One Third of FS Customers Expect 4 Out of 5 Star Review Before Switching

Consumers are engaging in peer reviews before making financial decisions with a third (31%) only considering moving providers if the product had a positive 4 out of 5 star review. The new study from Smart Money People, the UK’s most comprehensive financial services review site, found one in seven (14%) will only switch if it had a 5 out of 5 star overall  review rating.

Overall, the vast majority (84%) of consumers say it is important that previous customers have had a good experience of a product or service before buying it.  Savings accounts or products are held to the highest standards with customers wanting to see a 4.5 overall rating (out of five) on average before committing to switching providers. This is followed by pension or investment products with consumers wanting to see a 4.25 overall rating before changing.

According to Smart Money People review data, debt management services and Buy Now, Pay Later products receive the highest overall satisfaction ratings, averaging 4.93 stars.2 These products received high ratings due to  ease of use, customer service, and process efficiency, with specialist providers standing out in these areas. Interestingly, while customers highlight some frustrations with communication, process, and security, these concerns do not appear to significantly impact overall satisfaction scores. This suggests that while these issues may be notable, they are not deal-breakers for most customers.

On the other end of the spectrum, car finance and pensions receive lower satisfaction scores, with customers often expressing concerns about unclear terms, slow processing, and perceived lack of value.

Jacqueline Dewey, CEO at Smart Money People commented: “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.”