Bankjoy + Pinwheel Partnership Gives Banks and Credit Unions Easy Access to the Industry's Most Advanced Digital Deposit Switching Solution, Pinwheel Prime
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DETROIT, April 16, 2024 ~ Bankjoy, a prominent digital banking provider for banks and credit unions in the United States, has recently announced its partnership with Pinwheel, a fintech company that specializes in helping financial institutions improve their account activation process. This collaboration will allow Bankjoy's customers to seamlessly integrate Pinwheel's advanced digital deposit switching (DDS) solution, Pinwheel Prime, into their digital banking experiences.

With over 70 banks and credit unions across the country using Bankjoy's services, this partnership will provide customers with a two-click deposit switch option that eliminates the need to leave the bank's website or app. This streamlined process takes only seconds to complete, making it easier and faster for customers to switch their direct deposits.

The decision to partner with Pinwheel was influenced by their success with other applications such as Cash App, which saw a significant increase in direct deposits during a challenging liquidity environment. By incorporating Pinwheel Prime into their platform, Bankjoy aims to provide similar advantages to credit unions and community banks, allowing them to compete effectively in the market.

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According to research conducted by Pinwheel, their solutions can help financial institutions grow direct deposit enrollment by 32% and reduce the time it takes for a customer to make their first direct deposit by 65%. This is achieved through the speed and ease of deposit switching powered by Pinwheel's technology.

Traditionally, financial institutions have burdened customers with manual and paper-based deposit-switching processes that create friction and expose them to fraud vulnerabilities. Even digital set-up experiences often require consumers to manually input information about their payroll provider, resulting in a high drop-off rate of 90%. To address this issue, Pinwheel has built a robust proprietary payroll provider network that includes partners like OneSource Virtual (OSV). This allows for instant identification and authentication of U.S. workers' payroll records within the bank account application workflow, eliminating the need for consumers to know and enter their payroll credentials.

One of the main benefits of this partnership is that Bankjoy's customers can easily implement Pinwheel Prime without taxing their engineering teams. This means that banks and credit unions using the Bankjoy platform can quickly transform their account opening flow, resulting in an immediate uplift to account activation and acquisition ROI. By digitizing the direct deposit switching process, financial institutions can also gain real-time insights into their customers' income, allowing them to deepen their relationships and increase customer lifetime value by over 14%.

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Weiwei Duncan, COO of Bankjoy, expressed the company's commitment to transforming their platform into a powerful deposit growth engine for their clients. He stated that by seamlessly integrating with third-party solutions like Pinwheel, they can equip their clients with the tools needed to excel in the competitive deposit market. The ultimate goal is for their clients to not only compete but also win the deposit war by leveraging advanced technology to streamline processes and enhance user engagement.

Pinwheel's co-founder and CEO, Kurtis Lin, also commented on the partnership, stating that it was a natural fit as Bankjoy has established itself as an innovator in the digital banking industry. He added that they are proud to partner with leaders in this space who share their vision of creating a fairer financial system with greater choice and portability for consumers. With this collaboration, they hope to bring the ability to easily switch direct deposit settings to an even wider set of consumers.

In conclusion, Bankjoy's partnership with Pinwheel will revolutionize the deposit switching process for banks and credit unions using their platform. By providing a seamless and efficient solution, they aim to help these institutions compete effectively in the market while also improving customer experience and increasing revenue.
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