Everything You Want to Know About the FinancialRefer

Are you in charge of the referral strategy at your bank or credit union? This can be a big job, which means having excellent tools to help can make it much less stressful. You want to make sure that everything is being done the way it should be so that your referrals lead to more business and a better outcome for your bank.

That’s where FinancialRefer comes in. This system, built by professionals who understand the financial industry, is built specifically for banks and credit unions. This system is billed as “referral tracking software for banks & credit unions” and it works to make the process of tracking referrals so simple that anyone could do it.

Referral Tracking

What FinancialRefer does is track referrals between departments and staffs located in your bank or credit union. However, it goes beyond simply tracking the numbers. You can send and receive referrals through this robust system, as well. The management at your financial institution can look at any time to see which members of your team are doing the referring. You can also see how your referral efforts are going across the bank.

Reports & Insights

In addition to offering referral tracking, there is also a reporting system built right in. This lets those who are in charge run reports and print out data. This can then be used to provide staff with an idea of how their referral statistics look and what sort of outcome is coming of your program. Managers will also be provided with a weekly email that gives the latest report.

Weekly Staff Emails

Management will have reports through email, but so will your other team members. On a weekly basis you can expect each team member to receive an email outlining the referrals that they have sent out and received. This is an excellent opportunity to create competitions and keep staff on task and constantly aware of how important referrals are.

Email Notifications

In addition to the weekly emails, team members will also receive individual emails anytime that they receive a referral. This email will have all the needed information to take action, including the person’s name, their contact information, and where the referral came from. This makes it easy to know where to check up on things and move forward, without guessing on when a referral is available.

Customized System

With FinancialRefer, you are getting a system that has been customized specifically for credit unions and banks who use referral programs. Everything you need is present from the get-go. However, on top of that, the people at FinancialRefer also allow complete customization. You can change what is seen on a referral form, customize the reports that print out, and much more.

Secure Referral Data

While your team won’t be sending out private account information, it’s still important that software in a financial institution is secure. That’s taken care of with FinancialRefer. They use SAS Type II audited servers and every piece of data that is sent through is encrypted. You will never have to worry about someone gaining access that shouldn’t be there in the first place.

Opportunity Tips

You can incorporate tips and tricks with a weekly tips email to your staff. This can help them better understand opportunities and special events that might be taking place. By providing tricks and tips, you can ensure each team member has the same information and is capable of the same sort of referral gaining.

All in all, FinancialRefer offers a great system for banks and credit unions to succeed. If you are curious to learn more about it, you can contact the staff at FinancialRefer here or sign up to try out a demo.

The Ultimate Referral Program Strategies for Banks and Credit Unions

If you are the individual tasked with brainstorming and implementing referral programs at your bank or credit union, you likely already know that this can be a time-consuming task. Every financial institution is different, and that means the approach toward referrals should also be unique. However, there are a few strategies that seem to work well in most situations. We will be sharing those with you in this article.

Check Your Headline

No matter what program you’re dropping, you need to pull people in quick. Having a unique and catchy headline is a great way to do this. People will read the headline, be intrigued, and continue to read on. Use your bank or credit unions personality to show who you are and why customers should read on. If you can get them to keep reading, you’re halfway there already.

Incorporate an FAQ

Your referral page needs to look professional and aesthetically pleasing. You don’t want to force your customer into reading tons of text on the landing page. However, you can incorporate an FAQ section where you go into things in a bit more depth. You can talk about how the program works and answer questions that are common among those who visit the page.

Implement a Cause

If you can’t offer a monetary reward, or you prefer to go with something different, a donation can be the trick. For instance, you can provide a donation of $20 for every referral that a customer brings in. This is especially useful if you can team up with a charity that makes sense for your bank and its values. Consider your options and what will have the most impact.

