With average customer acquisition costs in the financial sector going over USD 300, it becomes clear that the companies must look at and implement more cost-effective acquisition channels to remain competitive. CAC costs may be especially painful for payment companies providing low-margin services but still facing the same acquisition costs. Over 100 fintech companies failed in 2022 not least because of the fierce competition and customer acquisition costs.
Considering the importance of customer acquisition and retention for its clients, Velmie is the first banking software provider to introduce a referral system solution. Available in the core platform and in customer-facing white-label apps, it allows starting and managing referral programs on the go without connecting any 3rd party solution.
The system was specifically built to help product and marketing teams with the following
- Increase conversion. It was proven that referrals are more likely to convert into…
