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Late last year Simone walked into a local bank branch to open a new deposit account. A few minutes later she walked out with a new debit card in hand, but the bank never heard from her again, and now the account sits empty with zero activity posted.
This is the problem one of our clients brought to us to help fix. While 60% of new accounts are opened in-branch, the vast majority of those accounts see low engagement thereafter, and no amount of outbound marketing or digital-shift strategies have worked to close the loop.
With Pinwheel Smart Branch, the loop gets closed. Smart Branch enables guests opening an account to easily switch their direct deposit right from the branch — using employee computers, kiosks or tablets, or even their own mobile devices.
Smart Branch represents an evolutionary improvement to Pinwheel Link, our industry-leading user experience, by breaking the mold for how automated direct deposit switching is deployed across owned channels — digital and traditional. Now, banks have a truly omnichannel solution to drive new customer activation and engagement.
How it works
When a branch guest opens a new account they’re offered the opportunity to switch their direct deposit right there. Depending on the branch capabilities, the guest is given one or multiple ways to access Smart Branch:
- QR code
- Link in a text message
- Bank employee’s computer
- Tablet or kiosk
Smart Branch leverages our no-code Link implementation, delivering a branded user experience without the need for website, app, or system integrations. The guest walks through our simple and proven workflow — with federated authentication and security — to switch their direct deposit in seconds. Bank employees can track the switch via a reference number, and get notified via email that the switch is complete.
The power of in-person
Consumers clearly prefer the in-person channel to mobile apps and websites when opening new accounts. And even with the shift to income allocations and digital wallets, direct deposits still represent the clearest and most accurate indicator of account primacy. So it would make sense to capture interest and intent where it is highest: in the branch, in-person, upon account opening.
Smart Branch is how banks can leverage the massive appeal of in-person interactions to close the loop and drive direct deposits. And it doesn’t stop there.
Omnichannel meets multi-purpose
In the post-Covid era, omnichannel consumer engagement is crucial for both new and existing business lines. With Smart Branch, banks can leverage Pinwheel to deliver the right products at the right place and at the right time. From increasing customer LTV with automated direct deposit switching, to decreasing risk for lending products with payroll-powered verification of income and employment, Pinwheel’s suite of products, now expanded with Smart Branch, offer the necessary tools for modern banking.
Now, if Simone visits the branch again, Pinwheel’s Smart Branch enables the bank to capture her interest and convert it into long-term engagement.
For more information about Smart Branch, and to schedule a demo to see it in action, click here.
