Eliminating the Wrinkles from Your Direct Deposit Experience

There is literally no end to what all human beings can do, and yet there is little we do better than growing on a consistent basis. This progressive tendency, in particular, has already fetched us some huge milestones, with technology appearing as a major member of the stated group. The reason why we hold technology in such a high regard is, by and large, predicated upon its skill-set, which ushered us towards a reality that we couldn’t have imagined otherwise. Nevertheless, if we look a little bit closer, it should become clear how the whole runner was also very much inspired by the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we discovered, will go on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to bring all the right goods to the table. The same has turned more and more evident in recent times, and truth be told, a newly-launched tool does a lot to make that trend bigger and better moving forward.

Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc., has officially launched a new Direct Deposit Switch tool, which is designed to help consumers by offering them a significantly faster access to their wages. Apart from that, it also brings what is being marketed around as a simplified approach to redirecting part or all of your paychecks into a financial services account of your choice. But how is this going to play out from a more practical standpoint? Well, powered by Atomic’s specialized infrastructure for connecting payroll accounts, Galileo’s Direct Deposit Switch allows customers to quickly set-up and update their payroll direct deposit information, specify how much of their wages to deposit in their accounts, and create accounts for specific purposes. The stated list of purposes can include anything from an education fund to vacation-related savings. Anyway, once the user has completed their initiation process, they can move on to make recurring deposits to their assortment of accounts, and like you would guess, they can do so in a hassle-free manner.

The move provides an interesting follow-up to Galileo’s recent research, which stated how, despite 93% of US consumers receiving their paycheck by direct deposit, the medium remains marred with all sorts of challenges. These challenges are especially evident when workers join a new employer or request to update their disbursements, such as changing their primary account on file or splitting their paycheck routing across two or more accounts.

“Recent Galileo research shows people are keeping money in more accounts, and they want fast, flexible ways to move and manage their money,” said David Feuer, Chief Product Officer at Galileo. “We are proud to partner with Atomic to help our bank and fintech clients simplify direct deposit onboarding, drive higher customer lifetime value and boost access to financial services that will enhance everyone’s financial future. As we continue to accelerate digital banking, Galileo Direct Deposit Switch will be the best way to drive value for our clients’ ledgers.”

To give you some concrete figures, customers who embed the new functionality directly into the customer onboarding experience can expect to boost direct deposit adoption by a whopping 50%, while also increasing customer lifetime value (LTV). Furthermore, it will also let Galileo’s banking and fintech partners to maximize customer value and retention by offering fresh and more closely-related products to their direct deposit customers.