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SoFi aimed to increase the low referral rate, which accounted for only 2% of new users, by making the referral process more engaging and transparent. Previously, users could only see if their referral was successful when they received a reward. The new solution introduced real-time visibility into their friends' progress through the sign-up stages, making it easier to track and encourage successful referrals. This approach was designed to reduce friction and boost motivation by clearly showing potential earnings.
Results
20x increase in referrals, which accounted for 40% of all new user sign-ups within a 3 month period