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 |