TLDR: Pinwheel, a fintech company that provides direct deposit-switching solutions, has partnered with Jack Henry, a digital banking platform provider, to help financial institutions increase their customer base. Pinwheel’s technology allows employees to quickly switch their direct deposits, making it easier for financial institutions to attract new clients. The partnership with Jack Henry enables Pinwheel’s solution to be accessible through the platform, expanding its reach to nearly 1,000 fintech companies and 7,500 financial institutions. This collaboration is a strategic move for Pinwheel to establish itself as a key player in the banking industry by partnering with larger banking platforms like Jack Henry. The company aims to announce more partnerships in the future to further expand its customer base.
Pinwheel has developed a direct deposit-switching solution that covers 100% of the American workforce, enabling employees to easily switch their direct deposits to a new account. This technology can benefit financial institutions by allowing them to attract new clients without requiring extensive integration efforts.
The partnership with Jack Henry gives Pinwheel access to a wider network of banks and credit unions, making it easier for financial institutions to onboard the direct deposit-switching solution. This type of integration is becoming more common as banking platforms recognize the need to be open to new technologies and solutions.
By establishing primacy with account holders, financial institutions can gain a competitive advantage and offer personalized experiences. Pinwheel’s solution helps credit unions and banks built on Jack Henry’s platform to establish primacy by enabling customers to easily switch their direct deposits. Once primacy is established, financial institutions can leverage AI and other technologies to provide tailored experiences and interact with customers on a more personal level.
Overall, Pinwheel’s partnership with Jack Henry is a strategic move to increase its market presence and establish itself as a key player in the banking industry. By offering its direct deposit-switching solution through a widely used digital banking platform, Pinwheel can attract a larger customer base and help financial institutions win the battle for customer primacy.