Invite Your Customers

If you begin by speaking with your best customers about your referral program, you can go farther than you might think. The people who already trust and enjoy your services will be your best promoters to others in the community. It can take some work to find the right way to ask for referrals, but once you do, this is an excellent strategy for nearly any credit union.

Advertise Yourself

We already talked about having a landing page with FAQ for your referral program, but there’s more to it than that. You also need to be sure that your customers can find that page. If they don’t know the page exists, it’s not likely to do much good. Consider adding a link to emails that go out. Explore it on your blog, if you have one. Post it on social media. Getting the word out is vital to ensure your referral program gets off the ground.

Mark the Date

Find a meaningful date that matters to you or your customers. You can choose a holiday, an anniversary of the bank opening, or any other date that makes sense. Then use this date as a time to run a special promotion for the program. You could make it where the reward for referring someone is higher than normal. Or you could incorporate a reward for the new customer coming in. This will make people excited to be a part of things.

Use Your Employees

Those who work in your bank are a considerable asset so use them. You could have a unique program for only employees, perhaps with a reward for the person who gets the most referrals in a certain amount of time. Make a leaderboard, so people get into competing and have fun with it.

Once you have started your referral program, you may find that it’s complicated to keep track of everything going on. A great option is trying FinancialRefer, a service that is just for bank and credit union referrals. You can try a free demo to get an idea of how it works.

How to Use Referrals to Build Your Credit Union

As a credit union owner, you probably understand that new business often comes from business contacts and happy patrons. However, not every bank or credit union uses that knowledge to offer a robust referral program. We are going to explain some strategies for bringing in more referrals, who will be excited to use your services.

Ask for Referrals

Of course, you can’t just sit and wait for referrals to come around. You must be proactive and ask for those referrals. Many people find this overwhelming at the beginning, but after doing so a few times it can become second nature. As a bank owner, you should be looking for referrals in your own network. Everyone else working with the company should be doing the same thing. This is an easy strategy to start, just talk to people you already know, such as friends and family members. Then move on to clients and contacts.

Explain Exactly What You Do

Sure, most people assume they know what a bank does. However, they may not know all the professional services that you offer. This can be true of strangers as well as people who are more prominent in our lives. Of course, you don’t want to go off on a tangent that might be boring for the other party, but a short response that you have ready can be a very useful thing. Keep it simple but make sure you explain things in a way where it will be remembered.

Promotion Across Industries

It can be simple to network and discuss business with someone in the same or a similar industry. However, that should not be the end of the process. Another bank is not going to refer over customers that they want themselves. Instead, consider cross-promoting with other types of companies. Speak with companies that are loosely related, but that do not offer the same things you do. Then refer back to them to make it a long-lasting relationship.

Get Comfortable with Face to Face

While there are many digital ways to solicit referrals, nothing beats the old-fashioned face-to-face conversation. Check out Toastmasters, Chamber of Commerce, and other groups that are designed for this sort of thing. You can also keep abreast of any events that fall under this category. You’ll be promoting to other business owners, who will then promote you with the understanding that you’ll do the same. It’s a win-win situation for everyone.

Log into Social Media

LinkedIn is a great option for business to business marketing and can work well for your bank or credit union. The website is built for this kind of thing and has a great tool for triggering those referrals. Of course, you can also use other social media sites for this. Twitter and Facebook can both be excellent option for finding new contacts. Of course, you still need to spend time on face-to-face but social media can be a supplement to what you do offline.

Always Reciprocate

If you want something, giving it first is an excellent option. When someone receives some sort of gift, they often want to reciprocate that gift quickly. This is the same when it comes to referrals. Make it a point to contact someone you know and offer them a referral. They will almost certainly agree and then do the same for you and your own credit union or bank.

Whether you implement one of these options or a few of them, it can help you build your credit union more quickly. Another way to do that is by trying out the system at www.FinancialRefer.com. It makes managing a referral system a breeze. Try out the free demo on the website today.

