Referral Network for Fintechs

01Monetization

Series D personal finance fintech grows revenues by $1.3 million annually through personal loan referrals

“Through Konduit's monetization platform, we uncovered and captured an additional $110K in net monthly revenue that was hidden in plain sight.” — Director of Partnerships, Series D financial wellness fintech from LightSpeed

Problem

Our client, a large fintech, was using a legacy affiliate monetization platform that charged monthly maintenance and setup fees. Furthermore, the monetization model was based on the funded event, which made the optimization process slow and inefficient for the fintech, as feedback was not available quickly.

Solution

The client used the Konduit Referral Network as a sender. Earnings improved, as the Konduit platform charged no monthly or setup fees. Unlike its past partner, Konduit compensated the fintech on upper-funnel events instead of funded events. This real-time feedback allowed the fintech to leverage analytics to understand which customers made good referrals and to increase flows by 300% over two years. The fintech achieved 92% monetization for referrals.

02Growth

Series B creditbuilder fintech grows acquisition by 5x

“Konduit flow has helped us grow significantly and beats CAC for social, search, and other channels by a huge margin.” — CEO, Series B creditbuilder fintech from Greylock Ventures

Problem

Our client, a fintech, was using social media, search, and some affiliate channels for acquisition and was competing with other fintechs in its category. It was also competing for the same leads with other fintechs that were not direct competitors but were going after sub-prime and prime customers.

Solution

The fintech was approved for participation by our bank network to receive flow. The client saw that Konduit flow performed better than 90% of other channels, as customers were contacted at the right time in their journey. Once the fintech gained conviction, it rapidly increased its flow. Its cost structure remained flat, unlike other channels where the bid curve increased CAC as volume grew.

03Decline Referrals

Regional bank earns $1.5 million in fee income through decline referrals

“We didn't realize we were missing out on over $1 million in annual revenues by monetizing declines. Konduit made the process so easy, we essentially found free money. But the real win for us was being able to provide options to our customers and grow loyalty in what previously used to be a pretty negative customer experience.” — Regional bank in Colorado, $700MM in assets

Problem

When a potential borrower does not meet a lender's criteria, they are typically told they do not qualify for the loan and are not given any tools or options to help them move forward. Our client, a regional bank in Colorado with 10 branches and $700MM in assets, was already using Konduit's Referral Network to acquire customers when it decided to participate on the network as a sender and refer declines to fintechs offering alternative lending products.

Solution

The bank identified products where a decline referral would improve the customer experience and reduce attrition, such as personal loans and auto. With customer consent, these were routed through the Konduit Referral Network to fintechs offering alternative lending products to subprime customers. Using Konduit's network, the bank was able to pre-qualify customers before referral and fund 50% of its declines. The bank delivered a more comprehensive and improved consumer experience, and also realized an additional $1.5 million in non-interest revenue.

04Growth

A 13-state lender grows funded consumer loans by 350%

“We were seeing a reduction of in-person personal loan inquiries and struggling to grow our digital funnel. When we joined Konduit's network we were able to increase our pipeline, ultimately making the business more profitable and predictable.” — Regional bank in Tennessee, $1B+ in assets

Problem

Our client, a regional bank in Tennessee with 14 branches and over $1B in assets, was facing increased competition for account growth. It was concerned about the high cost of the marketing spend required to drive growth and about the quality of the leads it was receiving.

Solution

The bank tapped into Konduit's Referral Network to receive leads. It chose a 5-mile radius around its branches and configured the network to pull leads within that radius that met its credit eligibility, in real time. Credit eligibility was based on FICO, a DTI cut-off, and a dozen credit knock-outs. The bank saw a total of 350% growth in funded loans over a 5-month period, and that growth was sustained. The solution was far more cost-effective than its existing channel, which was primarily online advertising.

05Growth

Auto refi lender improves conversion by 50%

“We get high engagement with traditional paid media, search, and social, but they perform worse down funnel compared to organic. When we joined Konduit's network, we were surprised to see 40% better application rates.” — CLO, $400 million credit union in Texas

Problem

Consumer loan shopping behaviors have undergone a major shift in recent years, with the rise of fintechs and digital banks offering a seamless, transparent experience — such as getting a pre-qualified rate before submitting an application. This has cut into market share that was historically dominated by credit unions. Our client, a credit union in Texas with over 20,000 members and $400 million in assets, had already invested in digitizing its offerings. While its customer experience modernization led to increased engagement, conversions were stagnant at 40%.

