Pinwheel, a fintech innovator helping financial institutions drive account primacy through frictionless onboarding and engagement tools, has announced its new strategic partnership with nCino, Inc. (NASDAQ: NCNO), a global leader in intelligent cloud banking solutions. Through this collaboration, Pinwheel becomes a Preferred Partner for Direct Deposit Switching (DDS) within nCino’s global ecosystem of technology partners.
As part of the agreement, nCino will integrate Pinwheel Deposit Switch into its Consumer Banking Solution. This integration is designed to dramatically improve deposit switch conversion rates for banks and credit unions by simplifying the process for consumers. Independent testing has shown that Pinwheel consistently delivers 30% more successful direct deposit switches than competing solutions.
Historically, the process of opening and activating new bank accounts has been slow and frustrating for consumers, often discouraging them from switching their primary banking relationships—even when better products and services are available. One of the main barriers is the difficulty of switching direct deposits, with over 40% of new accounts never becoming fully activated due to this friction.
Pinwheel addresses this challenge head-on by embedding its Direct Deposit Switching technology directly into the account opening flow, capturing consumer intent at the highest moment of motivation. Their solution leverages a comprehensive network of more than 1,800 payroll platforms, covering 100% of U.S. workers paid via direct deposit.
In 2023, Pinwheel introduced a groundbreaking advancement called PreMatch, revolutionizing the DDS process. Previously, users had to manually search for their payroll provider—something many are unsure of—and authenticate using login credentials. Every competing service still relies on this complex and high-abandonment method.
With PreMatch, eligible users (over 50 million Americans) can now have their payroll provider identified automatically. They simply verify their identity with a one-time passcode, enabling a secure and instant switch in just two clicks. This innovation has drastically reduced friction and improved the user experience, which will now be available to nCino’s customers.
“A stunning 70% of consumers say they’d switch banks if they could transfer direct deposits instantly—a clear signal to financial institutions that seamless switching is crucial for winning new customers,” said Brian Karimi-Pashaki, Head of Revenue at Pinwheel. “By partnering with nCino, we’re empowering banks and credit unions with the most advanced DDS solution available, supporting their goals for growth and innovation.”
Law Helie, General Manager of Consumer Banking at nCino, added: “We thoughtfully grow our technology partner ecosystem to support financial institutions in enhancing operational efficiency and improving customer experiences. Adding Pinwheel’s direct deposit switching to the nCino platform complements our vision by streamlining a critical part of account activation. This partnership enhances our capabilities and gives our clients a stronger competitive edge.”
Currently, Pinwheel is the only direct deposit switching solution integrated with the nCino platform. Further details on how nCino clients can leverage this integration will be shared during nSight 2025, nCino’s annual conference, taking place May 19–21 in Charlotte, North Carolina.
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