Pinwheel, the fintech helping banks win primacy with frictionless account activation and engagement experiences, was chosen as the direct deposit launch partner for Robinhood Banking.

Robinhood (NASDAQ:HOOD) selected Pinwheel Deposit Switch for its PreMatch technology, the most advanced switching experience available in the market. Across the industry, there's a 40% inactivity rate after first funding, which was why reimagining the direct deposit onboarding experience was a top priority for Robinhood Banking.

Pinwheel's category-shattering invention of PreMatch in 2023 enabled near instant direct deposit enrollment within the account opening experience, where consumer intent to switch is highest. Prior to PreMatch, digital direct deposit solutions required users to search for their payroll provider - which many consumers do not know - and authenticate with usernames and passwords for their payroll provider experiences - for which most do not have access. Pinwheel PreMatch users convert to a successful direct deposit switch at a 2X higher conversion rate than users routed through legacy solutions. With PreMatch, eligible Robinhood customers will have their active payroll accounts automatically identified and surfaced for switching after verifying via Multi-Factor Authentication.