The financial services industry is a complex and ever-changing landscape, with numerous providers offering a wide variety of products and services. For consumers, this can make it difficult to choose the best option for their needs. One way that consumers are navigating this complexity is through customer reviews. In this article, we will take a closer look at the role of customer reviews in the financial services industry and explore the findings of a recent study on the subject.
A Look into How 91% of Consumers Use Them to Research Financial Services
Customer reviews are becoming an increasingly important tool for consumers when making financial service choices. According to a recent survey by BrightLocal, 91% of consumers read online reviews when researching financial services. This trend is particularly prominent among younger generations, with 97% of Millennials and 96% of Gen Z reporting that they read reviews.
Consumers Trust Them as Much as Personal Recommendations When Choosing Financial Services
The same survey found that 84% of consumers trust online reviews as much as personal recommendations. This demonstrates the significant impact that customer reviews can have on a financial service provider’s reputation and ultimately, their bottom line.
So what do these reviews reveal? The study found that the most common themes in financial services reviews were customer service, product quality, and fees. Positive reviews often mentioned excellent customer service, ease of use, and competitive interest rates or fees. On the other hand, negative reviews often focused on poor customer service, unexpected fees or charges, and complicated or confusing products.
Study Finds Negative Experiences More Likely to be Reviewed in Financial Services Industry
It’s important to note that not all customer reviews are created equal. The study found that customers who had a negative experience were more likely to leave a review than those who had a positive experience. This means that reviews may not always be an accurate reflection of a financial service provider’s overall performance.
However, financial service providers can still use customer reviews as a valuable tool for improving their offerings and addressing areas of concern. By monitoring customer reviews and addressing complaints or issues raised by customers, providers can demonstrate their commitment to customer satisfaction and potentially win over new customers.
Customer reviews are a powerful tool for consumers and financial service providers alike. By understanding the role of customer reviews in the financial services industry and paying attention to the themes and trends revealed in these reviews, providers can improve their offerings and reputation, while consumers can make informed decisions about which provider is right for them.