Online reviews and customer feedback play a crucial role in helping consumers make smarter banking and money decisions.
Whether it’s in the form of a detailed review on Google, an overall star rating on Credit Karma or Lending Tree, personalized recommendations on MyBankTracker, or a candid comment on Facebook, the opinions, experiences, and feedback shared by banking customers have the power to influence the behavior of those shopping for banking and financial products.
- 1 in 5 consumers say they have made a financial decision based on a review or recommendation of a credit card or banking service.
- Banking consumers are not shy about sharing their opinions, with almost half — 49 percent — recommending credit cards and banking products to others several times a year.
- Consumers agree that reputation, including online reviews and online customer feedback, is a “very important” factor in deciding whether or not to trust a bank or financial services provider.
Beyond improving their mix of products or providing transactional convenience, banking industry executives are now focusing on ways to more effectively manage and harness their online reviews and customer feedback.
Customer Success Story: U.S. Bank
U.S. Bank, a financial services company headquartered in Minneapolis, Minnesota, is committed to delivering the best possible experience for its customers. As part of this commitment, the company keeps a pulse on what people are saying online — on social media and online review sites — about its own products and services.
Troy Janisch, vice president and director of social intelligence for U.S. Bank, says, “If you’re not looking at the content that customers are delivering to review sites, you’re not getting the full picture.”
In this customer success story, we explore in detail how U.S. Bank:
- Stays on top of customer feedback on 23 online review sites, covering over 3,000 U.S. Bank locations;
- Implements local listings and reviews as part of the company’s local search engine optimization (local SEO) strategy;
- Improves collaboration and streamlines the process of collecting, managing, and responding to feedback;
- Shares insights from customer feedback and Voice of the Customer data to internal stakeholders;
- Leverages online reviews to promote fair and responsible banking and improve overall customer experience;
- And more.
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