Pinwheel, a fintech leader in frictionless activation and engagement for banks, has deepened its collaboration with Bankjoy by making its Switch Kit available on the digital banking platform. Originally announced in April 2024, this expansion allows Bankjoy clients to incorporate direct deposit and bill switching into their app-based onboarding, addressing key barriers to account activation.
Pinwheel's Switch Kit tackles major consumer concerns in switching banks, such as transitioning direct deposits and avoiding missed payments. By combining Direct Deposit Switch, which identifies and enables 2-click payroll changes, with the newly released Bill Switch, the solution connects external payment accounts and surfaces recurring bills for seamless updates. Users can review due dates and select switch timings without leaving the app, providing transparency and control.
This integration empowers Bankjoy's customers to unseat legacy relationships and establish primacy immediately. "Bankjoy's goal is clear: to ensure that our financial institutions have the best tools to not only compete - but win the deposit war," said Weiwei Duncan, COO of Bankjoy. The Switch Kit drives long-term profitability through superior user experiences and higher switch rates, with Pinwheel's technology outperforming competitors by 30%.
"Deposit Switch and Bill Switch are essential growth drivers for Financial Institutions aiming to win primacy with their customers. We're thrilled to deepen our partnership with Bankjoy so that FIs of every size can deliver game-changing results for their acquisition funnel," said Jaimeson Rice, CEO of Pinwheel. As an official reseller, Bankjoy facilitates quick deployment, enabling institutions of all sizes to leverage these tools for competitive advantage in digital banking.
The expanded Bankjoy-Pinwheel partnership strengthens digital onboarding by minimizing friction and risks in account activation. Financial institutions can now offer a unified switching experience that boosts engagement and retention, positioning them to thrive in the evolving banking landscape.
Founded in 2015, Bankjoy delivers modern banking technology and elegantly designed financial solutions to banks and credit unions. The company's mission is to uplift communities in partnership with community financial institutions by providing technology that enhances people's everyday financial lives and reconnects these institutions to their community roots. Bankjoy's suite of products includes online and mobile banking, conversational AI, online account opening, loan origination, personal financial management, and statements. Bankjoy is a Curql Collective, Bessemer Venture Partner, Y Combinator-, and CheckAlt-backed company. For more information, visit www.bankjoy.com.
Pinwheel helps banks, CUs and fintechs win primacy by delivering frictionless digital experiences. Our industry leading Switch Kit, enabling instant deposit and bill switching at account opening, delivers 30% more switches than any competitive solution.
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