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Pinwheel’s direct deposit switching solution is helping fintechs and traditional financial institutions alike grow direct deposits and build stronger relationships with their customers.
Recently, we’ve made important updates to our consumer flow to create a more intuitive and transparent direct deposit switching experience. The updated flow, rolling out shortly, gives your customers more visibility into their direct deposit allocations and what deposit switch options are available to them.
Offering a more intuitive and transparent user flow
At Pinwheel, we’ve always made it a priority to design a user flow that’s built for conversions. As a result, our clients have seen conversion rates averaging 34% (and up to 70%), and we were able to help a top neobank customer grow direct deposits by 20% in the first month after implementing our API.
With our new UX update, we’re giving the consumer more clarity into the different deposit switching options. They can choose to deposit:
- Their entire paycheck
- A specific amount
- A percentage
- Or the remainder of the unallocated paycheck
In addition, the user will soon get an overview of their current allocations, allowing them to easily manage their deposit settings. We believe that more transparency builds trust and confidence, resulting in a better user experience and increased conversion.
Pinwheel’s API also enables users to overwrite their existing direct deposit allocations, so our clients can maximize their share of wallet and become their customer’s primary financial account.
Pinwheel helps you convert and retain customers
It’s no secret that financial service providers today have a lot of competition. Now that anyone can open a new bank account using their phone, retaining customers has become a challenge. Pinwheel’s API can help you navigate this challenge by monitoring direct deposit allocations.
With recurring access to payroll accounts, you’re able to get insights into your direct competitors and be notified when a customer updates their allocations. Using this data, you can take the right action at the right time to engage your customers and prevent them from taking their paycheck (and their business) elsewhere.
Get in touch with us to learn more about how Pinwheel can help you grow direct deposits and increase customer lifetime value.
