwheel consistently delivers 30% more switches than other providers.

Bank account opening and onboarding experiences are historically friction-filled, making consumers hesitant to switch their primary banking relationship to find products and services that better fit their changing lifestyle needs. The inconvenience of switching their direct deposit is a top reason consumers abandon new account set-up, driving over 40% of newly opened accounts to never become activated. Pinwheel removes this barrier by enabling easy direct deposit switching within the account opening experience, where consumer intent to switch is highest. Pinwheel's solution is powered by an extensive network of over 1,800 payroll platforms, covering 100% of U.S. workers paid via direct deposit.

Pinwheel's category-shattering invention of PreMatch in late 2023 further transformed the DDS experience. Prior to PreMatch, users were required to search for their payroll provider, which many consumers do not know, and authenticate with usernames and passwords. Every other competing software available today relies on these two high drop-off parts of the funnel. For the now 50M Americans eligible for PreMatch, users' payroll records are proactively identified for them, requiring only a simple one-time passcode to authenticate and execute an instant switch. The PreMatch authentication paradigm has transformed the DDS experience into a seamless, 2-click process that will help nCino customers better meet their clients' overall needs.  

"A staggering 70% of consumers say they would switch banks if they could transfer direct deposits in seconds, a huge wake-up call to banks and credit unions who want to achieve account primacy through both new and pre-existing customers," said Brian Karimi-Pashaki, Head of Revenue at Pinwheel. "By partnering with nCino to offer their customers a leading option for DDS, we're excited to help even more banks and credit unions meet their innovation and growth goals."

"We strategically expand our technology ecosystem to help financial institutions modernize their operations and enhance customer experiences," said Law Helie, General Manager of Consumer Banking at nCino. "Integrating Pinwheel's direct deposit switching capability complements the nCino Platform by streamlining an important account activation process. This partnership strengthens our solution set, enabling our customers to better serve their clients while advancing their digital capabilities."

Pinwheel is currently the only DDS solution integrated to the nCino platform. More information on how nCinco customers can take advantage of Pinwheel will be available at nSight, nCinco's annual conference, taking place May 19-21 in Charlotte, NC.

About Pinwheel

Pinwheel helps banks, CUs and fintechs win primacy with embedded 1-click deposit switching and bill management tools. Through an exclusive data network of payroll providers, Pinwheel enables access to income and employment data across 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. With this connectivity, Pinwheel supports leading fintechs and financial institutions (such as MoneyLion, Acorns, Key Bank, Cash App and many more) power instant direct deposit switching, earned wage access, income & employment verification, and bill management products. Pinwheel has raised $77M from top-tier investors such as Notable, Coatue, First Round Capital, Upfront and more.

SOURCE Pinwheel