Referral System: What It Is and How It Works

Referral systems, also called referral programs, capitalise on the power of personal connections and recommendations. Individuals, as referral partners, leverage their social networks to introduce financial products like loans, credit cards, or savings accounts to friends, family, and acquaintances. The concept is simple yet effective – when someone they refer successfully adopts the product, the referral partner receives a commission.

IDFC FIRST Bank's MyFIRST Partner Referral Program stands out in this landscape, with over 7 lakh individuals having joined this program in India. The program presents an opportunity for referral partners to earn more than ₹1,00,000 per month through a seamless and user-friendly platform, the MyFIRST Partner app. What sets IDFC FIRST Bank’s referral services apart is its commitment to a Zero Physical Documentation procedure, along with weekly pay-outs. This removes the barriers of traditional paperwork and allows individuals to swiftly join the program and tap into uncapped earnings as a secondary income stream.

How does the referral program work and how can it help us earn more?
 

1. Get familiarised with the product
 

Referral partners familiarise themselves with the products and services they are endorsing. This includes understanding the unique features and benefits, allowing them to effectively communicate these to potential customers. IDFC FIRST Bank’s relationship managers and central helpline help referral partner familiarise themselves with the product.

2. Reach out to people in your network
 

Utilizing their social circles, referral partners identify individuals who might benefit from the endorsed products. Their personal endorsements carry weight, fostering trust and increasing the likelihood of conversions. IDFC FIRST Bank offers all the help you require to understand the functioning of the app.  

3. No initial investment to sign up
 

You need not make any initial investment to sign up for IDFC FIRST Bank’s MyFIRST Partner Referral Program. Therefore, you can start referring and earning using the MyFIRST Partner app without paying any money to IDFC FIRST Bank.

4. Receive compensation directly in your bank account
 

When a lead referred by a Referral Partner successfully converts into a customer, the referral partner becomes eligible for compensation. IDFC FIRST Bank deposits a 1.5% commission on each successful loan referral in the referral partner’s bank account through the MyFIRST Partner app.

5. Track loan applications using the MyFIRST Partner app
 

Advanced referral programs, like IDFC FIRST Bank's MyFIRST Partner, often come with dedicated refer-and-earn apps that enable referral partners to monitor their leads, conversions, and earnings in real-time.

6. Benefit by working with a well-known brand
 

IDFC FIRST Bank is a popular bank across India and its products are well-known among Indians since they offer various customer-friendly features. Signing up for the MyFIRST Partner Referral Program can offer you the benefit of working with a well-known Indian brand to build your second income stream.  

Who is eligible for IDFC FIRST Bank's referral program?
 

To be eligible for IDFC FIRST Bank's MyFIRST Partner program, individuals must meet specific criteria:

• They must be Indian citizens.
• They must have a bank account with an Indian bank.
• Referral Partners should be at least 18 years old.

How to sign up using the MyFIRST Partner App?
 

1. Get the MyFIRST Partner App:
 

Download the MyFIRST Partner app from the respective app store and install it on your smartphone.

2. Provide the required documents:

The app requires your KYC documents, including Aadhar card, PAN card, and bank details to help you register.

3. Use Your Digital ID to sign up:

The MyFIRST Partner app’s user-friendly interface guides you through the sign-up process. Verify your identity using your digital ID, and your journey as a referral partner begins.

4. Refer and track loan applications:

Once registered, you can start referring products to your network. The app enables you to share personalized links, track the progress of your leads, and keep an eye on your earnings.

Referral systems offer a modern pathway to financial empowerment for Indians. Through programs like IDFC FIRST Bank's MyFIRST Partner, individuals can convert their social connections into sustainable income streams.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.