Pinwheel Partners with Terafina to Enhance Omnichannel Account Opening and Customer Onboarding for Financial Institutions
Pinwheel, a fintech that helps financial institutions win primacy with frictionless activation, is partnering with Terafina/Candescent, a leading solution provider for customer account opening and onboarding across digital, branch and call center channels. This partnership will bring Pinwheel's direct deposit switching solution to Terafina's/Candescent's bank and credit union customers, providing them with a streamlined and unified account opening experience across digital and in-person channels.
Consumers today have more accounts than ever before, banking at multiple institutions to satisfy their varying financial needs. As banks fight to win greater shares of consumers' wallets and ultimately battle for account primacy – to become a customer's primary financial institution – simplifying the direct deposit switching process becomes a critical differentiating factor.
Traditionally, the direct deposit switching (DDS) process is friction-filled and cumbersome, requiring customers to manually enter their payroll credentials, contributing to high drop-off rates. With Pinwheel, this barrier is removed through a seamless, digital, credential-less process called Pinwheel PreMatch, improving conversion rates by 32%. Pinwheel PreMatch, the industry's only 100% credential-less solution, eliminates the need for consumers to know and enter their payroll credentials, making it easier than ever for them to complete the onboarding process within a bank's mobile application.
By simplifying the DDS process, Pinwheel enables Terafina's/Candescent's customers to capture more deposits, reduce churn, and create stickier customer relationships. Additionally, once a financial institution has captured a customer's direct deposit, they can use Pinwheel's Connected Accounts features to unlock deeper insights on their customers, monitoring income growth over time and enabling them to offer personalized products to meet their evolving financial needs.
"Pinwheel Deposit Switch is the industry's only comprehensive direct deposit switching solution, uniquely covering 100% of the US workforce receiving direct deposit. Our credential-less DDS experience not only simplifies the process for customers, but also delivers the highest conversion rates in the market," said Brian Karimi-Pashaki, Head of Sales at Pinwheel. "By partnering with Terafina, we are enabling more financial institutions to activate more accounts while creating deeper relationships with their customers. Together, we're ushering in a new era of seamless digital banking experience where more customers can easily move their direct deposits to the financial institutions that best meet their needs."
"Terafina's integration with Pinwheel enables switching your customer's direct deposits to their new accounts irrespective of whether you are opening the account through a branch or through a digital channel," said Dinesh Kale, Head of Product for Terafina, Candescent. "Your customers can allocate direct deposits to multiple new accounts opened in the same account opening session. This significantly reduces friction and maximizes the possibility of your FI becoming your customer's primary banking relationship."
