The Intermediary – August 2025 - Flipbook - Page 79
B RO K E R B U S I N E S S
Opinion
Better outcomes
for people who
leave a review
W
hen it comes to
our finances,
we all want
to make the
right choices.
Whether
you’re choosing a new savings
account, switching credit cards or
comparing pension providers, our
recent research proves that reviews
are an essential part of the decisionmaking process.
Increasingly, people are turning to
the experiences of others to support
their wider research into financial
products and services.
But it’s not just those researching
reviews that benefit from feedback.
Our study found that more than half
of Brits (52%) who’ve le a review for a
financial services provider have ended
up with a beer outcome.
Whether it’s a resolution to an
issue, a clearer explanation, or simply
the reassurance of being listened
to, speaking up really does make a
difference.
Reviews can lead to change
It’s oen assumed that reviews
are only le when something goes
wrong, but that’s not the case. We
found that 62% of reviewers shared
a positive experience and went on to
recommend financial products and
services to others. Reviews can be a
way to highlight issues, but they’re
also a brilliant way to shout about
great service.
In contrast, only 20% of people
leave a review aer a bad experience
– even though 16% of those who do
see their issue resolved. Of those, 15%
receive an apology, and 7% are paid
compensation. This shows that despite
the potential for a positive outcome,
many people remain silent rather than
speak up about poor experiences.
Unfortunately, feeling frustrated
with financial services isn’t
uncommon. Our research found that
42% of people have had a stressful
experience with a financial services
provider in the past year. When
that happens:
32% pick up the phone to vent to a
friend or family member;
15% head out for a walk or run to
clear their head;
and 10% even admit to screaming
into a pillow.
These responses demonstrate just how
emotional financial maers can be,
especially when someone has a bad
experience. Sharing feedback through
a review can help turn that frustration
into something constructive. Not just
for the reviewer, but also for others
researching products and services,
and for the providers themselves to see
where they can improve.
Influence buying decisions
Our research revealed that many of
us are turning to reviews to help with
decision making:
84% of people say it’s important that
others have had a good experience
before they buy a product or service;
74% read reviews before considering
a switch to a new financial provider.
The results also show that nearly
a third (31%) will only consider
switching financial services providers
if the new company has an overall
customer rating of at least four out of
five stars.
On average, Brits expect a provider
to have at least a 4.25 out of five overall
rating before they’ll switch to a new
financial services provider. In fact,
one in seven (14%) will only switch if
the new product or provider has a five
star review rating.
JAKE SANDFORD
is head of data and analytics
at Smart Money People
Some products are held to higher
standards than others when it comes
to reviews. For savings accounts,
people typically look for products with
a 4.5 star average rating, while for
pensions and investment products, the
threshold is 4.25 stars.
Who’s doing well?
Our Smart Money People review
data reveals that services like debt
management receive the highest
overall satisfaction scores, averaging
4.93 out of five stars. These products
have received high ratings due to ease
of use, customer service, and process
efficiency – with specialist providers
standing out in these areas.
While customers highlight some
frustrations with communication,
process and security, these concerns
don’t significantly impact overall
satisfaction scores. This suggests that,
while these issues are important to
resolve, they’re not deal-breakers for
most customers.
Positive impact
Behind every review is a real story.
Whether a client has had a brilliant
experience or had some challenges
with financial products, services and
providers, their feedback can have a
positive impact. It helps others make
more informed decisions, and makes
a real difference to how financial
services companies listen, respond
and improve. ●
August 2025 | The Intermediary
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