Let’s face it, trust in financial service providers has unfortunately taken a hit. Recent high-profile bank failures and the uncertain economy are not helping the cause. In recent years, consumers are 50% more likely to have lost trust in financial businesses (1) .
To restore trust, potential customers are turning to reviews. They are more likely to read online reviews for financial institutions than any other business type, and 89% of consumers read them before purchasing (2) . There’s no question that they play a crucial role in turning a financial services consumer into your client.
Use the Power of Two Platforms to Expand your Brand’s Reach and Reputation
When browsing Banks.com, you may notice your or your competitors’ Trustpilot reviews proudly displayed. It’s our mission to be the most trusted place to find financial brands by providing you with the best tools to stand out and succeed. Establishing trust early on is a competitive advantage, and through our partnership with Trustpilot, Banks.com is pleased to offer you this capability as well. And that’s just the beginning.
Trustpilot has cracked the code for strengthening reputation using reviews at every sales funnel stage and across different platforms, including your site and marketing efforts. We’re excited to collaborate with their platform to create a powerhouse of trust for our clients.
First Impressions Matter and Come from Social Proof
Online reviews are a vital part of the process when making a purchase decision.
They act as second-hand compliments for businesses and carry an authentic ring. Experts call this social proof, and it works like a charm. A recent study showed that U.S. consumers are 88% more likely to click through on an ad with a Trustpilot star rating and an authentic customer review (3) . Social proof works to build trust with customers.
Conversely, the mere absence of online reviews can raise questions among prospective customers. They might wonder, “Why aren’t there any reviews?” Or “What are they hiding?” No news is not good news. Rather than sticking around to investigate further, it’s easier for potential customers to seek alternatives elsewhere.
In today’s crowded online marketplace, where every customer counts, establishing trust early in the buying journey is crucial. By partnering with a reputable review platform like Trustpilot, Banks.com businesses can leverage the power of social proof on our combined platforms to build trust, attract new customers and position themselves as industry authorities.
Online Reviews Can Make or Break Finance Companies
In the world of finance, where rates and coverage tend to be similar across companies, customers rely on other factors to guide their decisions, namely trust and customer service. And there’s no denying it, customers in this space are fragile. You often serve customers who have been previously let down or misled.
And the products can be complex, sometimes overwhelming, for consumers to grasp. They’re not buying a pair of socks here, though many wish they were! Customers seek guidance and reassurance as you help them achieve some of their biggest financial dreams.
You have great customer service, but how do you signal that so they reach out to you?
Reviews paint a vivid picture of a company’s trustworthiness and customer-centric approach. They offer invaluable insight into decision-making, giving customers the confidence they need to click through and engage with you.
Turning Lemons into Lemonade with a Negative Review
You know it. We know it. Your firm can’t please everyone all the time. So what do you do if you get a negative review? First, don’t panic. Consumers get suspicious of businesses with perfect reviews and feel that firms with some less-than-perfect reviews are more authentic and credible.
Replying to negative reviews can be an opportunity to show your customer service in action. Trustpilot has the resources that make responding to reviews easy. Professional and polite responses inviting further discussion or resolution offline help build trust and credibility. Responding to customer reviews further allays one of the concerns of internet consumers—that they’ll be ghosted. No one likes to be ghosted.
Using a forum to identify and address negative reviews quickly and easily can help financial firms win respect and loyalty, gain key insights into their business and even increase sales.
Joining Forces with Trustpilot is a Smart Move
With a staggering 120 million reviews already available and over 500,000 new reviews added each month, Trustpilot is one of the world’s largest and most widely used review platforms. Its mission is to foster transparency and trust, bringing people and businesses closer together.
Sounds a little similar to our mission, right? We think so.
Since its founding in 2007, Trustpilot has earned a strong reputation as a reliable and unbiased source of customer feedback, especially for financial institutions. It offers businesses a wide range of features, including customizable review invitations, tools for monitoring and managing reviews, and comprehensive analytics and reporting.
What do the combined platforms offer to businesses like yours?
Let Your Customers Make Your Case on a Powerful Stage
Trustpilot offers financial services firms the ability to build trust, establish industry authority and attract customers to reap these benefits:
Increase Your Click-through Rates (CTRs) and Convert Customers
By having your Trustpilot scores prominently displayed on Banks.com and Trustpilot’s website, you can boost your credibility as a business. This will help you stand out in your industry and attract more customers. After all, Banks.com has millions of visitors per year, so you’ll be moving up the ranks as a credible business. And when visitors search for your business or in your industry on Trustpilot’s website, your scores will also be prominently displayed, giving you a powerful combined stage to showcase your credibility.
You can also display reviews and logos on your website. Clients will no longer need to leave your site seeking social proof—say goodbye to form abandonment and hello to keeping them on your page. Businesses that display review content on their websites have seen conversions increase by up to 23% (4) .
Shine Bright in Search Results
It’s not just people who place more trust in social proof. Google’s search algorithm accounts for it too.
Trustpilot profile pages often appear on the first page of search results. Trustpilot holds domain authority in Google searches because the platform receives an astonishing 1.2 billion Google Search impressions monthly. By publishing reviews on your Trustpilot profile page, you create user-generated content that ranks well for search engine optimization (SEO).
Placing customer reviews on your website’s key landing pages can also improve how much your pages appear in organic search results.
Boost Your Online Reputation
Get the tools you need to automate review collection and easily reach more customers with timely invitations. You know those clients who rave about you at the sale and then forget to write that review they promised? Trustpilot has the resources to nudge those well-intentioned people back. Businesses gathering feedback with our tools received a 15% higher average TrustScore and a whopping 105% increase in reviews compared to businesses that didn’t use these tools (5) .
When it comes to choosing a bank, a staggering 75% of consumers are likely to opt for a firm with positive ratings and reviews (6) .
Supercharge Your Marketing and Social Campaigns
Inject credibility and trust with reviews in your ad campaigns, email signatures and product pages. Adding social proof can boost click-through rates.
As an official Google Review Partner, Trustpilot reviews can contribute to your Google Seller Rating. Earn those coveted Google Seller Ratings, which act as social proof, and you could receive a CTR boost of up to 10% on your Google ads. That’s a game-changer!
Cultivate a Customer-centric Business
With in-depth insights and analytics, you have customer feedback regarding your products and customer service at your fingertips.
Keep a pulse on customers’ attitudes, needs and changing preferences. Collecting and engaging with reviews lets consumers know you’re listening and credible—a key differentiator for financial services firms. Having a finger on the pulse of what customers want provides a strong feedback loop to ensure your products deliver, which can translate into stronger reviews.
Engaging with Trustpilot’s platform can lead to a stronger customer community.
Let’s Review Together
Trustpilot reviews can help these businesses grow and succeed. Make reviews work for you. Financial institutions partnering with Banks.com are invited to get one month free access to Trustpilot’s review management software. Contact Trustpilot today to get started.
