The Importance of Reviews in Banking

Reviews and Banking

When planning a vacation, it’s common to have a checklist like this:

  • Travel (Gas/airfare)
  • Hotels
  • Experiences
  • Food

Finding a good financial institution has a similar list:

  • Great customer service
  • Different banking plans
  • Good hours of operation
  • Location(s)

Although different, the two situations are most often completed by doing the same thing: turning to Google and Facebook reviews and researching what options have a strong reputation and can be trusted.

We know reviews are important. In fact, 84% of people trust online reviews just as much as word-of-mouth recommendations. They are also a great opportunity to continue to build trust between financial institutions and consumers. When you look at your online review landscape does it provide the word-of-mouth you want for your business?

Make the Most of Your Good and Bad Reviews

Reviews are direct experiences - good and bad - that consumers had with your bank. While everyone wants a glowing five-star review, sometimes it’s the correcting of a mistake that showcases your true customer service. If a negative review shows up online, address it and try to resolve it offline, as this transparency provides useful feedback for potential new customers.

Having strong review markers–the quantity, quality, and your response rate–can increase the chances that your bank appears higher in Google searches, resulting in more clicks to your website. This also builds trust with consumers who look at these factors when reading your reviews.

A Changing Demographic

To grow and maintain, you need new customers banking with you. If you’re looking to grow your customer base with younger demographics, online is a great place to start. Gen Z and Millennials are 99% more likely to rely on online reviews when making decisions than older generations. If your financial institution has rolled out new technology or online banking features, asking current customers to leave reviews on those benefits would appeal to a new generation of customers.

Getting Started

Banks have it tough when it comes to reviews. Only 18% of people are likely to leave a review for their bank no matter how great their customer experience was. It’s important, especially for banks looking to grow, to generate engagement with consumers through additional reviews. Luckily, we have you covered on how to get more reviews.

With Stratus, take the guesswork out of your review management strategy. Gain insights about how you business is performing on Google and Facebook and use reply templates (compliance approved) to quickly respond to online reviews.