Pinwheel, a leading provider of digital account activation solutions, recently announced a collaboration with Narmi, a prominent digital banking solutions company. This partnership empowers Narmi’s clients to leverage Pinwheel’s suite of solutions, specifically Pinwheel Prime.
Pinwheel Prime simplifies the traditionally cumbersome direct deposit switching process. This industry-first solution boasts 100% US workforce coverage, enabling millions to seamlessly switch their direct deposit in mere seconds, regardless of income source. Traditionally, updating direct deposit information involved laborious paper forms and lengthy processing times. Pinwheel Prime revolutionizes this process by offering a completely digital solution within a bank’s mobile app or branch tablet. With just a few clicks, consumers can effortlessly update their direct deposit details and fund accounts.
Beyond streamlining the consumer experience and enhancing activation rates, Pinwheel Prime empowers financial institutions with valuable real-time insights into customer income. This fosters deeper relationships and translates into a minimum 14% increase in customer lifetime value. Research indicates that 72% of consumers are more likely to make a primary bank switch if offered Pinwheel Prime during account acquisition, solidifying its transformative potential for financial institutions seeking customer primacy.
“Narmi bridges the gap between traditional banking systems and cutting-edge technology, facilitating faster and easier digital access for banks and credit unions,” stated Angela Gentry Yue, Narmi’s SVP of Operations. “This partnership with Pinwheel unlocks digital direct deposit switching for our pioneering customers. These solutions hold immense potential to accelerate customer activation and drive deposit enrollment.”
Brian Karimi-Pashaki, Partnerships Lead at Pinwheel, commented, “A recent survey revealed that a staggering 40% of newly opened accounts remain inactive, primarily due to customer frustration with complex direct deposit switching processes. By eliminating friction, Pinwheel empowers Narmi’s clients to boost activation rates and minimize churn. Narmi plays a vital role in ensuring all consumers have access to a superior and seamless digital experience by unlocking the latest capabilities in digital banking and account opening, especially for community financial institutions. We’re honored to contribute to this mission and extend simplified processes like automated direct deposit switching to a wider audience.”
This strategic collaboration not only streamlines and expedites direct deposit conversion but also empowers both fintechs and financial institutions to build stronger and more valuable customer relationships through a frictionless digital experience. Narmi’s clients can anticipate experiencing similar growth as numerous financial institutions using Pinwheel, witnessing a significant 32% increase in direct deposit enrollment. Together, Pinwheel and Narmi remain dedicated to driving digital transformation and ensuring all consumers benefit from the latest advancements in financial technology.
