Our latest research: consumers seek positive peer reviews before switching

We recently carried out some research into the influence of reviews on financial services. The results reveal that reviews play an important part in the decision-making process for consumers looking for their next financial product.

84% of consumers said it was important to know that others have had a good experience before they commit to buying a financial product. This speaks volumes about how consumer expectations are increasing. Competitive rates and product features are still important, but the majority of consumers also consider the experiences of others before they buy a financial product.

We also found that almost a third (31%) of consumers would only consider switching providers if a product or service has a positive rating of at least four out of five stars. And for some, the bar is even higher with one in seven (14%) saying they wouldn’t move unless a product has a full five-star rating. 

Consumers need to trust a provider before they buy

The desire for highly rated services is especially strong in certain financial products. Savings accounts are held to the highest standards, with consumers wanting to see an average review score of 4.5 out of 5 before considering a switch. For pensions and investment products, that threshold sits at 4.25 stars.

These figures show consumer buying decisions for financial products aren’t just driven by features and price. They also want to feel confident that others have had a good experience and they know the level of service to expect.

Products that are highly rated

The data from our reviews highlight that debt management services and ‘Buy Now Pay Later’ products receive the highest overall satisfaction ratings, averaging 4.93 out of 5. These products received high ratings due to ease of use, customer service, and process efficiency, with specialist providers standing out in these areas.

This review data shows that when financial services providers focus on delivering a high level of service, consumers notice and will share their positive feedback. 

Even when customers mentioned some frustrations with communication, processes or efficiency, it didn’t appear to significantly impact the overall satisfaction scores. This suggests that while these issues are important to resolve, they’re not deal-breakers for most consumers.  

Reviews matter more than ever

Our study reveals that reviews are a filter that consumers apply early in their decision-making process. A strong reputation, backed by visible customer feedback, builds trust in the provider and positively influences the buying decision, driving up customer acquisition levels.

Jacqueline Dewey, CEO of Smart Money People, said:  

“Our study illustrates that consumers are tuned in to the importance of reviews. They seek peer feedback before ultimately making financial decisions and providers need to consider how they interact and address these reviews to demonstrate they are actively listening and working with their customers to create better outcomes.” 

Final thoughts

Delivering great service is essential, but transparency also builds trust. When consumers see that financial services providers are actively encouraging and responding to reviews, it signals confidence that the company is committed to doing the right thing. That transparency reassures prospective customers and drives better customer acquisition outcomes.

At Smart Money People, we’re proud to help companies turn customer reviews into a competitive advantage. By taking advantage of our insights, companies can build trust with consumers, stay ahead of the curve, and even evidence Consumer Duty outcomes.

Start benefitting from our insight

To learn more how the depth and breadth of our data can support your company, contact our Business Development team.