Securely grow consumer share of wallet by making direct deposit switches easy and friction-free
Seamlessly verify income and employment for processes like loan underwriting and fraud mitigation
Improve loan repayment rates and reach new customers with innovative lending products
Pinwheel automated Envel's direct deposit switching in a matter of weeks — with expert help from enterprise development partner Scope — setting the fintech up to increase revenue and better serve its customers.
The average neobank sees an average direct deposit of $1,000 per customer per paycycle, meaning even just 1,000 customer switches can result in an increase of $26 million in deposits in a year.
*Assumes bi-weekly paycycle (26 paychecks)Read case study