Lumin Digital Announces Partnership with Pinwheel to Offer Banks and Credit Unions Advanced Digital Deposit Switching Solution, Pinwheel Prime

Research indicates Pinwheel Prime significantly boosts conversion rates, increasing direct deposit enrollment by 32% and reducing the time for initial direct deposit by 65%. Lumin customers can now access Pinwheel Prime and other products like Pinwheel Verify and Pinwheel Earnings Stream.

NEW YORK, June 13, 2024 /PRNewswire/ — Pinwheel, a fintech that helps financial institutions win primacy with frictionless account activation, today announces a partnership with Lumin Digital (Lumin), a leading future-ready and cloud-native digital banking solution. Pinwheel’s deposit-switching solutions drive an immediate uplift in account activation and acquisition ROI.


Lumin Digital Announces Partnership with Pinwheel

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 best-in-class frictionless account activation technology that can be easily integrated into Lumin’s digital banking platform.

Pinwheel Prime is the industry’s only 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. Notably, Pinwheel became the first and remains one of the only companies in their space to become a Consumer Reporting Agency (CRA). This crucial achievement allows income and employment data to be legally used for credit decisioning.

Pinwheel’s deposit-switching products are powered by a proprietary payroll provider network, including partners like OneSource Virtual (OSV). This network makes it possible to instantly identify and authenticate U.S. workers’ payroll records directly within the bank account application workflow. Pinwheel effectively removes barriers responsible for half of the drop-off along the traditional consumer journey by ending the need for consumers to know and enter their payroll credentials.

Together, Lumin and Pinwheel are empowering banks and credit unions with the key to achieving account primacy and growing deposits.

About Pinwheel

Pinwheel helps banks win primacy by making switching direct deposits easy. Through exclusive and first-of-its-kind partnerships with payroll providers, Pinwheel can instantly authenticate consumers without credentials. This new product provides best-in-class conversion, greater security, better insights, and a seamless UX for switching direct deposits at the world’s leading financial institutions. The Pinwheel Prime platform has enterprise-grade security protocols to power connections to over 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. From that point of connectivity, leading fintechs and financial institutions (such as Block’s Cash App, Citizens Bank, Acorns, Credit Karma, and more) leverage us to power direct deposit switching, earned wage access, income & employment verification, and build innovative new products. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue, First Round Capital, and more.

About Lumin Digital

Lumin Digital is the leading, future-ready digital banking solution powering remarkable growth for financial institutions across the United States. Combining innovation, data, and speed, Lumin’s disruption-proof platform was born in the cloud to stay ahead of the evolving expectations of retail and business banking users. With Lumin Digital’s unique approach, our clients innovate and scale at their own pace, optimize digital banking ROI, and create a strong digital relationship with their customers. For more information, visit lumindigital.com.

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SOURCE Pinwheel