Pinwheel
Pinwheel provides a suite of financial products designed to enhance customer engagement, reduce risk, and improve underwriting models for banks, lenders, and credit unions.
Services
Pinwheel provides various services designed to optimize financial processes for banks, lenders, and credit unions. The company's offerings include Deposit Switch, Earnings Stream, Taxes, Verify, Digital, and Smart Branch. These products aim to reduce risk, improve underwriting models, enhance customer engagement, and support modern omnichannel interactions. Pinwheel also offers concierge-level launch support for its Smart Branch product.
Products
Pinwheel's product suite includes several advanced financial tools. Deposit Switch offers a next-generation, frictionless deposit switching experience. Earnings Stream provides real-time, automated updates of customer income data sourced from payroll and time-and-attendance systems. Verify delivers real-time, source-of-truth income and employment data directly from payroll providers. Smart Branch modernizes the in-branch experience with digital automation tools and supports universal deployment across digital and traditional mediums.
Industries Served
Pinwheel serves multiple industries including banks, lenders, and credit unions. The company's robust platform connects to over 1,600 payroll platforms and the top 40+ time-and-attendance systems, covering approximately 80% of U.S. workers. This extensive reach allows financial service providers to make informed credit decisions while complying with FCRA regulations.
Platform and Integration
Pinwheel offers a comprehensive and developer-friendly platform featuring extensive API documentation and implementation guides. The platform supports various use cases such as earned wage access, cash flow underwriting, and financial wellness tools. Pinwheel also provides detailed resources, including case studies, demos, and best practice guides to ensure smooth implementation and operation.
Customer Impact
Pinwheel's innovative solutions have significantly impacted its customers, resulting in a 32% increase in direct deposit enrollment and a 65% reduction in the time to first deposit. The company's products are designed to boost customer lifetime value and engagement by capturing direct deposits and offering personalized financial products. Real-time alerts on income changes and ongoing monitoring of customer earnings further enhance the customer experience.