Be the Amazon of banks  

By Jeff Bailey, CRO

The next time you’re browsing on your phone, add this idea to your cart: Does your bank need to engage customers less like an overworked teller and more like Amazon?

In a climate of exploding technology and regulatory scrutiny, the BAI Banking Outlook: 2024 Trends survey identified the customer digital experience as a top priority for this year, citing technology integration and intuitive platforms as the pathways to engagement that’s personal, frictionless – and even somewhat fun. But as you know, fraud mitigation and other protocols can introduce drag and result in user drop-off.  “Somewhat unfairly, customers measure their bank’s digital delivery of services against the practices of world-class online retailers,” the survey concludes. 

At Pinwheel, fairness excites us. In fact, that’s our core mission. Pinwheel was founded in 2018 to create a fairer financial system with smoother digital interaction. When we help you achieve that vision, your bank will command the brand loyalty it deserves. (Your customers might order mattresses online, but would never stuff their hard-earned money into one.)

The future of finance rests upon an optimized customer digital experience, which plays an ever more prominent role in the decisions of each new generation. Survey data from the BAI report shows that six in 10 of Gen Z customers–those born in the late 1990s and early 2000s– are willing to switch financial services organizations in favor of a bank that offered better mobile banking via app and other digital capabilities. Fifty-four percent of Millenials and 34 percent of Generation X would also make the switch. 

By syncing your data points with those of major payroll platforms, our team partners with yours to drive omnichannel engagement that supports risk mitigation instead of compromising it. As retailers do, we’re activating customers to connect on their terms and shape their banking experience – which yields insightful analytics, helps detect fraud, and unlocks services that are long overdue. 

Those solutions empower your bank to:

Verify data

Third party fraud, or identity theft, remains the most common scam; and electronic banking fraud represents 52 percent of reported third party fraud claims. Sixty percent of banks surveyed by the BAI are investing in new technology to address fraud. Our payroll platform coverage is the highest in the industry, embedded seamlessly into the customer journey to digitally verify information. No more scanning, e-mailing, or explaining to Gen Z what a fax machine is used for. By analyzing data that supports income and employment verification in real-time, you have powerful tools to flag and reduce fraud, manage lending risk, and expedite application decisions. Side note: I bet you didn’t know that Pinwheel is a Consumer Reporting Agency (CRA). 

Automate direct deposit switching

Most banks recognize their current shortcomings in the digital banking area, which can deter customers from opening accounts and arranging for direct deposit switches (DDS). Until now, DDS experiences require — at a minimum — a banking customer to know and search for their payroll provider, and then know their credentials in order to log in and complete the automated switch. Pinwheel Deposit Switch allows any U.S. worker to switch their direct deposit to your bank with a two click process, in seconds. We match your customer to their payroll account using only the data they entered as part of your application. Then, we allow you to offer them a personalized prompt - possibly even a custom incentive - to encourage immediate direct deposit switch and instant account activation.By eliminating drop-off points, our next generation deposit switch product Pinwheel Prime is delivering twice the conversion rate of any other solution in market.

Build insight-rich customer profiles

Knowledge about your customer opens the way to new, hyper-personalized pathways for outreach - reversing last year’s trend of overall declining satisfaction with the digital customer experience. Sourced from payroll platforms, our actionable insights built upon recurring, real-time income data can be tapped to anticipate needs, reduce risk, power new financial products, and lower acquisition costs. Rest assured, all data is permitted by the consumer, for an interactive experience that’s also fully compliant.

Improve branch productivity

While 38 percent of bankers rank their face-to-face service as excellent, only 11 percent of them felt they met that same level of service online. But when you enhance in-person touchpoints with digital experiences, you remain top of mind for customers beyond banking hours. Pinwheel Smart Branch brings digital automation and tools to physical locations to optimize efficiency, improve the customer experience, and establish a holistic approach to client relations: one strong brand identity that’s centered on service and engagement.

In today’s highly regulated and competitive landscape, it’s critical for your bank to optimize data, drive engagement, and deliver resources that fuel deposit growth and customer acquisition. For users, it’s retail for a rainy day—with fewer risks and richer outcomes. For you, it’s a chance to secure your status as your customers’ primary bank, ushering in the future of finance. 

Connect with us to explore digital solutions that enhance conversion rates and boost engagement. Discover Pinwheel's approach to security or reach out to us.