A survey by Smart Money People revealed that only one in five (20%) people leave a review after a negative experience with a financial services provider.
This suggests that many dissatisfied customers may be suffering in silence rather than voicing their frustrations publicly.
However, those who do choose to share their complaints often see tangible benefits.
Over half (52%) of the respondents who left negative reviews reported receiving better outcomes as a result, the survey said.
Specifically, one in six (16%) had their issues resolved, 15% received an apology, and 7% were compensated.
In contrast, positive experiences are more likely to prompt feedback.
The survey found that three-fifths (62%) of respondents had shared a positive encounter with a financial services provider, often going on to recommend the provider to others.
This suggests that satisfied customers are more inclined to publicly share their experiences compared to those who have encountered problems.
Reviews still crucial for decision-making
Despite the reluctance to post negative feedback, many consumers rely heavily on online reviews when making decisions about financial products.
Three-quarters (74%) of respondents said they read reviews before considering or switching financial services, such as bank accounts or credit cards.
A high rating is particularly influential: nearly a third (31%) of consumers would only switch providers if the new option had at least a four-star rating, while one in seven (14%) said only a perfect five-star rating would prompt a change.
On average, people expect a financial provider to have a 4.25 out of five-star rating before making the switch, with this expectation rising to 4.5 stars for savings accounts.
Jacqueline Dewey, chief executive of Smart Money People, believes that feedback has the potential to drive improvements across the financial services sector.
“Feedback can be a powerful force for change in financial services, yet too many people continue to suffer in silence,” she said.
While customers may hesitate to leave negative reviews, the survey highlights the importance of encouraging feedback and making it more accessible.
By actively seeking out both positive and negative experiences, firms can not only resolve individual issues but also identify broader trends that may impact customer satisfaction and long-term loyalty in a competitive market.
