Refer a Friend is a fully automated referral program that helps financial institutions grow deposits by turning existing account holders into advocates. The platform handles everything from invitation through reward distribution — no manual tracking or staff follow-up required.
How It Works
Account holders share a personal referral link or code via email, text, or social media. When a referred person signs up and completes the qualifying activity, the system automatically tracks their progress and dispenses the reward. The qualifying activity is fully configurable — common triggers include:- Opening a specific account type
- Completing a minimum number of debit card transactions per month
- Meeting a deposit threshold
- Any other custom-defined criteria
Campaign Types
- New relationship — Rewards both the referrer and the new customer for bringing in a brand-new banking relationship.
- New product — Rewards only the new customer for opening an additional account type with the institution.
Key Features
- Automated reward dispensation — A daily job checks qualifying activity and issues rewards automatically, with no manual intervention needed.
- Self-service progress tracking — Referred users can monitor their own progress toward the reward from within online banking.
- Gamification — Dynamic banners and referral count displays keep existing customers engaged and motivated to refer more.
- Back-office management — Full control through Q2 Central/Console, including reporting, manual payout overrides, and campaign configuration.
- Compliance built in — Terms acceptance checkboxes are included in the referral flow out of the box.
Who It’s For
Refer a Friend is built for banks and credit unions that want to grow deposits and new relationships through word-of-mouth — without adding operational overhead or running manual campaigns.Business Impact
| Outcome | What to Expect |
|---|---|
| Deposit growth | New relationships and account openings driven by existing customers |
| Acquisition cost | Lower cost per acquisition compared to paid marketing channels |
| Engagement | Gamification keeps referrers active and motivated throughout the campaign |
| Operations | Zero manual tracking — rewards are calculated and distributed automatically |