How to build trust in financial services

And in my role as Head of Data and Analytics at Smart Money People, I’ve seen first-hand from financial services review trends and verbatim customer feedback just how important this is.

By Jake Sandford, Head of Data and Analytics

Keeping the human touch

Of course, automation is important for driving speed and efficiency. But one of the biggest mistakes I see financial services companies make is leaning on it too heavily for every customer interaction.

If experiences feel too generic, trust can be lost quickly. In our recent research from April*, 42% of people said they’ve experienced frustrations with a financial provider in the last year. For Gen Z, that number jumps to 69%.

Ultimately, people just want to be heard. But that shouldn’t mean you have to completely change all your internal processes. You just need to make sure you’re listening to customers and acting on their feedback. That’s how you build trust that lasts.

Feedback is more than just a star rating

Speaking of customer feedback, I’ve worked with enough companies to know that glowing reviews are great promotional tools. We regularly provide a suite of impactful marketing assets to our Enterprise clients – showcasing their recent customer feedback – which always go down a treat on socials. But these aren’t enough to help you truly understand your customers.

When speaking with our clients, I always encourage them to take a step back. What are people consistently frustrated by? What do they praise? These trends can help you determine exactly what your business should focus on next.

Balancing compliance with being human

I get it, striking the right tone in customer communication is tricky in a compliance-driven industry. But you can be compliant without sounding robotic.

Clear and thoughtful messaging builds good customer connections. In our April research, 39% of people said that getting a genuine response to their review made them feel heard and valued. 28% said it directly improved their trust in the brand. These stats tell their own story.

Brand perception is everything

In our industry, pricing and features are often similar across the market. So what happens? Consumers will usually go with the brand they know, or the one that left them feeling good last time.

So how do you measure how customers really feel? You need to go beyond mere star ratings that more generic review sites focus on. At Smart Money People, we collect 16+ financial services-focused datapoints with every review, each designed to tell you what your customers really think. (You can use them to evidence Consumer Duty outcomes, too.)

And yes, public reviews matter. Our research showed that 74% of people (and 86% of millennials) check reviews before switching providers. They expect to see an average rating of at least 4.1 stars to even consider moving somewhere else. This means even a few poor experiences can start to put people off.

Focus on the full customer journey

Companies tend to focus a lot of effort on onboarding. But true customer loyalty is earned in the everyday moments, like when your customers use your app or check their monthly statement.

You don’t need to overcomplicate it. Even something simple can create what I call a ‘they get me’ moment. An example: think about how well Spotify Wrapped or Monzo’s ‘Year in Review’ land with users. These campaigns work because they’re personal. They show that someone’s been paying attention.

Final thoughts

In our industry, trust isn’t about big grand gestures that’ll blow your budget. You just need to have the right tools in place to show your customers that you’re listening – and ready to act on their feedback.

Start building trust with your customers

Unlike generic review platforms, our metrics are tailored to financial services, giving you deeper insight into what truly matters to your audience. To start building trust with your customers, contact our Business Development team.

*Smart Money People research, April 2025