Avoid These Common Bank Referral Mistakes

Getting referrals for your credit union or bank can be pretty difficult, even when you’re doing everything right. It can be even more overwhelming when you’re making mistakes but aren’t aware of it. If you are looking to build your own referral program, it’s important that you know what to do but even more important that you know what not to do. That’s what we are going to focus on in this article.

First things first, you need to understand that good referrals aren’t something you get by accident. It takes work. You need to be known for being trustworthy, good at what you do, and able to build relationships with those who may be able to provide you with great referrals.

Not Reciprocating Properly

In order to see the reward that you want, which in this case is a referral, you must be willing to offer something in return. Sometimes this means sending someone a referral yourself, other times it might mean offering advice, and still other times it might be something entirely different. You can ask someone for what you aren’t willing to give in return. Make sure you are providing something that makes people want to help you.

Prioritizing the Wrong Relationships

You can’t prioritize your relationship with every person you know, so it’s important to spend your business time focused on the right people. The people who are most likely to be assets when it comes to referrals are your bank customers, other owners in the industry, salespeople with similar customers but different services, and everyone else – in that same order. Spending too much time on that ‘everybody else’ can be detrimental. Instead, it’s a good idea to prioritize time with people closer to you and your bank or credit union.

Pushy Salesmanship

Customers want to come to you and get the best possible product or service for their needs. Some people are great at doing this, while others are not. A customer who respects you is much more likely to offer a beneficial relationship. As such, it’s important not to push too much or try to sell people on things they don’t need. Make sure that the people on your team know how to determine what will best suit someone, so they can be assets in generating referrals that help the whole company.

Only Looking When Needed

When it comes time where getting a referral is crucial, it can be the worst time to look for one. When you’re working from a place of extreme need, it can backfire. If a client sees that desperation, they may not feel comfortable offering a referral out of fear that the person being referred will be badgered upon contact. Instead, it’s important to look for referrals even when they may not be needed a great deal. In addition, referrals should be only part of your strategy for finding new prospects.

Not Asking

Of course, if you aren’t asking for referrals, you are very unlikely to get them. It’s surprising how many people don’t seem to take this under advisement. If the clerks and other staff at your credit union aren’t taking the time to ask for a referral, it shouldn’t be surprising when it doesn’t come. Asking is integral, and honestly, the worst you can hear is no.

We hope these tips on what to avoid when looking for referrals have been helpful. If you are looking for a system to help you implement a more complete referral program, think about trying the software at www.FinancialRefer.com. It offers tons of features and can make the process much simpler for everyone involved.

A Dozen Ways to Keep Referrals Coming

If you’re involved with a bank or credit union and have a referral program, you’re likely always looking for ways to improve it. It can be hard to keep a constant flow of referrals happening over time. Check out these great tips for getting more referrals.

Just Ask

If you want referrals, you must bite the bullet and ask. When you’re working a project with a client, just ask if there’s anyone they know that might want something similar. You may be surprised at the answer you get.


Give a referral to get a referral. If you scratch the back of the next guy, he’ll often turn around and do the same for you. This is a low-key way to get a stream of referrals going in. You can always find someone who wants promotion.

Client List

Make a list of people you’d love to work with. Check them out on LinkedIn and see if you have a connection. If you do, talk to them. You can see about networking and helping each other out.

Social Media

On that same note, make sure your own LinkedIn profile is up to date. Make a point to drive engagement to your profile. This could mean posting an interesting link or writing up a blog post for the site.

Build Relationships

Every bank has businesses that do things for them. This includes suppliers and vendors and more. You want to be sure these individuals know what you do and how you help people. This can lead to increased referrals.

Create Content

Have a seminar or webinar where you talk about something relating to the financial industry. Serve breakfast or lunch along with it. Get out there and make this event special, as this will make people more interested in helping you.

Offer Rewards

When networking and building referrals, make it worth the other person’s while. Offer an incentive to provide referrals. This can be monetary or it can be something completely different. Everyone loves being appreciated.

