Bringing Member Referrals Into the 21st Century
Credit unions want growth but struggle with the cumbersome referral and tracking methods that have historically been available. Paper referral programs create inefficiencies within the credit union and hassles for the member. And rarely do they lead to strong 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.
This 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
Stay tuned for a 12-month update about these accounts and the future of Member Megaphone.
- Please let us know if you are interested in testing the next iteration of Member Megaphone by filling out this form.
- Visit the original i3 concept documents here.
Thank you to CSCU for their support of Filene i3, Horsetail Technologies for helping the i3 team, D+H for their support of the i4 Incubator, and Member Loyalty Group for partnering with us with the Member Megaphone i4 Incubator test.
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