Community Bank Thrives with 31% Referral-Driven Growth Strategy
Facing an increasingly competitive market, one community bank realized it needed a better acquisition and growth strategy.
After initial success with CSI’s Account Revenue Solution® (part of the Velocity Solutions suite), the bank launched CSI’s Invitation Checking® System in 2009. The results were immediate, proving the power of a coordinated, data-driven digital growth strategy.
Approach
Throughout the years, the bank has capitalized on CSI’s expertise to make the most of the program. Specifically, the bank goes all-in on training and educates everyone on how ICS contributes to profitability through meaningful referrals and long-lasting account holder relationships.
Employees are rewarded for meeting company-wide and branch-specific goals, motivating them to ensure continued program success.
Results
ICS has delivered strong results for the bank, with over 30% of the bank’s new accounts coming from ICS referrals. The average new account holder age is 7.5 years lower than non-referred accounts. Add to that an ROI well above the program’s typical range, 30% more debit card swipes, and ICS-referred accounts continue to provide increased revenue, sticky relationships and loyalty.
The bank’s leadership team attributes much of the program’s success to ICS’s use of social media to elicit referrals and spread the message: “We want more customers like you!”
Since adopting ARS and ICS, the bank has expanded its use of CSI’s Velocity products, including My Rewards® Premium Cards (MRPC) and its consumer liquidity solution.
By offering free MRPCs to employees, they can personally endorse its benefits to account holders. This has resulted in 36% of account holders signing up for the premium cards — nearly double program goals.
Conclusion
By leveraging ICS, ARS, and MRPC, the community bank has strengthened its acquisition and retention strategies while maintaining its community-focused service. Their commitment to training and engagement ensures they maximize their investment, setting them up for sustained growth.
Moreover, the strong friendships and trust built with CSI’s Velocity team over the years has been both a vital and rewarding part of the partnership.