Case Study: Current achieves 2.2X more direct deposits with Pinwheel PreMatch
Key results
The challenge
Current, a consumer fintech banking platform serving over 6 million Americans, treats early direct deposit connection as a critical onboarding signal of primacy. Historically, changing direct deposit required users to remember payroll passwords, copy account and routing numbers, or send forms to employers, creating friction at a decisive point in the customer journey.
The solution
From November 2025 to March 2026, Current piloted Pinwheel's PreMatch Deposit Switch experience, which identifies a member's payroll account using information already provided at account opening. PreMatch lets users authenticate with a one-time passcode instead of payroll credentials, bypassing the provider-search and login steps that are common drop-off points in first-generation deposit-switch flows.
“At Current, conversion to direct deposit is a critical metric as it provides a clear, early signal that we're becoming someone's primary financial relationship. Since integrating Pinwheel's PreMatch product into our onboarding flow, we've seen a dramatic lift in direct deposit conversion, along with significant downstream increases in feature attach rates and revenue.”
JSJosh StephensSVP of Product, Current
The results, in context
During the four-month pilot, Current saw 2.2X more direct deposit enrollments, described as a 220% lift in enrollments during the critical first 35 days of customer tenure. The company also reported a nearly 7% lift in conversion for customers attempting a direct deposit switch, plus increases in other feature attach rates that drove higher downstream revenue.