BBVA take another step in the attracting payroll with the update of its ‘Invite a friend’ program.
Thus, the entity directed by Carlos Torres Vila will give 100 euros to each client who pays the payroll or pension at BBVA for a minimum amount of 800 euros.
But, in addition, the bank rewards each friend who comes to the entity and domiciles a salary or pension for a minimum amount of 800 euros with 50 euros and a maximum of 500 euros (10 friends).
For the friend it also has an advantage, since just for becoming a client and hiring the card, they will take 100 euros.
Attract new customers
The need for banks to attract new customers, who subsequently sign a banking relationship, leads them to offer incentives to their customers to act as salespeople and bring friends and family to the bank.
Both BBVA and Openbank have been immersed in this tactic.
The The first entity already had the promotion of ‘Invite a friend’ active in cards, for which it awarded 5 euros and a maximum of 50 euros to each client who made an Online Account without Commissions. In addition, the new client was awarded 15 euros in his first card operation.
For its part, Openbank offered as a reward 100 euros and a maximum of 1,000 euros to each family member or friend of a client who signed a mortgage with the entity (including subrogations).
And 500 euros, at a rate of 50 euros per friend, if he managed to hire their robotic investment service.
Banking makes its customers business
Entities, with a diminished branch network, use the recommendation as the best weapon to attract new customers.
And is that the cost of attracting a new customer for the bank is around 400 euros. So if they use their clients as salespeople, they amortize costs, but in the long run, it is profitable for them, since a linked client generates greater profitability for the entity.
This is because then it is easier for them to contract investment or financing products, whose commissions improve the very battered interest margins already due to the zero percent interest rate policy of the European Central Bank (ECB).
For the customer who is used as a commercial it is also a satisfactory relationship since he receives a payment (gift or cash), and the bank gains loyalty with this customer.
The payroll battle
So far the battlefield in the payroll war is offering cash.
Santander in your account Santander ONE gives away 100 euros by direct debiting the payroll, but they are also carried out by Abanca (up to 300 euros for clients in Madrid) or Liberbank.
Deustche Bank was the bank that offered the most money: 480 euros net for a payroll of at least 2,500 euros and a period of stay of 12 months, although without penalty if the contractual relationship was terminated earlier.
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