Pinwheel and nCino join forces to streamline direct deposit switching

By Gloria Methri

Pinwheel, a FinTech known for its frictionless activation and engagement tools, has announced a strategic partnership with banking software provider nCino. This partnership will make Pinwheel a preferred partner for Direct Deposit Switching (DDS) within the nCino ecosystem.

As part of the agreement, nCino will integrate Pinwheel Deposit Switch into its Consumer Banking Solution, enabling financial institutions to offer faster, easier, and more effective direct deposit switching. This move is expected to improve conversion rates for banks and credit unions by simplifying one of the most common barriers to account activation.

Consumers often hesitate to switch their primary banking relationship due to the complexity of transferring direct deposits. According to industry data, over 40% of newly opened accounts are never fully activated, largely because of the friction involved in deposit switching.

Pinwheel tackles this challenge by embedding direct deposit switching into the account opening process itself, precisely when consumers are most inclined to make the switch. Its technology is supported by a network of over 1,800 payroll platforms, covering 100% of U.S. workers paid via direct deposit.

In late 2023, Pinwheel introduced PreMatch, a new approach that eliminates the need for users to manually search for their payroll provider or enter passwords—two points in the user journey where most drop-offs occur. PreMatch automatically identifies a user’s payroll provider and uses a one-time passcode for authentication, reducing the entire process to just two clicks.

This breakthrough is already applicable to 50 million Americans and is set to bring substantial value to nCino’s customer base. It will offer a faster, user-friendly DDS experience that aligns with today’s digital banking expectations.

“A staggering 70% of consumers say they would switch banks if they could transfer direct deposits in seconds, a huge wake-up call to banks and credit unions who want to achieve account primacy through both new and pre-existing customers,” said Brian Karimi-Pashaki, Head of Revenue at Pinwheel. “By partnering with nCino to offer their customers a leading option for DDS, we are excited to help even more banks and credit unions meet their innovation and growth goals.”

“We strategically expand our technology ecosystem to help financial institutions modernise their operations and enhance customer experiences,” said Law Helie, General Manager of Consumer Banking at nCino. “Integrating Pinwheel’s direct deposit switching capability complements the nCino Platform by streamlining an important account activation process. This partnership strengthens our solution set, enabling our customers to serve their clients better while advancing their digital capabilities.”

Pinwheel is currently the only DDS solution integrated with the nCino platform, giving nCino’s clients a unique advantage in improving customer onboarding and account activation.