Member Megaphone is a referral app designed to help credit unions seamlessly tap into the power of organic growth through member and employee referrals while tracking results and assigning rewards. The app assigns a unique code and tracks the referrals, including who referred, number of referrals, and who accepted the offer.
Filene i3 & i4 Test Results
In 2014, a Filene i3 team built a rapid prototype that modernizes the member referral process. The team received strong interest from surveyed credit unions about a concept that would help track member referrals. In 2015, Filene selected this concept to be tested further in the i4 incubator.
The Bringing Members Into the 21st Century Innovation Brief highlights our key findings from the Member Megaphone i4 Incubator test including:
- An overall referral rate of 34%
- Strong interest from members indicated by an 81% confirmation rate
- One credit union identified a single current member who was directly responsible for referring 22 new members and indirectly associated with 161 new members