When was the last time you switched your bank or mortgage company without checking reviews first? For most people, the answer is never.
Our April research showed that 74% of people read reviews before changing providers, and almost seven in ten walk away if they see more negative feedback than positive. For Gen Z, the impact is even stronger, with 95% taking action when their provider lets them down.
There’s no getting away from the fact that reviews are vital. Still not convinced? Here’s another nugget from our research. Financial services are held to higher standards than almost any other industry, needing an average 4.1 star rating just to be considered.
Reviews don’t just influence decisions, they set the benchmark for trust in our industry. But the opportunity for maximising customer feedback goes even further. That’s where surveys come in.
THE FEEDBACK OPPORTUNITY
If you wanted to understand why some customers lapse their protection policy after only a year, a targeted survey can give you the specific answers you need. Or you might want to explore customer experiences after making a claim on their general insurance.
In savings and investments, you can use surveys to test the appetite for new products before going to market.
And what about vulnerable customers? Our September research revealed that under a third of mortgage brokers don’t disclose vulnerabilities to lenders, despite 87% saying they’d reported encountering at least some vulnerable customers in the past year.
With a private survey, lenders could go out to their own brokers and see how they compare.
Ultimately, surveys complement reviews by adding a different dimension. They allow you to hear from specific customer groups and gather insights securely without the results being published on a platform.
We’ve offered bespoke surveys for some time now, as unlike generic providers, we’re experts in financial services. So work with our clients to get the answers they need. For example, Michelle Ash from Newcastle for Intermediaries, told us: “The survey Smart Money People created exceeded all my expectations. Not only did it look great, but it was also easy to understand and to navigate through. This was no basic online survey.”
FINAL THOUGHTS
Financial services is an industry built on trust. That trust is built on listening, and surveys give you the ability to hear from every voice.
But the real value of surveys lies in what you do with the results. They help you identify any issues early, uncover reasons why your customers are leaving, and give you the evidence you need to refine products and services.
Just like reviews, they enable you to drive growth and stay ahead of your competitors.
