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Beyond the Credit Score: Propelling consumer finance into the future with income data
December 7, 2022
From groundbreaking product developments to new partnerships, 2024 has been a banner year for Pinwheel, our partners, and our customers.
n an era dominated by digital innovation, physical branches remain relevant—and even essential. While many national financial institutions are doubling down on digital channels and closing branches, 60% of new accounts are still being opened in person. This underscores a critical competitive differentiator for credit unions, who maintain a unique home town advantage.
Pinwheel Pulse is where we share recent highlights on our journey to building solutions that drive primacy and unlock the potential of payroll connectivity.
A new and powerful tool for banks to leverage in their battle for primacy.
We began beta testing our groundbreaking new solution for authorizing payroll accounts in Q1 2024. And we’re thrilled to share that the industry’s only 100% credential-less solution that automatically identifies users’ payroll accounts is living up to the hype.
Pinwheel Prime’s intelligent waterfall covers 100% of U.S. payroll scenarios and delivers 30% more successful conversions than any other provider in the industry.
Neo-banks like Cash App and Chime have mastered the art of digital onboarding, leveraging automated direct deposit features as a key driver of customer acquisition and long-term engagement. By investing in payroll integrations that deliver a seamless direct deposit enrollment option during onboarding, these fintech giants have grown their actively funded user base at hyper speeds.
Nassau Financial’s mission is to improve the financial well-being of each member in the communities we serve, reflecting the credit union philosophy of "People helping people."
Implementation of the Pinwheel Prematch feature took Perpay only 3 weeks, after which they saw an immediate performance uplift. For Perpay customers eligible for PreMatch, they saw a 2.19x increase to switch success rate, and an 11% overall switch conversion improvement.
In the ever-evolving landscape of banking and fintech, winning the primary banking relationship has never been more difficult. In our recent white paper, Primacy in personalized banking: a moving target, we reveal new consumer insights that emphasize the importance of offering seamless digital experiences to win and keep customers.
Learn about changes to consumer behavior that have affected financial institutions' ability to achieve and defend primacy.
Are you curious about the latest behavioral trends in consumer banking? Do you want to know how top financial institutions are adapting to meet evolving customer needs?
Discover what consumers believe is needed for bank account primacy, and what really motivates them to switch.
See what's driving the acceleration of bank switching across generations.
With most banks focusing investments on digital and reducing branch networks, 60% of new accounts are still being opened in branch. For decades, bank branches have been a cornerstone of everyday life in America’s cities and towns. But these days, branches are getting harder and harder to come by. By the end of 2023, the number of bank branches in the U.S.
Are credit scores missing the point?Despite the lip service in banking pledging fairness and equity, systemic issues can allow discrimination in extending credit to surface in unexpected ways. One glaring example is the industry’s struggle to underwrite those who have non-traditional career histories or those who make their living through self employment or the gig economy. Whether they need to produce two years’ worth of tax returns or a specific credit score, many financially secure Americans still struggle to present the “right” paperwork. As a result, banks cannot deliver an optimal experience for:
A conversation with Chris Powell, EVP & Head of Deposits, Citizens Bank and Kurtis Lin, Co-Founder & CEO, Pinwheel. Last month, Pinwheel hosted a webinar with the Consumer Bankers Association to explore our latest research on The Power of Primacy conducted in partnership with The Digital Banking Report. In a discussion moderated by Pinwheel CMO, Crystal Gopman, Chris Powell, EVP and Head of Deposits at Citizens Bank and Pinwheel CEO, Kurtis Lin, delved deep into the challenges banks are facing today as they compete for share of wealth with the modern consumer.
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.
Ensuring Digital Security in the rapidly evolving digital world, the importance of security cannot be overstated. As the Chief Information Security Officer at Pinwheel, I'm at the forefront of our battle against digital threats. Our mission is clear: to safeguard our clients' data with the most robust security measures available. This dedication is embodied in our two flagship products: Pinwheel Core and Pinwheel Prime.
Are your new customer acquisition goals higher than ever in 2024? Yes? Then, you’re on trend. Late last year, the BAI surveyed 102 financial services organizations to gain insights for the coming year. The findings of the study, the BAI 2024 Banking Outlook, placed customer acquisition in the top two priorities—just behind deposit growth—for bankers. Coming in third? You can probably guess. Enhanced digital banking experiences. And we’re here for it.
The report highlights a significant disconnect between banks' customer acquisition strategies and consumer behavior. While banks continue to invest heavily in account opening incentives, such as cash bonuses and promotional offers, these efforts often fall short of their intended goal. To the dismay of banks, although they spend high acquisition costs to attract new customers, many of these accounts remain dormant.
My january piece on the offer wars got me thinking: what actually motivates consumers to switch banks? Are rich account opening incentives turning heads, or is our industry missing the mark? To answer this question, we partnered with Savanta research to understand the inner dialogue of a consumer contemplating a new banking relationship.
Pinwheel was founded to unlock powerful income data for financial institutions, so that they can better serve their users with more personalized products, driving long term relationships that are proven to deliver better financial outcomes. Introducing the Dashboard Activity Page for Real-Time Engagement Insights.
We are thrilled to announce Pinwheel's new strategic partnership with Jack Henry, a leading financial technology company, which gives their customers a fast path to implementation for the industry's top performing Direct Deposit Switching solution. This collaboration is set to revolutionize the digital direct deposit setup experience for accountholders at community and regional financial institutions.
Banks rival top brands like Coke and P&G as the highest spending advertisers in the world. And bank marketing teams - channeling their best Cardi B energy - literally make money move with hundreds of millions of dollars at their disposal to hit annual growth goals. While the accounts keep rolling in, there’s a frantic scramble as institutions fumble in their attempts to convert active customers and meaningful engagement through aggressive, unsustainable offers.
As the Chief Revenue Officer at Pinwheel, I speak to executives from the world’s top banks every day and I see first hand how rapidly the financial services industry is changing. With approximately 94% of the U.S. population holding bank accounts and a staggering 13 million new accounts opened in 2022, the competitive quest for primacy, or being the primary account for a customer, is more intense than ever. That’s why digital advertising spend is on track to close out 2023 by surpassing $30 billion.
Introducing our first-of-its-kind, reimagined automated direct deposit switching experience, expected to at least double end-to-end conversion.
Learn about how Smart Branch enables a new generation of integrated omnichannel campaigns.
Deposit Switch 2.0 allows every US worker to update their direct deposit settings regardless of where their direct deposit comes from.
Before integrating a payroll connectivity API, you should evaluate it based on coverage, conversion, implementation, security, and compliance.
A 12-page guide to leveraging earned wage access (EWA) to incentivize direct deposit switching.
Pinwheel Earnings Stream provides the necessary data and intelligence to reliably offer earned wage access (EWA) at scale.
