"Many customers look at reviews, both positive and negative, before settling on which brand they’ll invest in."
According to research conducted by the Financial Services Compensation Scheme (FSCS), published in 2023, only a quarter of consumers in the UK trust Financial Services to act in their best interests and nearly a third (31%) distrust the sector entirely. This is worrying.
One simple but effective step in achieving this is by collecting and responding to customer reviews. Aside from helping individuals feel heard, reviews also show you value customers on a wider level and that your organisation is mature enough to respond to criticism.
“It’s essential that Financial Services not only proves the value of products but demonstrates a willingness to listen to customers’ needs, wants, and wider feedback.”
Additionally, using positive feedback in marketing materials is a great way of displaying independent, positive opinions of your brand, and helps increase engagement.
With over three-quarters (78%) of consumers in the UK having said that reviews influence their buying decisions and 72% saying that star ratings are important, reviews can also help build brand loyalty.
“The strength of word of mouth shouldn’t be underestimated.”
But remember, it’s natural to receive bad reviews and it’s important to respond to negative feedback as promptly as you would if it was positive. This can help resolve issues, improve customer sentiment, and provide a useful blueprint for areas of improvement.
In terms of protection, this market is unique in that there’s almost an extra layer of customer scrutiny imposed upon them, going beyond the day-to-day usage of many financial products. Protection is expected to help customers in those worst-case scenarios, so trust in these products can have the greatest of impacts.
“At the end of the day, showcasing real, honest customer reviews is a great way to alleviate concerns.”
As mistrust in Financial Services continues to deepen, the sector must put itself on the front foot.
