It’s hard to believe that 2019 marks the 30th anniversary of HSBC’s first direct hitting the scene. But, three decades before the challenger banks, fintech disruptors and open-banking of today’s landscape, there it was – changing everything with 24/7/365 always-open phone banking. And first direct has continued to innovate ever since, leading the way with online banking, SMS banking, mobile banking and even next-gen wizzbangery such as voice recognition to help verify customers’ identities.
So, given the fact that first direct has always set the pace for technical innovation – coupled with the fact that referral marketing has been shown to slash FS-sector CPAs by as much as 50% – it’s no surprise that they’ve been running their own, self-built refer-a-friend programme for the past five years. But what might surprise you is that, after taking a look at the features, service and results the Buyapowa platform can offer, they’ve decided to relaunch their programme with us rather than continuing to go it alone.
So, why Buyapowa? Well, in first direct’s case, there were five key reasons:
- 1. They know their strengths, and those lie in delivering a first-class banking experience for their 1.45 million customers – not in building refer-a-friend programmes. So, to take their programme to the next level, it made sense for first direct to team up with the experts, freeing up their internal development teams to focus on their core business.
- 2. By partnering with Buyapowa, first direct have joined a global network of top-tier clients, including the likes of Sprint, the AA, Travelex, Sixt and Vodafone. That means they won’t just benefit from our wealth of experience and know-how, they’ll also enjoy continual platform improvements and new features designed to maximise results for all our clients.
- 3. Speaking of which, advanced features cost a lot to develop. Absolutely, first direct could have continued to work on their own, self-built programme. But what about performance-focused features like gamification, omnichannel tracking, parallel programmes, sharing on Instagram, referral via SMS and contextual triggers that engage customers the right way at the right time? We’ve already built all those and more, so clients like first direct don’t have to.
- 4. It’s one thing to build a refer-a-friend programme, but optimising it is another challenge altogether – and that can only be achieved with the advanced analytics and testing facilities which come as standard for all Buyapowa clients. Most self-built solutions fall short in this regard, resulting in lacklustre programmes which quickly stagnate and fail.
- 5. Finally, banks simply aren’t like other businesses. They’re highly regulated and held to standards which often result in extremely complex systems and workflows. Ordinarily, that makes integration with third-party platforms impossible. But, while other referral platforms have been designed to suit retail brands, the Buyapowa platform was explicitly architected to serve highly-regulated industries, bending to our clients’ needs no matter how complex they might be. For first direct, that made all the difference.
We’d love it to make all the difference for you, too. So, for a closer look at first direct’s exciting new programme, or to find out how our platform could supercharge your acquisitions, just get in touch.