Solution

The credit union joined Konduit's network and identified several fintechs with a large customer base in its footprint. Those fintechs referred customers with expiring leases to the credit union for auto refinance. Using Konduit's platform, the fintechs were able to refer customers without sharing PII. The referrals coming from the Konduit network were pre-qualified against the credit union's eligibility rules and were high intent, converting at 60% compared with 40% for other channels.

06Growth

Regional bank leverages the Konduit network to detect existing customers shopping for financial products elsewhere and reach them with offers in real-time

“While we would like to be the primary bank for all of our customers, we were aware that many of them had accounts and financial products with competitors. Konduit's Referral Network gives us better insight into which of our customers are shopping for financial services and what those services are.” — Regional bank operating in 5 states across the Southeast

Problem

Our client, a regional bank operating in 5 states across the Southeast, wanted to understand which of its current customers were at risk of attriting. The bank was concerned that its customers often began their journey at comparison sites and marketplaces where the bank may not have been in the offer pools. Bidding for top positions in these marketplaces would have been prohibitively expensive. The bank was targeting its customers with offers through monthly campaigns.

Solution

The client joined Konduit's network as a receiver to be notified in real time when existing bank customers were shopping for financial products and appeared among the 8 million pings seen by Konduit's network. The bank received details on each customer's interest and the products they were researching. It could then bid in real time to receive the lead and act on it by sending its own offers to the customer through SMS or email. The account's relationship manager was immediately made aware, so touchpoints could be increased to retain the customer. The bank was also able to increase wallet share by offering products that matched the criteria of those the customer was shopping for. The client not only got in front of potential attrition, but also maximized CLV from the relationship by better addressing its customers' needs.

07Cross-Sell

Credit union achieves 25% higher cross-sell rate for new accounts in the 30-day period after account opening

“We previously had not been very targeted in our approach to cross-selling, which was probably overwhelming for our customers, who were receiving offers on products they didn't want or need. When we began using Konduit's network, we were able to target our cross-sell and saw a 25% increase in cross-sell conversions, which helped us grow our share of wallet.” — EVP, Customer Operations

Problem

Banks and credit unions want more from current customer relationships, yet data shows they are missing 40% of new sales opportunities through under-engagement. Our client, a credit union in Connecticut with 15,000 members and $500MM in assets, was cross-selling using credit data and monthly campaigns. The credit union felt that its strategy was a bit of a “spray and pray” model and was not leading to increased engagement.

Solution

The client enabled AI cross-sell within the Konduit Referral Network and set up filters for credit profile and footprint. It received personalized cross-sell recommendations that were fed directly into its CRM and marketing automation system. This enabled our client to customize marketing campaigns and increase outreach to target members, which led to an overall 25% increase in cross-sell.

Referral Network
for Fintechs

Our Partners

One network. Two ways to participate.

Get referrals

Send referrals

How it works

Case Studies

Series D personal finance fintech grows revenues by $1.3 million annually through personal loan referrals

Problem

Solution

Series B creditbuilder fintech grows acquisition by 5x

Problem

Solution

Regional bank earns $1.5 million in fee income through decline referrals

Problem

Solution

A 13-state lender grows funded consumer loans by 350%

Problem

Solution

Auto refi lender improves conversion by 50%

Problem

Solution

Regional bank leverages the Konduit network to detect existing customers shopping for financial products elsewhere and reach them with offers in real-time

Problem

Solution

Credit union achieves 25% higher cross-sell rate for new accounts in the 30-day period after account opening

Problem

Solution

Referral Networkfor Fintechs

Our Partners

One network. Two ways to participate.

Get referrals

Send referrals

How it works

Case Studies

Series D personal finance fintech grows revenues by $1.3 million annually through personal loan referrals

Problem

Solution

Series B creditbuilder fintech grows acquisition by 5x

Problem

Solution

Regional bank earns $1.5 million in fee income through decline referrals

Problem

Solution

A 13-state lender grows funded consumer loans by 350%

Problem

Solution

Auto refi lender improves conversion by 50%

Problem

Solution

Regional bank leverages the Konduit network to detect existing customers shopping for financial products elsewhere and reach them with offers in real-time

Problem

Solution

Credit union achieves 25% higher cross-sell rate for new accounts in the 30-day period after account opening

Problem

Solution

Referral Network
for Fintechs