Know all about Savings Account referral program and get rewarded with IDFC FIRST Bank

What do supercar makers Rolls Royce, designer brand Zara, kitchenware giants Tupperware, and chocolate manufacturer Ferrero Rocher have in common? These are a few brands that rarely opt for advertisements. As for the homegrown brands - from Shahnaz Hussain to Naturals Ice Cream, many rely on word-of-mouth publicity.

A Nielsen study showed that 92% of people globally rely on their friends and family’s recommendations over any other form of advertising. This is what makes customer referral programs a promising form of marketing for companies worldwide. It is a win-win for both the customers and brands. While customers refer and earn cash backs and referral rewards, a customer reference program serves as word-of-mouth publicity vehicles for the brands. 

If we talk about the banking sector, IDFC FIRST Bank has rolled out a similar program with its savings account referral program. You can now refer your family and friends and welcome them to the world of the premium banking service that IDFC FIRST Bank offers. The good news - both you and your referred family and friends stand to win cash backs and gift vouchers, respectively! 

Let's understand customer referral programs a little better.

Customer referral programs - What are they all about? 

A customer referral program relies on customer advocacy and a robust referral mechanism to popularise a brand and its products. By creating value for the customers, companies encourage them to engage in word-of-mouth publicity for the products. The customers then simply have to share positive brand experiences with their friends, family, and peer network. As they refer and earn cash back or other incentives, the company gains the next set of customers, while customers get a trusted and desired brand to associate with. 

Companies engaging in refer & earn are automatically more devoted toward customer advocacy. It becomes their priority to provide solutions and implement customer-focused marketing strategies. With positive customer experience as the capital, a customer rewards program can be carried out successfully. Thus, with customer referral programs, you get associated with companies who have an added responsibility to be customer-focused.

How are referral programs implemented?

Although referral programs mostly showcase the incentives, they are implemented with great attention to detail. However, we often get a view of only the end product while trying to understand referral programs. For instance, the IDFC FIRST Bank saving bank account cashback reward program offers a cashback of Rs 250 for every referral.

Let’s understand how a referral program is implemented,

• Standardise the Program: Most companies have standardised templates for referral programs. The subject of referral is clearly defined, along with the process of referral. The process followed for deciding the success of the referral, the incentives to be provided to the referrer, and the process of payment or credit is also clearly mentioned in the terms and conditions of the referral program. The IDFC FIRST Bank savings account program ensures that you don’t face any confusion in the program. 
• Establish a Platform: Extensive referral programs cannot run with half-cooked infrastructure. Companies establish customised platforms or create the same within their existing applications. IDFC FIRST Bank account holders can refer a friend to open a savings account with the click of a button. This makes using a referral program platform a user-friendly experience for you.
• Continuity of the Program: The referral program continues as long as you can bring new customers into the fold. Your IDFC FIRST Bank savings account references will in turn be able to earn cash back through their referrals.

Why should you join the IDFC FIRST Bank referral program, and how?

As an IDFC FIRST Bank customer, while you have access to premium services and seamless banking at your fingertips, the referral program offers several additional benefits. Let us find out what makes this program so effective,

• Result-driven: The program is result-oriented, with cash backs earned when a successful lead is generated and converted. For the customer, assured income awaits from referrals that are approved by the bank.

• Valued customer: Referring customers already have a positive perception of IDFC FIRST Bank. This positivity is passed on to the referred customers. IDFC FIRST Bank ends up with more valuable customers, and as a customer, you develop brand loyalty with IDFC FIRST Bank, instead of being uncertain about your banking preferences. 

• Organic sales: As a customer, you become part of a sales force that delivers results organically. Successful referral programs help build a happy bunch of customers around IDFC FIRST Bank. You are incentivised for your efforts and are, therefore, happy to refer more new customers. The IDFC FIRST Bank referral program develops an environment of mutual loyalty and belongingness.

The IDFC FIRST Bank refer and earn program allows you to refer your friends and family members for a savings account or an NRI account. All you need to do is provide your name and email ID and select the account type you are referring your family or friend for. You can earn money by referring friends and acquaintances across different social media platforms or by copying the referral link and forwarding it. An IDFC FIRST Bank saving account holder gets an interest of up to 7% per annum, credited monthly!

Once you share the link, the person can click it to reach the IDFC FIRST Bank Online Savings Account opening page. If the referred person opens the savings bank account within 14 days, completes the KYC and add funds, you receive a cashback. Additionally, the new customer receives a gift referral voucher within 30 days of account opening. You can earn cash back on up to 5 referrals under the IDFC FIRST Bank refer program.

Conclusion 

An incentive to the participants and a good customer experience are the important pillars of any successful referral program. If you want to get rewarded for your brand loyalty, IDFC FIRST Bank can be an obvious choice for you.

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.