Lumin Digital & Pinwheel team to strengthen Banks and Credit unions

By Gloria Mathias

Pinwheel, a FinTech that helps financial institutions, has announced a partnership with Lumin Digital (Lumin), a future-ready and cloud-native digital banking solution.

Pinwheel’s deposit-switching solutions drive an immediate uplift in account activation and acquisition ROI. Together, Lumin and Pinwheel are empowering banks and credit unions to achieve account primacy and grow deposits.

“Lumin is future-proofing digital banking for financial institutions and helps them grow through innovative solutions. This partnership provides our customers options for deposit switching solutions and is paramount to helping them achieve their goals,” said Sean Weadock, Chief Product Officer for Lumin Digital. “Pinwheel is advancing their market in terms of ease, coverage, and security.”

“Between traditional financial institutions and neobanks, consumers have many choices, so we want to help banks and credit unions make their deposit switching process for customers as easy as possible,” said Brian Karimi-Pashaki, Partnerships Lead of Pinwheel. “In a recent survey, we discovered that 72% of consumers say they would be more likely to make a bank their prime bank if it offered Pinwheel Prime at acquisition, which is reason enough to want to get our technology into the hands of as many financial institutions as possible.”

The Lumin and Pinwheel partnership offers unique benefits to financial institutions. Lumin has a strong reputation as an innovator in digital banking, helping financial institutions build strong digital relationships with their customers and members. Pinwheel arms financial institutions with frictionless account activation technology that can be easily integrated into Lumin’s digital banking platform.

Pinwheel Prime is a two-click deposit-switching solution developed to combat the staggering statistic that 90% of consumers never finish the high-friction, paper-based deposit setup process. Digitizing the direct deposit switching process provides financial institutions with real-time insights into customers’ income, enabling deeper relationships and a more than 14% increase in customer lifetime value.

After financial institutions capture a customer’s direct deposit with Pinwheel Prime, they can use Verify, which allows them to access verified income and employment within seconds to power more innovative lending options.