Online reviews and customer feedback in banking

Would you choose to eat in a restaurant rated below 4 stars? According to ReviewTrackers research, 1 in 3 people will answer the question with a “No.”

It’s reasonable to assume that consumers will be even pickier when it comes to choosing a bank or financial services provider. It’s no longer just about dinner; we’re talking about a person’s savings, investments, credit, loans, mortgages, and overall financial well-being. So it makes sense that consumers will look up as much information as possible — be it in the form of a Yelp review, or overall ratings on LendingTree and Credit Karma, or public customer feedback on Google and Facebook — before deciding on which bank or provider to deal with.

How can your brand or organization stay competitive in today’s “Yelp age”? Here’s what you should know about the impact of online reviews and customer feedback on the banking industry.

LEVERAGE REVIEWS AND FEEDBACK TO BUILD TRUST

Banking consumers trust their peers, which is why they actively seek and engage with online reviews and public customer feedback.

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