Bankinter Announces New Referral Program for Mortgage Lending in Portugal
Bankinter has officially launched a new marketing initiative for its mortgage credit division in Portugal, creating a direct financial incentive for both existing and new customers through a referral system. The bank announced that this campaign, branded as a “perfect match,” is designed to leverage its existing client base to expand its footprint in the highly competitive national mortgage market. The program offers a cash bonus to any current mortgage holder who successfully recommends a new client, with the new client also receiving a financial reward.
The investment thesis behind the campaign is to reduce customer acquisition costs by mobilizing word-of-mouth marketing. The core of the program revolves around a recommendation code provided to all current Bankinter mortgage clients. These clients are encouraged to share their code with family, friends, or publicly through social media channels. When a prospective homebuyer uses this code to either contract a new mortgage or transfer an existing one to Bankinter, a two-way benefit is triggered upon the finalization of the loan.
The target for this campaign includes anyone seeking to purchase a home or refinance their current mortgage in Portugal. The financial incentive is a reimbursement of one full monthly mortgage payment for both the referrer and the new client, with the value for each capped at €1,000. This structure means a total of up to €2,000 in benefits is generated per successful referral, creating a compelling reason for customers to act as advocates for the bank. The bank has confirmed that there are no limits to the number of referrals a single client can make, allowing for the potential to accumulate multiple reimbursements.
The market conditions supporting this initiative include a dynamic real estate environment where potential buyers are actively comparing mortgage products. Bankinter offers a diverse portfolio of lending options, including fixed, variable, and mixed-rate mortgages, supported by a digital platform that allows for remote processing. This new campaign is a strategic layer on top of its existing product offerings, aimed at accelerating market share growth. The bank is actively promoting the campaign on its social media platforms, including a pinned post on its Instagram profile to facilitate the exchange of referral codes.
The risk factors for the bank are minimal, as the payout is contingent on the successful acquisition of a new, vetted mortgage client. For the consumer, the primary consideration is ensuring that Bankinter’s mortgage offer is competitive and suitable for their needs, independent of the referral bonus. The campaign effectively subsidizes the first month’s payment, which can be a significant benefit for new homeowners facing numerous upfront costs.
The exit strategy for the campaign has not been publicly defined, but such promotional initiatives are typically run for a specific period to generate a surge in applications. Upon becoming a Bankinter mortgage client, the new customer is automatically enrolled as a recommender and receives their own code, perpetuating the cycle. The bank’s slogan for the campaign, “What is good is recommended,” encapsulates its strategy of relying on customer satisfaction to fuel growth.
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