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Pinwheel Deposit Switch has been instrumental in helping financial service providers grow deposits, with some seeing an increase as high as 75%.
Deposit Switch 2.0 (DDS 2.0) is a revolutionary improvement to direct deposit switching. Now every US worker is eligible and enabled regardless of where their direct deposit comes from.
The benefit? DDS 2.0 helps our customers maximize conversion with an intuitive user flow, by allowing 100% of people in the US to easily update their deposit settings whether they’re a full-time employee, a gig worker, or receive unemployment benefits or SSI payments.
This comprehensive deposit switching solution further amplifies your chances of becoming their primary bank and growing customer lifetime value.
Multiple deposit switching options in one solution
Deposit switching solutions need to accommodate all types of income profiles to deliver maximum value.
Deposit Switch 2.0 enables every user, regardless of how they receive their paycheck, to utilize the direct deposit switching user experience to drive maximum conversion through our intelligent routing system.
This helps automatically offer the right switching option to the user without additional complexity or the need to develop or implement several deposit switching solutions to support different income types.
- Direct: An automated switch via direct payroll platform partnerships – no credentials required.
- Automated: The customer uses their payroll credentials to log in via the Pinwheel flow and update their deposit settings.
- Guided: An assisted flow where Pinwheel uses the information provided by the customer to complete the switch.
- Form-based: Customers who opt out of sharing their payroll credentials can use an intelligently generated form to switch.
Now, anyone who gets paid via direct deposit can change their deposit settings, whether they are self-employed, receiving unemployment benefits, a full-time employee, or getting paid in a different way.
The only deposit switching solution with 100% coverage
Previously, Deposit Switch covered 80% of US workers. After adding multiple switching options, we’ve achieved complete coverage to help you become the primary financial institution for more customers. Deposit Switch 2.0 will also enable you to:
Increase lifetime value
Many financial service providers today do a great job of simplifying digital account opening. Deposit switching should be just as easy, especially since it’s key to engaging new customers and building long-term relationships. Per Pinwheel’s research, customers who direct deposit into an account have a 32x greater lifetime value than those who don’t.
Access competitive insights
With a traditional deposit switch form, it’s impossible to understand your share of wallet. Deposit Switch 2.0 features real-time deposit allocation monitoring, which allows you to understand how big of a percentage of your customer’s paycheck goes to your bank and how many other accounts receive a portion of their direct deposit. You’ll also be notified when allocations change.
Deliver a better customer experience
According to consumers, direct deposit setup is the most valuable mobile account opening feature. When you replace a manual form based deposit setup with a digital one, you create a fast and frictionless experience from the start.
Expand products and services
When a customer connects to their payroll account to update their deposit settings, you’re able to access valuable consumer-permissioned data to support new products and services. Payroll connectivity supports earned wage access, automatic credit line management, better fraud detection, new digital lending solutions, and more.
Quickly automate deposit switching
Quickly implement Deposit Switch 2.0 in a couple of days as a no-code solution with Pinwheel Link, our payroll connectivity platform. No engineering resources are needed.
We’re thrilled to unveil such a massive improvement to our flagship product. And it’s never been more important for banks and fintechs to maximize their ability to grow their deposits, particularly in this current market environment.
Contact us to learn more about implementing Deposit Switch 2.0.
