Case Study: Varo Bank accelerates digital onboarding and account activation with Pinwheel Switch Kit

Varo Bank boosts bill switching with Pinwheel, driving 40% adoption in a 3-month pilot

Varo Bank, a nationally chartered all-digital consumer bank, partnered with Pinwheel to enhance its digital onboarding experience and drive account activation. The bank sought to overcome consumer friction associated with switching direct deposits and recurring bill payments, which are key to achieving customer primacy and long-term profitability.

Pinwheel implemented its Switch Kit solution, which combines its Deposit Switch and Bill Switch tools into a single, frictionless experience within Varo's app. This allowed new customers to instantly identify and seamlessly switch both their direct deposit and recurring bills during account opening. The solution delivered significant results for Varo: during a pilot, 40% of users who linked accounts to identify bills proceeded to switch at least one bill, with the average user switching two bills. Customers using Pinwheel became the bank's most engaged, highest lifetime value customers with higher balances and transaction values.

Varo Bank