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ING Direct has boosted a number of bank accounts in the first month of its new home loan loyalty cash rewards program.
The bank has given back $486,000 to almost 34,000 clients who have been introduced through mortgage brokers in the program's first month.
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“These customers are helping us to achieve our strategy of being the primary bank for Australians, and we are sharing our success with them while also building customer equity,” ING Direct's head of third-party distribution, Mark Woolnough, said.
“We see our loyalty rewards program as a key contributor to our industry-leading Net Promoter Score, a measure of how likely a customer is to recommend us.
“Harnessing the power of your customers to act as your advocates is particularly critical to the broker market, and something that can be supported with some simple acts of engagement and appreciation.”
In addition to the home loan loyalty cash rewards program, ING Direct has passed on the Reserve Bank's 25 basis point rate cut across its variable rate residential home loans and priority commercial mortgages (effective 15 May), and has also reduced its fixed rate residential home loans.
“We continually focus on value with a combination of competitive pricing, exceptional service through multiple channels and unique product propositions, and in the past six years we’ve given back $54 million to our customers through loyalty cash rewards,” Mr Woolnough said.
[Related: Bank to offer cash rewards for home loans]
