By Jake Sandford, Head of Data and Analytics
The UK financial sector is changing. With Consumer Duty’s introduction, there's increased spotlight on fairness, transparency, and customer welfare. Consumer Duty means companies must act to deliver good outcomes for customers.
In this dynamic environment, companies need to collect customer insights through reviews to continue to thrive.
The need for a range of review sources
In the digital age, reviews from a range of sources give a view of customer sentiment and influences perceptions. This improves a company's brand story, letting customers see different examples of what they offer. From specialised review sites to general platforms, all sources contribute to the narrative of customer insights.
The value of customer narratives
Beyond star ratings lies the value of customer narratives. Reviews show real-life experiences, including successes, concerns, and important financial choices. These narratives go beyond numbers, providing a human touch that deeply resonates with customers. They showcase not only what products a company offers, but also their impact on customers' real lives. For example, a customer’s review at Smart Money People explaining how a certain company’s mortgage product has helped them to buy their first home.
Deep diving into the motivations behind reviews
What motivates customers to leave feedback? Some wish to help others, some want to express gratitude or give feedback, and others ask for help. Financial companies that understand these motivations hold the key to building lasting customer relationships. By recognising the driving forces behind reviews, companies can adapt their approaches to better address their customers' needs and aspirations.
Turning insight into action
Customer insights from reviews are more than just static observations. They form the catalyst for evolution and growth. Financial companies can use feedback to identify trends and problems, and create strategies to improve. This can then help them to develop products and services that meet the changing needs of the market. There are challenges to this of course, such as internal resistance and budget constraints. But ultimately, the customers’ views should be the main deciding factor.
In a landscape where trust and accountability are paramount, customer insights through reviews become guiding stars for financial firms. With the increased scrutiny from Consumer Duty, it's crucial to be transparent and authentic. Reviews can confirm a company's commitment to ethical behaviour and customer care, leading to sustainable growth and trust.
As the financial sector navigates these complexities, gaining customer insights through reviews presents a path to success. Financial companies can elevate their brand reputation, generate lasting customer relationships, and embark on a journey towards a customer-centric future.