Why are reviews important for the finance business?

Lenore Staats

A study by SrategyOne on behalf of Edelman in 2012 shows that the finance industry is the world’s least-trusted industry. Many years after, there is little change in the trust factor for finance institutions. There are reasons for this lack of trust, but every one of them boils down to […]

A study by SrategyOne on behalf of Edelman in 2012 shows that the finance industry is the world’s least-trusted industry. Many years after, there is little change in the trust factor for finance institutions. There are reasons for this lack of trust, but every one of them boils down to a lack of transparency.

Reviews become essential when one considers the statistic above. Studies have shown that 88% of customers trust reviews as much as personal recommendations. 72% of customers believe that the presence of positive reviews improves business reliability.  Therefore, consumer reviews about finance companies are essential as it helps classify them in order of security which guarantees more customers for the more reliable ones.

Why are reviews relevant?

Online reviews are believed to merge the requirements of a world-class financial institution, that is, good customer service, good management quality, and excellent product quality. Positive reviews will then transcend to a better reputation amongst potential customers. Negative reviews, on the other hand, can have damaging effects on a finance company’s reputation.

Any respectable finance institution understands that quality online review marketing and reputation management are essential for a good perception of the company from the general public. Many potential customers make sure to research online before making purchases. Therefore, finance businesses need to appear in search engine results by continually improving their website’s search engine optimization. Online reviews are a significant part of effective SEO as companies. It should become more urgent when it is understood that google uses reviews to show the results of businesses.

The trust a potential customer has for a financial institution is increased when there are more positive reviews from customers that have made transactions. Many commercial businesses, like FINSYNC, understand the need for evaluations and not just reviews, but positive reviews. You may read more about FINSYNC. This then begs the question;

How should a financial institution get reviews?

·        Build an online presence

Complete the business profile on sites like Google, Facebook to ensure customers find you. When they do, they make transactions, and then they can leave reviews.

·        Target bank-focused review sites

Since it is a financial institution, it is best to use review sites that are targeted towards the industry. Once you have identified the websites, add “review us” segments to your website and other relevant accounts to direct customers to where to write their reviews.

·        Ask for reviews

Encourage your customers to write reviews. The best time to ask for reviews is immediately after a transaction, as customers are more likely to do a review.

How should a financial institution get positive reviews?

Negative reviews reduce the trust in the service offered by finance companies. It is always important to strive to gain more positive than negative reviews. To get more positive reviews, a financial institution should make sure to have excellent customer service, offer quality service, and make adjustments where it is necessary.

Treat a customer well, and you guarantee his or her loyalty. Trust should also be the basis for conducting business. Lack of confidence will result in a downside in business activities.

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