NEW YORK, July 1, 2024 /PRNewswire/ — Pinwheel, the fintech helping financial institutions win primacy with frictionless account activation, today announced a partnership with Narmi, a leading provider of digital banking solutions for financial institutions. Narmi’s customers can now access Pinwheel’s suite of digital account activation solutions, including Pinwheel Prime, which is designed to win and deepen customer primacy for banks and credit unions.
Pinwheel Prime is the industry’s only direct deposit switching solution with 100% coverage of the US workforce, making it possible for millions of workers to move their direct deposit within seconds regardless of how they receive income. Traditionally, the process of updating direct deposit settings has been a friction-filled, paper-based process with a lengthy time to see changes take effect. With Pinwheel Prime, the entire direct deposit switching process is simplified and digitized down to a few simple clicks within a bank’s app or via tablet at a bank’s branch, making it easier and quicker than ever for consumers to update their direct deposit settings and fund accounts.
In addition to removing friction for consumers and uplifting activation, financial institutions leveraging Pinwheel Prime gain access to real-time insights into customers’ income, enabling deeper relationships and at least a 14% increase in customer lifetime value. Research shows that 72% of consumers say they would be more likely to make a bank their prime bank if it offered Pinwheel Prime at acquisition, making it a transformative offering for financial institutions in their quest for customer primacy.
“Narmi was built to bridge the gap between traditional banking systems and cutting-edge technology, helping banks and credit unions quickly and more easily access digitization,” said Angela Gentry Yue, SVP of Operations at Narmi. “We’re excited to partner with Pinwheel to unlock digital direct deposit switching for our trailblazing customers. These offerings are poised to be transformational in helping our customers accelerate customer activation and drive deposit enrollment.”
“In a recent survey, we discovered that 40% of newly opened accounts are never activated largely because of customer frustration with the current direct deposit switching process,” said Brian Karimi-Pashaki, Partnerships Lead of Pinwheel. “By removing friction from this process, Pinwheel will help Narmi’s customers boost activation rates and reduce churn. Narmi’s work to unlock the latest capabilities in digital banking and account opening for community financial institutions is crucial for ensuring all consumers can access a superior and seamless digital experience. We’re proud to aid in this mission and extend simplified processes like automated direct deposit switching to a broader audience.”
This collaboration not only simplifies and accelerates direct deposit conversion but also positions fintechs and financial institutions to build stronger, more valuable relationships with their customers by offering users a frictionless digital experience. Narmi customers can expect to achieve the same growth demonstrated by many financial institutions using Pinwheel, yielding a 32% increase in direct deposit enrollment. Together, Pinwheel and Narmi are committed to driving digital transformation and ensuring that all consumers benefit from the latest advancements in financial technology.
About Pinwheel
Pinwheel helps banks win primacy by making switching direct deposits easy. Through exclusive and first-of-its-kind partnerships with payroll providers, Pinwheel can instantly authenticate consumers without credentials. This new product provides best-in-class conversion, greater security, better insights, and a seamless UX for switching direct deposits at the world’s leading financial institutions. The Pinwheel Prime platform has enterprise-grade security protocols to power connections to over 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. From that point of connectivity, leading fintechs and financial institutions (such as Block’s Cash App, Citizens Bank, Acorns, Credit Karma, and more) leverage us to power direct deposit switching, earned wage access, income & employment verification, and build innovative new products. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue, First Round Capital, and more.
About Narmi
Narmi’s digital platform empowers financial institutions to unlock the very latest capabilities in digital banking and account opening, enabling them to move faster, tap new growth opportunities, and achieve true digital transformation. The Narmi platform was built with the customer experience in mind, empowering financial institutions with an experience that is always effortless, current, and dependable. As a result, Narmi’s customers are seeing as much as 3x account growth in less than 30 days and 4x deposit growth in as little as 90 days. Additionally, Narmi’s financial institution customers are winning awards like Bankrate’s 2020 Best Online Bank and Nerdwallet’s Best Bank of 2021 for Online Experience. For more information, please visit www.narmi.com.
