Smart Money People, the UK’s financial services review site, has revealed the importance of reviews concerning financial platforms, with many consumers only willing to consider moving providers if they meet certain standards.
Consumers engage in peer reviews before making financial decisions, with a third (31 per cent) only considering moving financial providers if the product has a positive four out of five-star review, Smart Money People revealed following a new study.
The financial services review site also found that 14 per cent of consumers will only switch if a product has a five out of five star overall review rating – leaving little room for error when catering to existing customers.
Overall, the vast majority (84 per cent) of consumers say it is important that previous customers have had a good experience of a product or service before buying it. Savings accounts or products are held to the highest standards, with customers wanting to see a 4.5 overall rating (out of five) on average before committing to switching providers. This is followed by pension or investment products, with consumers wanting to see a 4.25 overall rating before changing.
Jacqueline Dewey, CEO at Smart Money People, commented: “Our study illustrates that consumers are tuned in to the importance of reviews. They seek peer feedback before ultimately making financial decisions and providers need to consider how they interact and address these reviews to demonstrate they are actively listening and working with their customers to create better outcomes.”
Who’s leading the way?
Loan and mortgage brokerage products have the top review ratings according to Smart Money People’s platform data.
Meanwhile, debt management services and Buy Now, Pay Later (BNPL) products receive the highest overall satisfaction ratings, averaging 4.93 stars.2 These products received high ratings due to ease of use, customer service, and process efficiency, with specialist providers standing out in these areas.
While customers highlight some frustrations with communication, process, and security, these concerns do not appear to significantly impact overall satisfaction scores. This suggests that while these issues may be notable, they are not deal-breakers for most customers.
On the other end of the spectrum, car finance and pensions receive lower satisfaction scores, with customers often expressing concerns about unclear terms, slow processing, and perceived lack of value.