Inspire Confidence

Some people may be nervous about referring someone on the chance that it won’t work out. Give them a reason to have confidence by telling them how much of your business is from those who have been referred.

Do it Now

You do not want to wait until your referral program is having issues to look for great referrals. Find them now and look at them on a consistent basis. This will ensure you aren’t stuck in a rough spot when things get slow.

Be Unique

Show that you aren’t the same as the bank on the corner or the credit union down the block. If you have people something to talk about, they will. Make sure that something is going to be in your favor.


Make sure every customer knows what you do. Many people don’t know every service you offer, so consider chatting them up and offering information about those things. This can lead to a more educated consumer base.

Thank Them

Anyone who provides you with a referral should receive some kind of thank you. Just acknowledging the effort can go a long way. You could send out a thank you card, shoot off an email, or send a handwritten note. This will encourage people to continue referring people your way.

While you’re working on your referral program, let FinancialRefer help you. You can visit the website at www.FinancialRefer.com to find out about the services offered, which revolve around helping your bank referral management. Try a free demo or ask questions on the website.

Tricks and Tips for Better Selling Through Bank Tellers

Selling is a tough job in any industry, but bank tellers have an even more challenging experience than most. A teller is often required to find opportunities, cross-sell both services and products, and do all of that while avoiding a long line at their station. It’s a difficult proposition, and it’s made even harder when most people want to simply get in and out of the bank in a hurry.

You may wonder if there are ways to make the whole thing a little bit easier, and lucky for you, the answer is yes.

Strategies for More Effective Selling

One thing that needs to be considered when selling as a bank teller is that the first impression matters. People are much more likely to consider a product or service if it is suggested by someone who they respect, trust, and like. The truth is that the typical teller doesn’t have a whole lot of time to impress customers, so making that first impression a good one is extremely important.

As such, you really want to focus on some fundamentals each time a customer steps up to your window. Here are some ways to do so:

  • Make sure you greet every customer promptly.
  • Make eye contact and keep it until they have approached you.
  • Smile at them. Not a forced smile, but a genuine smile of friendliness.
  • Keep your tone pleasant and upbeat.
  • Stand up straight and project confidence and professionalism.
  • Dress for the job and exude confidence.


This may not sound like important stuff, but it really is. People are more likely to take you seriously if you appear to be put together, friendly, and open to conversation. Think about the people who sell things to you in other situations and consider what appeals.

In addition, make sure you think about the fact that people want solutions to their problems. Ask questions of them to find out what they need. You may have the perfect service or product just waiting for them if you can dig down and determine what needs the person has. Don’t pressure or use sales-oriented speak, just talk to them. Once they’ve provided information, it’s easier to get the sale.

That said, it’s a bad idea to pitch something without knowing the customer can use it. It may work on occasion, but isn’t the best strategy. Instead, it seems as if you are just trying to make money, not improve their life. People may find it frustrating being sold services they neither want nor need, which can tarnish the reputation of you or your business.

Instead, ask questions, suggest a way you can help, and go from there. You might set up a time to talk about the problem further or ask more questions and then propose the solution as something your bank offers.

At FinancialRefer, we understand the needs of banks and credit unions, and offer products that help. You can try our referral system out for free here.

Simplifying Customer Referral Programs

A bank referral program provides a way for customers to refer their family, friends, and co-workers to the bank through specific channels. Some estimates show that about 30% of banks and credit unions in North America are already using some kind of referral program. In some cases, these are automated systems with all the bells and whistles. In other cases, they might be a simple paper form that someone hands over to a buddy.

While these systems, and those in between, all work – the design of the program does matter when it comes to return on investment. A huge banking network across the United States might make better use of an automated system, while a credit union with two branches might need something much simpler.

Common Mistakes with Referral Programs

There are a number of things to consider when instituting a program. We’ve determined what the most common mistakes are and would like to pass them on to you. This will help you ensure you start off on the right foot with whatever system you choose.

