# 3 reasons your business needs customer reviews Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-10-11 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Boost Your Financial Services Company with Genuine Customer Meta Description: Discover how customer reviews can build trust, credibility, and boost conversions for your financial services business. Learn how genuine feedback can reassure URL: https://financedigest.com/3-reasons-your-business-needs-customer-reviewshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1208411337-1736815059468-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/jacqueline-dewey-450x333-1736815059377-compressed.jpg) _By_ **_Jacqueline Dewey,_** _CEO of_ [_Smart Money People_](https://smartmoneypeople.com/) _,_ _the UK’s dedicated financial services review site._ With [93% of consumers](https://learn.podium.com/rs/841-BRM-380/images/Podium-2017-State-of-Online-Reviews.pdf) stating that online reviews influence their purchasing decisions, and 82% saying that an online review has convinced them to make a purchase, it’s clear customer reviews are vital for your business. They prove to the consumer that your brand can be trusted. Trust within the financial services sector is arguably more important than other business sectors, with consumers much more likely to seek positive reassurance from other customers prior to investing in a financial product. However, there are [benefits beyond](https://www.financedigest.com/the-benefits-of-gdpr-beyond-compliance.html "The Benefits of GDPR Beyond Compliance") this that you may not have considered. **Social proof** Genuine customer reviews can have a positive, psychological [impact on prospective customers](https://www.financedigest.com/the-fca-is-taking-immediate-action-on-customer-vulnerability-but-how-does-this-impact-advisers.html "The FCA is taking immediate action on customer vulnerability; but how does this impact advisers?"), building a sense of trust and credibility for your business. If the business has received a multitude of positive reviews, cautious [consumers are likely to feel](https://www.financedigest.com/consumer-durables-sector-still-feeling-the-effects-of-recession.html "Consumer durables sector still feeling the effects of recession") reassured that the product or service provided is of good quality and from a reputable company. In fact it was found that customers who view user-generated content show a [133% higher](https://www.brightlocal.com/research/local-consumer-review-survey/) conversion rate. Many [consumers expect to easily find customer](https://www.financedigest.com/consumers-in-the-covid-era-can-learn-to-embrace-strong-customer-authentication.html "Consumers in the COVID era can learn to embrace strong customer authentication") reviews, and so a lack of reviews can be a red flag. When it comes to [financial products](https://www.financedigest.com/document-admin-drains-productivity-businesses-especially-financial-services.html "Document admin drains productivity in all businesses, especially those in financial services."), consumers rely on reviews to reassure them that they’re getting the best deal from the best company. People are becoming less comfortable [signing up for credit agreements](https://www.financedigest.com/japan-uk-to-sign-reciprocal-access-agreement-for-military-officers-yomiuri.html "Japan, UK to sign reciprocal access agreement for military officers -Yomiuri") or insurance policies without some form of evidence that the company can live up to its claims. [**Connect with customers**](https://www.financedigest.com/yolt-first-to-connect-customers-through-open-banking.html "Yolt first to connect customers through Open Banking") The customer should be at the forefront of your [business plan; without consumers making purchases, the business simply wouldn’t survive](https://www.financedigest.com/copa90-owner-bigballs-media-lands-stellar-global-business-leaders-to-drive-ambitious-expansion-plans.html "Copa90 owner Bigballs Media lands stellar global business leaders to drive ambitious expansion plans"). [Customer reviews can be the ideal way](https://www.financedigest.com/customer-engagement-whos-leading-the-way.html "Customer engagement – who’s leading the way?") to bridge the gap between your company and your audience, providing insight into what customers have loved, liked and disliked about their experience with your company. A negative review does not have to be viewed as a setback, instead, it should be a guideline for where improvements can be made, deepening your understanding of your target [market’s needs](https://www.financedigest.com/why-markets-need-a-players-more-than-ever-before.html "Why markets need A-Players more than ever before"), wants and preferences. Reviews on an external review site can also [assist your business by expanding your reach](https://www.financedigest.com/aon-assists-freddie-mac-to-reach-5bn-risk-transfer-milestone-for-u-s-mortgage-credit-business.html "AON ASSISTS FREDDIE MAC TO REACH BN RISK TRANSFER MILESTONE FOR U.S. MORTGAGE CREDIT BUSINESS") further. Consumers who haven’t heard of your brand may stumble across your reviews, [causing them to then look into your business](https://www.financedigest.com/businesses-unaware-of-operational-risk-caused-by-spreadsheets.html "Businesses unaware of operational risk caused by spreadsheets") as a viable option. **A [valuable marketing](https://www.financedigest.com/the-valuable-role-ecommerce-social-media-marketing-will-play-in-keeping-businesses-afloat-during-lockdown.html "The valuable role Ecommerce/Social Media marketing will play in keeping businesses afloat during lockdown") tool** Similarly, customer reviews can also [improve your company’s online visibility](https://www.financedigest.com/improving-online-visibility-for-insurers.html "IMPROVING ONLINE VISIBILITY FOR INSURERS"), supporting your existing marketing strategy (for no extra cost!). Featuring your company’s reviews in your organic [search engine](https://www.financedigest.com/how-to-optimize-your-new-content-for-the-search-engines.html "How to Optimize Your New Content For the Search Engines") listings can help to improve your click-through rate, and therefore your traffic volumes. This in turn helps to [boost your SEO](https://www.financedigest.com/winning-fintech-seo-tactics-to-boost-traffic-and-make-more-sales.html "Winning FinTech SEO Tactics to Boost Traffic and Make More Sales") performance, which keeps your site ranking highly on Google, so it’s a win-win! Financial [services companies typically need](https://www.financedigest.com/do-you-need-to-buy-guest-post-services-why.html " Do You Need to Buy Guest Post Services? why?") to be careful with their marketing techniques, treading carefully when making any promises or claims to potential consumers. By utilising customer reviews as a marketing tactic, prospective customers can [learn about your business](https://www.financedigest.com/what-b2b-businesses-can-learn-from-b2c-e-commerce.html "What B2B businesses can learn from B2C e-commerce") through genuine reviews, providing reassurance and confidence in your brand, which ultimately results in more conversions. **Brave the change** Reviews are a powerful tool for any company, but especially so for financial service providers, who often [need to secure](https://www.financedigest.com/why-preparation-for-new-swift-cyber-security-standards-needs-to-start-now.html "‘Why preparation for new SWIFT cyber security standards needs to start now’") some extra credibility before consumers take the plunge. Some [companies may be deterred from encouraging customers](https://www.financedigest.com/disconnected-customers-are-one-of-the-biggest-problems-facing-financial-companies.html "Disconnected customers are one of the biggest problems facing financial companies") to leave a review in fear of negative reviews surfacing and potentially damaging their reputation. However, while you can deter consumers from leaving a review on your site, you can’t [stop them from sharing with an independent review site](https://www.financedigest.com/new-forex-comparison-site-aims-to-stop-uksmes-from-being-burned-on-international-transfers-fees.html "New Forex Comparison Site Aims To Stop UkSmes From Being Burned On International Transfers Fees"). Instead, it’s better to proactively embrace reviews. It’s almost impossible to please everybody, however, if consumers can see that you’ve responded to a negative review and made positive changes due to it, their trust in your [business and its credibility will improve](https://www.financedigest.com/5-ways-to-improve-your-business-finances.html "5 Ways to Improve Your Business Finances"). Remember, even if you don’t encourage customer reviews, your competitors probably do. If you’re not already asking your customers to leave a review, there’s never been a better time to start. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---