Pinwheel, a fintech that helps financial institutions win primacy with frictionless account activation, has agreed a partnership with cloud-native digital banking solution, Lumin Digital. According to Pinwheel, its deposit-switching solutions drive an immediate uplift in account activation and acquisition ROI.
“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. It 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.”
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Brian Karimi-Pashaki, Partnerships Lead of Pinwheel, added: “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. 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. That is reason enough to want to get our technology into the hands of as many financial institutions as possible.”
Pinwheel Prime: the industry’s only two-click deposit switching solution
According to the companies, the Lumin and Pinwheel partnership offers unique benefits to financial institutions. Lumin has a strong reputation as an innovator in digital banking. It helps financial institutions build strong digital relationships with their customers and members. Pinwheel says that it arms financial institutions with best-in-class frictionless account activation technology. This can be easily integrated into Lumin’s digital banking platform.
Pinwheel says that digitising 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.
