FinTech News
Pinwheel Announces New Partnership with Narmi
Two FinTechs are teaming up to bring a useful feature to workers.
About the partnership:
This week, Pinwheel and Narmi announced their newly formed partnership. As a result of this deal, Narmi financial institution customers will have access to Pinwheel Prime and other solutions.
One of the key features of Pinwheel Prime is direct deposit switching. This tool allows workers to quickly and easily adjust where they receive their paychecks. According to the company, their service makes it possible to update direct deposit accounts “within seconds.” Furthermore, the service notes that banks can add this feature to their app or even use an in-branch tablet to help customers switch their payroll funds over to a new account. With Pinwheel Prime, customers also get access to real-time insights that the company says can lead to a 14%+ increase in customer lifetime value.
What they’re saying:
Speaking to Pinwheel’s star feature, the company’s Partnerships Lead Brian Karimi-Pashaki said, “In a recent survey, we discovered that 40% of newly opened accounts are never activated largely because of customer frustration with the current direct deposit switching process. By removing friction from this process, Pinwheel will help Narmi’s customers boost activation rates and reduce churn.”
Karimi-Pashaki discussed the partnership more, stating, “Narmi’s work to unlock the latest capabilities in digital banking and account opening for community financial institutions is crucial for ensuring all consumers can access a superior and seamless digital experience. We’re proud to aid in this mission and extend simplified processes like automated direct deposit switching to a broader audience.”
Meanwhile, Narmi’s SVP of Operations Angela Gentry Yue noted, “Narmi was built to bridge the gap between traditional banking systems and cutting-edge technology, helping banks and credit unions quickly and more easily access digitization. We’re excited to partner with Pinwheel to unlock digital direct deposit switching for our trailblazing customers. These offerings are poised to be transformational in helping our customers accelerate customer activation and drive deposit enrollment.”
My thoughts:
First of all, Pinwheel and Narmi do sound like a great match and the addition of Pinwheel Prime perks to Narmi’s offerings should be beneficial for financial institutions that use the latter’s services. With that out of the way, I do have to laugh at how simple Pinwheel Prime’s big selling point sounds. This isn’t to say the direct deposit switch capabilities aren’t useful — but I do wonder if this tool is really as impactful as they make it sound. Regardless, here’s hoping that this partnership turns out to be a win for Pinwheel, Narmi, customers, and workers alike.
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