Direct deposit switching

Unleash growth and become the go-to financial account for consumers

Grow direct deposit penetration with automated switching

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The problem

Direct deposits might be the golden goose of consumer banking, but it’s not easy to switch.

Consumers rely on an outdated and highly manual process, making it an uphill battle to become a consumer’s financial app of choice.

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The solution

Connect to income sources directly and make it easy to securely update direct deposit settings in-app.

This helps capture more share of wallet and earn lifelong customers.

How it works

Make it easy for users to update their direct deposit settings with a UX that leads in conversion.

A screenshot showing a search UI with logos of popular employees such as Uber and Amazon
User selects and signs in to employer or payroll provider portal
A screenshot of a form showing two options: "full paycheck" or "specific amount"
User selects paycheck allotment preference
A screenshot showing a successful direct deposit settings change
Direct deposits will begin appearing in the next cycle

Engage and retain consumers with a complete product suite

Direct deposit

Make direct deposit switching frictionless and unlock new products and services through a single point of connectivity.

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Income & employment

The only direct deposit switching solution that verifies identity data before switching to mitigate fraud.

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Powered by reliable recurring access

Gain ongoing visibility into direct deposit allocations, competitor insights, and trends like consumer income.

With recurring access, make better business decisions, attract high value customers, and learn who else is competing for their wallets — so you can win more.

Helping customers achieve meaningful results

After spending years trying to grow deposits, a top 5 neobank saw a 20% increase in direct deposit penetration in the first month with Pinwheel. We’ve seen uplifts as high as 75% for similar companies.

The average neobank sees an average direct deposit of $1,000/customer/paycycle, meaning even just 1,000 customer switches can yield $26M in deposits a year.

*Assumes bi-weekly paycycle (26 paychecks)

Ecosystem
partnerships

We have partnerships with trusted technology and banking partners across every vertical to reduce costs and accelerate launch.

Ready to get started?

Get in touch to explore Pinwheel’s solutions across direct deposit switching, income and employment verification, earned wage access, and more.

Request demo