Referral Marketing in Banking: First Direct’s 30% Growth Through Trust-Driven Advocacy
First Direct, the UK-based digital bank, achieved a 30% annual growth rate in customer acquisition through its innovative referral program, demonstrating the power of Morgan and Hunt’s commitment-trust theory in financial services. By fostering trust through transparency and embedding commitment via mutual value creation, First Direct transformed customers into advocates, reducing acquisition costs by 63% while elevating lifetime value. […]