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In today’s digital-first world, consumers’ options are endless and their expectations are high. Our recent white paper, Primacy in personalized banking: a moving target details how critical delivering seamless user experiences has become for banks to win and keep customers. That said, delivering flawless - yet basic - digital transactions will only get us so far…
When speaking to friends about why they choose App A over App B, you’ve undoubtedly heard many explain “because of how well their algorithm knows me” as a top reason for loyal usage. Consumers now expect a company to reflect how well they know them in each interaction. Pre-populating data to make completing a transaction easier is a great start, but consumers have become accustomed to expecting even more. They now prefer doing business with companies that can process their profile data and behavioral history in real time to present them with a meaningfully personalized and frictionless experience.
That’s why we developed our proprietary algorithm, Pinwheel Prime, which instantly assesses hundreds of variables in real-time to dynamically route users to the most optimized conversion experience. Pinwheel Prime takes the guesswork out of our clients’ hands to determine which flow might perform best for their end users. Instead, we ingest everything knowable about the end user entering our flow - from DMA to device type to likely payroll provider or even time of day - and serve up the best conversion experience Pinwheel has to offer in the moment. Since enabling the Pinwheel Prime algorithm for our Pinwheel Deposit Switch product, our customers’ conversion rates increased by 30% or more.
How it works
Pinwheel Prime brings together each of our four methods for user authorization and execution into a dynamic conversion waterfall. End users of Pinwheel customers will be served either PreMatch, NativeLink, SelfLink or Forms depending on their unique user profile and payroll use case.
PreMatch
Pinwheel Prime begins by checking if users are eligible to be routed through the PreMatch experience, which automatically identifies a user’s I-9 verified payroll account based on the information provided during the account opening process.
PreMatch is the only solution in the industry with the ability to automatically identify a users’ payroll account and completely remove the need for provider search or login credentials.
Early adopters of our PreMatch flow have already seen incredible results:
Perpay increased direct deposit conversion rate for eligible users by 2.19x with Pinwheel Prematch (learn more), and EECU saw a 50% improvement to success rate vs. their previous provider after implementing Pinwheel Deposit Switch with PreMatch (learn more).
We are heavily investing in expanding our proprietary network of payroll provider partnerships to improve PreMatch coverage. By the end of 2024, we anticipate routing 40% of Deposit Switch users through PreMatch, and in 2025 will be extending this seamless experience across our entire suite of products in 2025.
For Deposit Switch, Verify or Earnings Stream users that are not yet covered by the PreMatch experience, our Pinwheel Prime decision engine determines and surfaces the next best conversion path for each individual user.
NativeLink
Users routed to our NativeLink experience are able to leverage biometric authentication or saved keychain password to securely and effortlessly log in. Thanks to our SafeLink innovation, 100% of users routed through NativeLink are able to take advantage of this seamless login experience.
SelfLink
If our algorithm indicates that the optimal conversion path is SelfLink, a user is given the flexibility to log in to their payroll provider account using either their username and password, or through a payroll record lookup. This versatility ensures a smooth user experience tailored to individual preferences.
Together, PreMatch, NativeLink, and SelfLink ensure 85% of U.S. workers are able to connect with their payroll provider accounts effortlessly.
Forms
For the remaining 15% of users who may face challenges accessing their payroll accounts, we provide a Forms option. This final experience guarantees that all consumers can complete their goals—whether that’s switching their direct deposits or verifying income and employment—regardless of their situation.
Conclusion
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.
By offering a dynamic, data-driven approach to optimizing user experiences, Pinwheel Prime ensures our customers can meet evolving consumer expectations. As we continue to innovate and expand our product offerings, we remain dedicated to helping our customers to achieve and defend primacy, as well as making it easier for end users to take control of their financial journey.
To learn more about how Pinwheel can help you achieve and deepen primacy with customers, book a meeting with us today.
