Now, Terafina's (now known as Candescent account opening) customers can leverage Pinwheel PreMatch within their omnichannel experiences to achieve a 32% increase in direct deposit enrollments and enhance consumer account portability.
NEW YORK, Oct. 30, 2024 /PRNewswire/ -- Pinwheel, a fintech that helps financial institutions win primacy with frictionless activation, is partnering with Terafina/Candescent, a leading solution provider for customer account opening and onboarding across digital, branch and call center channels. This partnership will bring Pinwheel's direct deposit switching solution to Terafina's/Candescent's bank and credit union customers, providing them with a streamlined and unified account opening experience across digital and in-person channels.
Consumers today have more accounts than ever before, banking at multiple institutions to satisfy their varying financial needs. As banks fight to win greater shares of consumers' wallets and ultimately battle for account primacy – to become a customer's primary financial institution – simplifying the direct deposit switching process becomes a critical differentiating factor.
Traditionally, the direct deposit switching (DDS) process is friction-filled and cumbersome, requiring customers to manually enter their payroll credentials, contributing to high drop-off rates. With Pinwheel, this barrier is removed through a seamless, digital, credential-less process called Pinwheel PreMatch, improving conversion rates by 32%. Pinwheel PreMatch, the industry's only 100% credential-less solution, eliminates the need for consumers to know and enter their payroll credentials, making it easier than ever for them to complete the onboarding process within a bank's mobile application.
By simplifying the DDS process, Pinwheel enables Terafina's/Candescent's customers to capture more deposits, reduce churn, and create stickier customer relationships. Additionally, once a financial institution has captured a customer's direct deposit, they can use Pinwheel's Connected Accounts features to unlock deeper insights on their customers, monitoring income growth over time and enabling them to offer personalized products to meet their evolving financial needs.
"Pinwheel Deposit Switch is the industry's only comprehensive direct deposit switching solution, uniquely covering 100% of the US workforce receiving direct deposit. Our credential-less DDS experience not only simplifies the process for customers, but also delivers the highest conversion rates in the market," said Brian Karimi-Pashaki, Head of Sales at Pinwheel. "By partnering with Terafina, we are enabling more financial institutions to activate more accounts while creating deeper relationships with their customers. Together, we're ushering in a new era of seamless digital banking experience where more customers can easily move their direct deposits to the financial institutions that best meet their needs."
"Terafina's integration with Pinwheel enables switching your customer's direct deposits to their new accounts irrespective of whether you are opening the account through a branch or through a digital channel," said Dinesh Kale, Head of Product for Terafina, Candescent. "Your customers can allocate direct deposits to multiple new accounts opened in the same account opening session. This significantly reduces friction and maximizes the possibility of your FI becoming your customer's primary banking relationship."
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 Acorns, Cash App, Citizens Bank, Credit Karma, and 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.
About Terafina
Terafina (now known as Candescent) provides digital onboarding and omnichannel sales solutions that are simple and secure to banks and credit unions. Terafina's omnichannel sales platform (OSP) is a multichannel product suite offering the broadest spectrum of products, including consumer deposits and lending, real estate, small business deposits and lending, commercial deposits, merchant services, and cryptocurrency account opening—across digital, branch, and call center channels. Through a single platform, Terafina delivers a unified customer experience that helps financial institutions prioritize their respective customer needs.
SOURCE Pinwheel
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