Millennials are currently the largest adult demographic and are also soon to become the wealthiest. It’s estimated that within the next 25 years, Gen Y will inherit about $68 trillion from Baby Boomers born between 1946 and 1964. According to a study conducted by Deloitte, 75% of millennials would switch their private bank if they found a better option.
Financial services online reviews could influence how millennials will spend their money in the coming years, and online reviews (for anything) are already a significant influence as it is. Consumers rely on online reviews for all matters now, so it has become vital to consider them when developing business services.
Use online reputation management for financial services to boost the performance of your business and get the help of an online reputation management firm that can do the work for you. Anything that will encourage a better response from consumers online will show positive effects in your ROI.
Removing Reviews from Online Financial Services Companies
Removing online reviews usually poses some difficulty because of legal protections that provide a safety net for website hosts, such as Section 230 of the Communications Decency Act, and it also can be difficult because of individual website policies.
There are 1.2 million new reviews posted on Trustpilot each month. Internet users of all industries can share reviews of their personal experiences with certain businesses so that others can get an impression of the business before using them.
Through business.trustpilot.com, you can search for your business website by typing the URL in the search bar. This search will bring up the star rating of your website and any reviews. What consumers see is a bit different; they can search for a company name, but most of the time, the searches are more general and show many businesses and services all on one page.
When consumers visit the Trustpilot listing for your financial business, they can see a star rating, the number of reviews you have, and a TrustScore rating, which is a calculated score based on all consumer reviews on Trustpilot.
Reporting a Trustpilot review is one way to get it removed. Normal criticism is not a legitimate reason for Trustpilot to take down a review; however, you can report reviews of your business if they violate Trustpilot Guidelines. Reporting a review can result in the removal of the post, but not always.
On the other hand, do not overuse or misuse the reporting tool because it could result in a penalty to your profile. There are guidelines for businesses just as there are guidelines for reviewers on trustpilot.com.
Credit Karma is not primarily a review website, but rather a credit monitoring software. However, creditkarma.com does have a section of the website specifically for reviews on financial services and products. Anyone can add to the reviews of these services, and they all add up to a general star rating.
You could flag individual reviews if the reviewer broke the website policy or guidelines so that it gets moderated and possibly removed. Otherwise, you will have to consult a legal expert or the help of an online reputation management service to help you obtain a court order for removal.
Reputation Management for Financial Services
Companies that provide financial services for consumers are usually based online. They rely on their online reputation to keep their services going.
Online reviews and the use of SEO (search engine optimization) tactics are the only way to get recognition online, and so reputation management is vitally important. Reputation management will push financial services review ranking to the top of search engine results. Online reputation management can also help with things like insurance reputation management and reputation management in almost any other industry.
Fifty-nine percent of people say they have used online reviews when choosing a professional service provider. Nearly three-quarters (71 percent) of Millennials have used consumer reviews of professional services, along with nearly half (49 percent) of Baby Boomers.
Financial Advisor Reputation Management
The online reputation of financial advisors can make the difference between having five clients and having 50. 81% of respondents say online search results influence their perception of companies.
When someone actively works on their online reputation, they are more likely to obtain clients compared to someone that does not. There is a lot that goes into upholding a positive online reputation, but the main priority is to ensure that most online reviews are positive rather than negative. This happens through financial services review management. It also helps tremendously to get in touch with Reputation Rhino or a similar company to do the hard work for you – it will save a lot of time and effort.
When it comes to finances, people tend to be pickier about who they choose to handle their finances. It is a much different situation than when someone looks at online reviews for other less-essential services.
Online users are usually a bit lenient with reviews and do not mind if a service has one less star than they would prefer, but when it comes to finances, the reviews are a lot more important. The mistake of a financial advisor could put someone in dire financial trouble, and that is something everyone would wish to avoid.
Other Interesting Facts
65 % of people see online search as the most trusted source of information about people and companies. That’s a higher level of trust than any other online or offline source.
According to Brad Hecht, EVP, Americas, Reputation Institute. “The reputational challenges in U.S. banking are diminishing the level of support banks can engender among the general public. … In particular, a consumer’s willingness to do business with banks and to give them the benefit of the doubt is most impacted by a decline in reputation.”
Reputation remains a hugely important consideration for consumers – more than one-third of respondents (35 percent) rated a banks’ reputation as one of the top three most important things about their bank.