Case Study: Varo Bank drives account primacy with Pinwheel Switch Kit

Varo Bank boosts bill switching 40% with Pinwheel Switch Kit

Varo Bank, a digital bank recognized for its innovative financial products, faced the challenge of ensuring new customers fully transitioned their financial activity to become primary account holders. A key barrier was the difficulty and perceived risk for consumers in switching their recurring bill payments from their old bank. To overcome this, they partnered with Pinwheel to implement its Switch Kit solution.

Pinwheel's solution combined direct deposit switching with a new bill payment switching capability into a single, seamless onboarding flow. This allowed Varo's customers to automatically identify and easily switch their recurring bills during account opening. The results were significant, with 40% of users who identified bills going on to switch at least one. Pinwheel's solution helped Varo's customers achieve higher account balances and deeper engagement, accelerating their path to primacy.

Varo Bank