  • Providing one option for referrals – Some customers may prefer specific methods over others. If you only choose one channel, you’re going to miss out. Use many channels so people feel they have more choice, making them more likely to sign up.
  • Bad rewards or a long path to rewards – Either of these things will make for fewer referrals. People want to see something for their efforts, so give them just that. Lots of banks and credit unions offer these referral rewards, so you want to stand out.
  • Not being available for every customer – Some banks choose to exclude particular product lines or types of accounts, but this is not a great way to go. Instead, use variable rewards for different accounts. For instance, a checking account might have a lower referral reward for a customer with more revenue.
  • Limited time promotions – People refer when they know someone who needs your service. Having a program that runs a short time only captures a small group of people and may not be worth the effort of the system. Instead, make it a long-term offering.
  • Limited awareness – If your customers don’t know there is a referral program, they won’t be referring people. Make sure everyone is aware you offer the program. Advertise it in newsletters, social media, and on your website.

What to Do

While there are many examples of what not to do, you must also know what you should do. That’s just as important. One thing you should do is to make sure the system is easy to use. You should also ensure the reward is worthwhile, as that will bring in more customers. In addition, do what you can to promote the program and automate its use. This will all give you a better chance at hooking new customers who will use your services for years to come.

FinancialRefer System

If you are looking for a referral system that is simple to set up and offers great features, one option is FinancialRefer. You can find a free demo and learn more here.

5 Features That Make FinancialRefer Great for Banks

FinancialRefer is a brand-new type of software that offers a way for credit unions and banks to track their referrals. It provides a number of features that are both fun and useful, and can be incorporated at any financial institution. This product is new, but it already has many banks using it to gain referrals and grow their markets. We’ll look at some of the excellent features provided when using FinancialRefer, so you can see what a difference it will make for your own business.

Complete Customization

One of the best features of FinancialRefer is that the system is completely customizable. That means that you can alter the system to fit your bank or credit union best. You can make changes to the referral form that staff use, customize reporting to show only what is important to you, and more. The team at FinancialRefer is always available to help you make this system work just right for what you need. You can’t ask for most than that.

Security of Data

While this is a referral system used by staff members, the data is secured just as if private financial data was being used. All servers related to FinancialRefer services are SAS Type II audited. There is also constant data encryption, so you don’t have to worry about anyone gaining access to your information and accounts. That’s something important to the team at FinancialRefer, so the security is top notch.

Referral Tracking

With FinancialRefer, you will find that it’s straightforward to send referrals, as well as receive them. This can be done between staff members and departments in your credit union or bank. This makes everything easy and accessible, without the need for various systems for each office or department. Instead, it all stays in one system and is done in a single way for ease of use.

Manager Reports

For those who are managers in charge of being aware of referrals, FinancialRefer helps out there, as well. You can set it up so that the appropriate members of the staff receive weekly reports showing top referrals. In addition to that, the managers can run reports 24/7 if they need more information on a day when an email is not sent out. That gives you flexibility, no matter how often you want to check up on things.

Staff Emails

It isn’t just managers who will receive information, either. Staff members will get an email each week that states the number of referrals that they have sent and received. One way to make this fun and grow numbers is to offer an incentive for being the top referrer of the week or month. This will give employees a reason to go above and beyond while ensuring you get the numbers you want.

FinancialRefer for Banks and Credit Unions

As you can see, there are many features associated with FinancialRefer, and it can offer a host of benefits for any financial institution. If you are interested in learning more about the system, you can do so here. You can also request a demo to try it out at no cost.

Coaching Referrals Done the Right Way

Sometimes, as a bank sales manager, it might seem that every person on the team already knows the right way to ask for referrals. This is often not the case, however. Instead, a better option is to provide training and feedback on the best ways to get referrals. We’ll look at this in more depth in this article.

