What are referral programs for banks?

Friend referral programmes help build trust in a brand, as people are confident that their friend or family member has already tested a product before recommending it. Almost all large companies take advantage of this by offering various kinds of bonuses. Banks that are willing to pay you for a referred client are quite a lot. The easiest thing a bank can do is to pay you a fixed amount for a referred client.

Banks have two reasons for such referral programmes. Firstly, to try to reduce the price of attracting one client, because the big players in the market are now spending tens of billions of budget on the marketing part. Secondly, to increase loyalty. It is difficult for banks to maintain an attractive image, people often stop trusting them because of various scandals or data leaks. Recommendation of a friend becomes a link in the chain from interest in the product to the application - banks pay not only for the attracted client, but also for the trust that exists between, for example, two friends, but not between the bank and the potential client.

Which major banks offer participation in referral programs?

Today, partnership programmes work in many large and medium-sized banks, although the terms of partnership differ. The main function of a partner is to find clients, individuals, legal entities and individual entrepreneurs, who will switch to the bank. For each new client the partner is paid remuneration depending on the service to be connected.

For example, Sberbank offers the SberAgent service. A partner shares a special link, talks about the services of Sber's ecosystem and receives a reward for each successful recommendation. VTB has a programme to attract business clients. Individual entrepreneurs and legal entities can become partners. The more clients a partner attracts in the reporting period, the higher the tariff. Tinkoff Bank also offers two forms of co-operation: through referral links or by transferring requests from its CRM, service or website form. A partner can receive either a fixed payment for a targeted action performed by the referred client or a percentage of the profit that this client brought to the bank. This is where the variety of types of remuneration ends. But we know how to increase the income of both the business and its partners.

How can GoCPA take banks' affiliate programs to the next level?

We propose to change the logic and mechanics of banks' referral programmes: to turn standard rewards for a friend into a large affiliate network. In such a programme, an agent can attract not only clients, but also agents like himself. In relation to him, they would be sub-agents. The partner will receive his percentage of the profit that the clients attracted by the sub-agent bring to the bank.

By forming a network of agents, improving their skills through training, increasing the volume of both their sales and sales of sub-agents, the bank's partner multiplies its income: our platform allows calculating complex commissions based on the above factors.

In addition, the platform is adapted for the work of even the most inexperienced in the field of MLM-collaboration: everyone has access to individual personal accounts, where all the most important metrics, training materials, information about the percentage of remuneration and nothing unnecessary for the transparent work of the partner are collected. Even the accounting side of the issue of expanding the agent network of banks has become easier, because now all documents can be signed electronically, automatic preparation of acts and reconciliations and automated payments through billing partners are available.

Thus, the new approach to bank referral programmes will benefit both banks and their partners, because it can significantly increase the income of both parties. And the GoCPA platform will become a reliable link for comfortable and reliable joint work!