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If a picture’s worth a thousand words, then data — and the picture it paints — is essentially priceless. At Pinwheel, we’re committed to leveraging data for meaningful good, which involves a persistent focus on both data protection and data quality.
Our data quality system has evolved to constantly verify that the different types of data we collect agree with each other. For example, as soon as a paystub is available, we verify that the number of hours paid out matches the number of hours worked as reported by the time and attendance (T&A) system.
All of this is possible with Pinwheel’s recurring access, which provides a single point of connectivity to unlock a gold mine of insights and value.
With this groundwork set, we can start to imagine the types of stories our data is telling, and how they form the broader income layer around any given financial consumer. To understand the data is to understand the consumer. And when we know the consumer, our customers can deliver better financial products, offer more personalized services, and automate once-manual and disjointed processes.
To kick off a new Data Talks blog series, we sat down with our data and analytics team to see which stories our data is telling. Here are some highlights from what we found.
We cover 97% of Fortune 1000 companies.
As of today, Pinwheel claims coverage for 97% of Fortune 1000 companies. It’s estimated that 35M workers worldwide and 15-20% of all workers in the US are employed by a Fortune 1000 company.
We’re proud to lead the industry with this coverage. Previous claims hovered around a “majority” of Fortune 500 companies, and some providers don’t report this data at all.
The bottom line?
Coverage is one of the most important factors an API provider in the income connectivity space can offer. Pinwheel currently covers over 80% of US workers across traditional and non-traditional platforms, and we’re constantly focused on building out industry-leading coverage in non-traditional forms of income in the burgeoning gig and creator economies.
Just 20 employers account for over 50% of consumers
That’s right. Of all the consumers our customers serve (we’ll also refer to them as “users”), more than half of them are employed by just 20 employers (another term we’ll use broadly for simplicity). Two companies that account for a vast majority of consumers are Amazon and Walmart, which account for roughly 16% and 8% of user traffic respectively. Other notable employers and gig platforms on the list include DoorDash, Dollar General, Home Depot, Uber, Chipotle, and CVS.
We also looked at the employers’ industries and found that — to lesser surprise, given the list above — retail, gig economy, and grocery and food services sectors account for over 50% of consumers.
The bottom line?
It’s worth mentioning that 86% of all users we observed report paystubs data based on hourly earnings. So for these consumers, things like earned wage access would be largely important.
The more information that can be gleaned from where and how consumers work will only lead to a better understanding of their behaviors. This helps our customers offer more personalized services, innovate better financial products, and create more engaging user experiences.
What’s next?
We’re committed to offering the best coverage in the industry and exciting things are in store to grow our number of mappings exponentially.
If you’re interested in helping us grow our coverage, or you want to be part of the team transforming income data in financial services, reach out to us. We’re hiring!
And if you think Pinwheel can help power your business, chat with our sales team today.
