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Consumers rely on an outdated and highly manual process, making it an uphill battle to become a consumer’s financial app of choice.
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.
Make direct deposit switching frictionless and unlock new products and services through a single point of connectivity.
The only direct deposit switching solution that verifies identity data before switching to mitigate fraud.
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.
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)
We have partnerships with trusted technology and banking partners across every vertical to reduce costs and accelerate launch.