Our new research reveals better outcomes for people who leave a review

When it comes to our finances, we all want to make the right choices. Whether you're choosing a new savings account, switching credit cards or comparing pension providers, our recent study reveals that reviews are becoming an essential part of the decision-making process. More and more people research the experiences of others to complement their wider research into the financial products and services they’re considering. 

But it’s not just the people who are researching reviews that benefit from feedback. Our study found that over half of Brits (52%) who’ve left a review for a financial services provider have ended up with a better outcome. Whether it’s a resolution to an issue, a clearer explanation, or simply the reassurance of being listened to, speaking up really does make a difference.

Reviews can lead to change

It’s often assumed that reviews are only left when something goes wrong, but that’s not the case. We found that 62% of reviewers shared a positive experience and went on to recommend financial products and services to others. Reviews can be a way to highlight issues but they’re also a brilliant way to feed back about great service.

In contrast, only 20% of people leave a review after a bad experience despite 16% of those who do leave feedback having their issue resolved. 15% reported that they received an apology, and 7% were paid compensation. This highlights that despite the chance of a positive outcome, too many people are suffering in silence rather than speaking up about bad experiences.  

Responses to a bad experience

Feeling frustrated with financial services isn’t uncommon with our research finding that 42% of people have had a stressful experience with a financial services provider in the past year. 

When that happens:

• 32% pick up the phone to vent to a friend or family member 
• 15% head out for a walk or run to clear their head 
• 10% even admit to screaming into a pillow.

These responses demonstrate just how emotional financial matters can be, especially when someone has a bad experience. Sharing feedback through a review can help turn that frustration into something constructive. Not just for the reviewer, but also for others researching products and services, and for the providers themselves to see where they can improve. 

Reviews influence other people in their buying decisions

Our research revealed that more of us are turning to reviews to help with decision making:

• 84% of people say it’s important that others have had a good experience before they buy a product or service
• 74% read reviews before considering a switch to a new financial provider

The results also found that one third (31%) of people only consider switching financial services providers if the new company has at least a positive four out of five-star overall review rating left by other customers.  

One in seven (14%) will only switch if the new product or provider has a five out of five-star review rating. On average, Brits expect a provider to have at least a 4.25 out of five-star overall rating before they’ll switch to a new financial services provider.

Some products are held to higher standards than others when it comes to reviews. For savings accounts, people typically look for products with a 4.5-star average rating, while for pensions and investment products, the threshold is 4.25 stars.

Who’s doing well with reviews?

Our Smart Money People review data reveals that services like debt management and Buy Now, Pay Later receive the highest overall satisfaction scores, averaging 4.93 out of five-stars. These products have received high ratings due to ease of use, customer service, and process efficiency, with specialist providers standing out in these areas.

While customers highlight some frustrations with communication, process and security, these concerns don’t significantly impact overall satisfaction scores. This suggests that while these issues are important to resolve, they’re not deal-breakers for most customers. 

Your reviews have a positive impact

Behind every review is a real story. Whether you’ve had a brilliant experience or had some challenges with financial products, services and providers, your feedback can have a positive impact. It helps others make more informed decisions and it can make a difference to how financial services companies listen, respond and improve.

As Jacqueline Dewey, CEO of Smart Money People said:

“Feedback can be a powerful force for change in financial services, yet too many people continue to suffer in silence. Reviews don’t just help others; they often lead to meaningful resolutions for the reviewer. Whether it’s a simple apology or real compensation, it’s time more Brits used their voice to shape the standards they expect.”