11 Websites for Online Bank Reviews and Ratings and Financial Services Reviews

April 22, 2021

List of Banking Review Sites to Track

Online reviews are one of the most accurate indicators of customer experience for banks, insurance providers, and financial services organizations.

Not only do reviews have the potential to either attract or drive away customers. They are also a major reputation factor and a key source of information for consumers.

Building consumer trust in banking and financial services

According to anIBM survey, only 43 percent of consumers trust the insurance industry. In fact, the lack of trust in insurance providers has remained above 50 percent since 2007.In 2012, Edelman Insightsfound that financial services and banking was the industry consumers trusted the least — even less than they did the media sector.While the fallout from the big banking scandals and corporate collapses of previous years has since slowly faded away, an FIS report indicates that 75 percent of consumers agree there is still a gap between their expectations and bank performance across a range of factors essential to creating trust. “The trust factor continues to be a concern for consumers,” the report reads, highlighting the need “to reset the foundation for consumer relationships.”

Harnessing online reviews

One of the most effective ways to inspire trust among potential and existing customers is to monitor and manage online reviews.

According to a ReviewTrackers survey, 68 percent are unlikely to decide on an insurance agent with zero reviews.In an Ernst & Young survey, respondents said reputation was a “very important” factor in deciding whether or not to trust a financial services provider.When choosing where to open a checking account, 63 percent of Millennials and 54 percent of Boomers cite personal experience, reviews or recommendations as being the most influential factors.

In the face of a one-star rating on Google or Facebook, your organization’s knee-jerk reaction may be to want to reject reviews altogether.

But user-generated content and customer reviews actually serve as a great tool for building consumer trust. Successful brands and marketers have learned to use customer feedback from review sites in ways that drive their search engine performance, social media strategy, and consumer engagement levels.

“Most leading companies are tracking brand sentiment and social media conversation,” says Troy Janisch, Director of Social Intelligence for U.S. Bank.

“What they are overlooking are

By: Migs Bassig
Title: 11 Websites for Online Bank Reviews and Ratings and Financial Services Reviews
Sourced From: www.reviewtrackers.com/blog/banking-review-sites/
Published Date: Wed, 21 Apr 2021 13:30:21 +0000

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