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Pinwheel and Narmi Partner to Unlock Seamless Deposit Switching
Slice of Finance Team
11 Jul
Key Highlights:
Pinwheel and Narmi collaborate to simplify direct deposit switching.
Pinwheel Prime ensures 100% coverage of the US workforce.
14% increase in customer lifetime value with real-time income insights.
72% of consumers prefer banks offering Pinwheel Prime at acquisition.
32% boost in direct deposit enrollment for financial institutions.
Source (PR Newswire)
Notable Quotes:
"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."
"By removing friction from this process, Pinwheel will help Narmi's customers boost activation rates and reduce churn. 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."
Our Take:
The partnership between Pinwheel and Narmi is a significant advancement for the financial industry, addressing a common pain point—direct deposit switching. By leveraging Pinwheel Prime, financial institutions can offer a seamless, digital experience that not only improves customer satisfaction but also significantly enhances customer retention and lifetime value. This collaboration highlights the importance of integrating innovative technology solutions to stay competitive and meet evolving consumer expectations. The real-time income insights provided by Pinwheel Prime further empower banks and credit unions to build deeper, more valuable relationships with their customers, making this partnership a game-changer in the realm of digital banking solutions.