Pinwheel has teamed up with nCino, integrating its Direct Deposit Switching (DDS) service into nCino’s Consumer Banking Solution.

This collaboration aims to improve the efficiency of deposit switch conversions for banks and credit unions.

Pinwheel said that its DDS solution has demonstrated a 30% higher success rate in facilitating switches compared to other available options.

nCino consumer banking general manager Law Helie said: “Integrating Pinwheel’s direct deposit switching capability complements the nCino Platform by streamlining an important account activation process.”

The process of opening bank accounts and onboarding customers often presents challenges, leading to consumer reluctance in changing their primary banking relationships.

A significant factor contributing to this hesitance is the difficulty associated with switching direct deposits, which results in over 40% of newly opened accounts remaining inactive.

Pinwheel addresses this issue by streamlining the direct deposit switching process during account setup, capitalising on the moment when consumers are most inclined to make the switch, according to the company.

The solution is supported by a network of more than 1,800 payroll platforms, encompassing all US workers who receive direct deposits.

In late 2023, Pinwheel introduced its PreMatch feature, which has further enhanced the DDS experience. Previously, users had to identify their payroll provider and enter login credentials, which often led to high drop-off rates.

With PreMatch, users’ payroll information is automatically identified, requiring only a one-time passcode for authentication, thus enabling an instant switch.

This solution has simplified the process to just two clicks, allowing nCino clients to better serve their customers.

Pinwheel remains the sole DDS solution integrated within the nCino platform.

Pinwheel revenue head Brian Karimi-Pashaki said: “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.”       

Last month, Pinwheel integrated with Q2’s Digital Banking Platform to facilitate direct deposit switching.