Austin, TX - Sep 29, 2023
Public Employees Credit Union (PECU) has teamed up with Finit Refer to introduce a member referral program through the Q2 mobile banking platform. This strategic move serves to boost account growth, improve member engagement, and integrate referrals into PECU’s existing digital banking platform.
Opportunity
PECU saw value in a referral program that would enable it to add accounts and engage its members. But developing such a program in-house would have demanded time, resources, and technical expertise. PECU would have also needed to configure tools for tracking referral performance and ensuring PECU’s long-standing commitment to member satisfaction.
Solution: Finit Refer
The need for a robust, user-friendly solution led PECU to partner with Finit Refer.Scott Murphy, Vice President of Marketing at PECU, led the initiative. Through Finit Refer’s mobile banking plug-in, Murphy was able to deploy a new referral program to all PECU members within a week. This rapid set-up provided a solution to the time and technical challenges of an in-house solution. Finit Refer leverages Q2's mobile banking platform to create a user-centric referral experience, which aligned perfectly with PECU’s focus on member experience. Its intuitive user interface and back-office tracking tools added further value for PECU in implementing its new referral program.
Impact
The Finit Refer partnership has helped PECU see an 20% increase in new Checkings openings in the first month and fostered a community of members willing to refer others, consistent with PECU’s community-centric approach to banking.
“The new program has more than doubled the new members we gotten each month from refer-a-friend since the program started.”
Impact at a Glance
- Referral-led growth: 3x increase in member referrals
- Member Engagement: 5% of digital members have participated in the program
- Launch Timeline: Scaled from 0% to 100% within 2 weeks
- Back Office Experience: Dozens of hours saved internally
Insights from PECU’s VP of Marketing, Scott Murphy
"PECU studied many types of refer-a-friend programs and we felt like Finit has the best product. The whole program is now available right in our mobile app.”
Future Outlook
The partnership with Finit Refer advances PECU's commitment to improving member engagement and services. It highlights the potential for enduring collaboration, enriching banking experiences for PECU’s members. The initial success fuels enthusiasm for innovative collaborations, aligning seamlessly with PECU's mission to be the foremost financial institution in the communities served, empowering members to reach their financial goals.
