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From groundbreaking product developments to new partnerships, 2024 has been a banner year for Pinwheel, our partners, and our customers. Thank you for joining us on our mission to deliver better financial futures through technology and data innovation.
We began tackling primacy’s next frontier with the launch of our bill switching and management product suite.
Pinwheel Bill Switch helps consumers cut ties with their legacy bank at account opening.
Capturing recurring payments has become increasingly important in banks ability to achieve primacy with their customers. That’s why we launched Pinwheel Bill Switch, the only solution in market to support both automatic bill detection and 1-click switching within a bank’s app. Pinwheel Bill Switch helps banks achieve primacy day one the ability to add the experience to the end of the account opening flow, a detection algorithm that identifies recurring payments 80% better than competitive services, and frictionless switching for both card-on-file and ACH payments.
Pinwheel Bill Manager offers customers subscription magic within their app.
With 75% of consumers wanting in-app subscription management from their banking provider, we recognized an opportunity to help banks deepen their relationships while saving their customers money. Bill Manager is the industry’s first comprehensive subscription management solution that automatically detects recurring payments and their due dates across both internal and external accounts, enables one-click cancellation of unwanted subscriptions and bills, and delivers proactive bill alerts including price increase notifications, upcoming due dates, and low-balance warnings to help customers avoid fees.
We continued innovation on our industry-leading conversion rates and expansive partnership network.
Pinwheel Prime raises the bar for conversion performance industry-wide.
Our decision engine, Pinwheel Prime, dynamically routes Pinwheel Deposit Switch and Verify users to the most optimized conversion experience based on an instant assessment of variables across provider eligibility, payroll scenario, device type and availability of stored credentials. Throughout the year, we continued to fine tune this proprietary algorithm, ultimately resulting in our ability to deliver 30% more successful switches than any other provider.
PreMatch introduces the first credential-less Deposit Switch experience.
In Q1, we began beta testing PreMatch, the industry’s only deposit switch solution to bypass the traditional payroll search and login steps, enabling users to switch their direct deposits in just two clicks. Early results were game-changing—EECU experienced a 50% improvement in deposit switch success rates compared to their previous provider. Powered by our exclusive partnerships with prominent payroll providers, 40% of U.S. employees paid via direct deposit now have access to this frictionless solution.
SafeLink expands end-user access to the NativeLink experience.
NativeLink, one of the four innovative switching experiences that make up our Pinwheel Prime conversion waterfall, allows users to leverage their saved passwords and biometrics when logging in to their payroll account. Originally, NativeLink was only available within a bank’s native mobile app. With the launch of Pinwheel SafeLink, users on a bank’s mobile or desktop website are able to take advantage of the NativeLink authorization solution.
Partnership network growth enables seamless integration experiences for customers.
In 2024, we welcomed nine new platform partners into the Pinwheel network: Jack Henry, Narmi, Lumin, Q2, Terafina, MEA, Bankjoy, Mantl, and Finastra. These strategic partnerships have streamlined the implementation process for our customers, enabling them to leverage our suite of products more efficiently and effectively.
We made significant progress removing friction points in the banking journey that drive better financial outcomes.
Pinwheel Verify powers Earned Wage Access.
Our real-time income, employment, paystubs, and direct deposit allocations data has played a crucial role in expanding Earned Wage Access (EWA) products for our customers. By providing up-to-date payroll provider data and real time monitoring, we’ve helped customers accelerate cash advance eligibility while mitigating ongoing risk.
Pinwheel Taxes covers more use cases.
Consumers can now seamlessly share their prior year tax returns (1040s), to enable underwriting and account management scenarios. These newly covered documents complement Pinwheel’s existing support for W-2s and 1099s.
We deepened our industry’s collective understanding of how consumers make decisions about bank primacy.
The Power of Primacy sets a new industry standard for defining, measuring and achieving primacy.
For our first white paper of 2024, we conducted an online survey of >500 employed U.S. consumers to understand their motivations and sentiments towards account primacy, the importance of time-saving digital products, and the reasons they open new bank accounts. Our findings outline how financial institutions should be adapting to the identified marketplace changes, and the importance of baking primacy into customer acquisition and measurement strategies.
Primacy in Personalized Banking: A Moving Target unpacks the effect of new and evolving digital banking trends on customer loyalty.
For our second thought piece of 2024, we conducted another consumer study to dig deeper into how expectations for banking relationships differ across generations, and where banks are failing to meet consumers’ evolving needs. The resulting white paper outlines patterns in multi-banking behavior, how these patterns impact primacy, and recommendations for unlocking profitability in the face of change.
Looking ahead to 2025
2024 was a year of transformative growth and innovation, but we’re just getting started. With the continued support of our team, partners, and clients, we’re excited to build on this momentum and achieve even greater milestones in 2025. Thank you for being part of our journey toward unlocking financial freedom for all.
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