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Bankjoy & Pinwheel partner on Digital Deposit Switching solution

By Delisha Fernandes

April 18, 2024

  • Bankjoy
  • Credit Unions
  • Digital Banking
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Bankjoy Bankjoy, a digital banking provider for banks and credit unions across the US, has announced its partnership with Pinwheel, a FinTech company.

Through the partnership, Bankjoy will help its customers easily integrate digital deposit switching (DDS) solution Pinwheel Prime into the digital banking experiences for over 70 banks and credit unions nationwide.

Customers of banks or credit unions that use Bankjoy can take advantage of Pinwheel Prime’s two-click deposit switch, transforming a multi-step process requiring customers to leave the bank experience into a fully integrated digital journey that takes mere seconds.

“Bankjoy is committed to transforming our comprehensive end-to-end platform into a formidable deposit growth engine for our clients,” said Weiwei Duncan, COO of Bankjoy. “By seamlessly integrating from Bankjoy online account opening through various tightly-knit third-party integrations like Pinwheel, we can equip our clients to excel in the competitive deposit market. Our goal is clear: to ensure that our clients not only compete but win the deposit war, leveraging advanced technology to streamline processes and enhance user engagement. “

With this partnership, Bankjoy’s customers can rapidly implement Pinwheel Prime without taxing their engineering teams. Almost immediately, banks and credit unions using the Bankjoy platform can transform their account opening flow, driving immediate uplift to account activation and acquisition ROI. Beyond reducing friction, digitizing the direct deposit switching process allows financial institutions to tap into advanced real-time insights into their customers’ income so they can deepen their relationships, unlocking an increase in customer lifetime value of over 14%.

“Partnering with Bankjoy was a natural fit, as they’ve made their mark as innovators in the digital banking industry, ” said Kurtis Lin, co-founder and CEO of Pinwheel. “We’re proud to partner with leaders in the digital banking space who help us further facilitate a smooth direct deposit experience for more consumers. With this collaboration, we can bring the ability to easily switch direct deposit settings to an even wider set of consumers, facilitating a fairer financial system with greater choice and portability.”

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