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Acquire New Accounts

Invitation Checking® System

Our Invitation Checking® System is an automated referral strategy program – generating new checking accounts that are profitable and have better retention.

The Invitation Checking® System (ICS) is an automated referral program that generates measurable results. The accounts opened as a result of this strategy are highly profitable and have better retention. At Velocity Solutions, we understand that the number of new accounts isn’t all that matters. Studies conclude that referred accounts maintain higher balances, stay longer, and have a higher lifetime value.

Recent surveys show that 71% of people will consult a friend, family or colleague before selecting their next primary financial institution. Today’s most powerful advertising method is word of mouth.

With ICS, financial institutions see an average of 30% of their openings coming from the referral program. So, why don’t all financial institutions implement successful deposit-driven referral programs? Because without automation to make it simple and data mining analytics to make it effective, managing a referral program can be very challenging.

Profitable Results

Open profitable accounts with the most potential for on-boarding. Just take a look at the results from one of the financial institutions utilizing ICS:

  • 100 account openings per branch per year
  • $288.21 annual revenue per ICS account
  • $1,989 lifetime value per account based on national average of 6.9 years

Automated Solution

Through proprietary software and a variety of new techniques that leverage today’s methods of communication, ICS automates and simplifies the referral process.

  • Enables account holders to email referrals
  • Coupon distribution linked to rewards certificates so consumers can select their own rewards
  • Automatically fulfills rewards to both parties (no branch inventory is needed!)

Comprehensive Reporting

Our ICS enhanced account-level profitability tracking enables your financial institution to compare all of your new accounts to see the specific incremental profit each account delivers. Track data such as:

  • Actual account balances
  • Fees
  • Type of account
  • Method of acquisition

Ongoing Training

Our team of professional trainers will keep your team engaged and focused on account growth and building relationships not just getting a single account once the consumer is in your branch.

  • Kickoff training for all employees and annual retraining
  • Quarterly retraining for the champion from each branch
  • Monthly webinars to report results, and share best practices.

Ongoing Marketing

ICS captures key information for prospects and provides ongoing marketing to these individuals. We have the ability to reach out to referred individuals via:

  • Email
  • Direct Mail
  • Phone
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