Build a List of Satisfied Clients

The first step is to have each employee make a list that might include five or ten of their most satisfied customers. They can consider those who have thanked them for their services in the past. They might think about those who have already referred them business. You should also have them add to the list when new things happen, so it’s continuously gaining new names and prospects for referrals in the future.

Introduce a Short Prospect List

Not every person is going to know how to find the right people to connect with. This takes practice and training. If someone is struggling, help them understand which prospects their contacts may know. Assist them in building a short list of candidates for each satisfied client, so they can better understand how the concept works.

Strategize About When to Ask for Referrals

Sometimes it might be a good idea to wait for a specific moment to bring up the referral process. However, in many cases, waiting can waste a lot of time. Instead, get your employees to schedule meetings with the people on their network list, specifically to discuss referrals. You might have this happen at a meal, just because this tends to be a relaxing environment where there are fewer interruptions and a better chance for real conversation.

Work on How to Ask for Referrals

Your employees may or may not have the knowledge needed to determine the best way to ask for the referral they are going after. What you can do is help to boost their confidence beforehand and ensure they go into things with an understanding of the process. You might coach them on how to position the referral as a favor. You also want to understand if there are any issues or problems in the background that might make the prospect less positive. Coach them on determining the amount of assistance they should ask for. Some might be happy to pick up the phone and talk to a prospect to get the ball rolling. Others might want to use a testimonial in writing or simply use their names when doing the calling.

Get a Commitment to Ask

Your bankers aren’t going to get referrals if they aren’t trying to do so. That’s why you need to ask them to make some calls or host some meetings to see how well the process works. You might have them set up a single call each week for a few months to ask for referrals. This gives them time to learn and realize the process works.

If you are looking for ways to boost referrals at your own bank or credit union, consider using FinancialRefer. You can find out more and sign up for a free demo here.

Best Practices for Generating Business Using Referrals

Getting referrals from current happy customers is one of the best ways to find new business in many different types of companies. Because of that, it’s important that you understand the referral process from back to front. You also need to establish techniques for requesting referrals, so you can increase business and also generate useful leads.

Why Referrals Work

Current customers who have already been a part of a sale and have an established relationship with your business already know what you offer and how your services or products meet certain needs.

In addition to that, customers often know someone else who has that exact same need. Consumer customers may have neighbors, family, or friends with a similar need. Business customers may know vendors, customers, or competitors with the need. This is to say that customers can help when it comes to prospects who are pre-qualified.

People will want to help you if they trust you. That’s why establishing trust with customers is important. When that trust is solid, customers can be your best advocates.

Asking for Referrals

The absolute best time to ask for referrals is following a sale. The customer is going to be feeling good about you and your service. They aren’t viewing you so much as a salesperson as they’re viewing you as a resource who solved a problem.

You don’t have to beg or plead for referrals. All you need to do is offer insight into what you’re looking for in sales and customers. Explain that you want to find contacts with similar problems to the one that you just helped your customer with.

One thing to avoid is being too direct or blunt. Rather than asking straight out, “Do you know someone else who could use this product?”, you might phrase it as, “Is there anyone else in your family who might have the same challenge we’re addressing with this service?”

People are wary about providing referrals if they think you’re simply going to jump on them for a sale. However, if they think you’ll be a great resource for someone, they become more open to the idea.

There is typically a lot of networking in an industry, even when it comes to competitors. With an existing customer, you can better begin to understand what issues are facing those who are in the same business as the customer you’re speaking with. Feel free to ask questions and gain insight that will help you add referrals and customers down the line.

Following Sales and Referrals

After a customer has provided you with a referral, make sure you contact that referral. You should also send out a thank you note to the customer who suggested them. It’s polite and leads to a strengthened relationship

If you are looking for a way to keep track of your bank or credit union’s referrals, consider using FinancialRefer. You can find out more about the service here. There is even a free demo you can try!