Bad reviews can be really good for financial services companies. Here’s how:
Independent customer reviews are growing in importance. As a form of earned marketing, customer reviews are second to none, as put simply, customers trust them…so companies need to care about them!
Bad reviews help build trust! According to econsultancy:
- 68% of consumers trust reviews more when they see both good and bad reviews
- 30% suspect faked reviews when they don’t see anything negative at all
So, bring on the bad reviews! Leave one now!
A company that encourages customer reviews on an independent platform is showing everybody that they welcome honest customer feedback…that they want to hear the good, as well as how they can provide a better service.
By encouraging a flow of customer reviews, SmartMoneyPeople is aiming to increase trust and transparency in financial services here in the UK!
Our favourite bad reviews:
1. A not so useful response from a Business Banking Manager:
‘’We don't have a 90 day notice savings account for business, all are accounts are instant access top rate at the moment is 0.5%.”
2. Dealing with dormant pensions can be trying...
“It took 18 months to transfer a dormant pension. I was sent threatening letters with Scorpions telling me about rogue pension products. I asked Zurich what they could offer and they couldn't do anything . My original pension was actually losing money and I needed to get the plan back in motion. I would advise anyone with a long standing pension with Zurich to look very carefully at how the plan is doing.”