Financial industry insights revealed as 5 million customer reviews are analysed

The Feefo Customer Review Study 2022 examines over 5 million customer reviews posted during a turbulent two-year period, including the fallout of Brexit and the early part of the Covid-19 pandemic. 

Our comprehensive report puts customer feedback and the products and services they care about the most under the microscope. It reveals critical drivers of customer sentiment across eight major sectors, including the financial services industry. 

This unprecedented analysis of over 5 million verified reviews offers a common-sense approach to business growth. Explore insight into what financial industry brands are doing well and how to outperform their competitors, from managing their banking and renewing insurance policies to other financial affairs. 

Why are customer reviews insights important for businesses? 

Customer reviews have the power to influence buying decisions, strengthen consumer relationships and build trust. They offer valuable and measurable insights into service and product improvements that might otherwise be left to gut feeling, with easier project prioritisation as a result. 

That’s why brands are increasingly turning to technology: a better, more accountable understanding of customer sentiment can be used to leverage feedback to boost sales, increase conversions and get ahead of the competition. The other added benefit of customer reviews insight is that businesses can more accurately forecast for the year ahead, because better insight is vital for setting better budgets and growth-focused sales targets. 

And it’s never a ‘one size fits all’ solution, as the Customer Review Study 2022 reveals. Because a single issue that dominates feedback in one sector can be much less important in others. 

53% of automotive customers cite issues with vehicle condition as a key driver, whilst only 13% who buy from FMCG brands feel product quality is essential. Instead, almost two-thirds suggest delivery issue resolution is the most significant factor. 

Speed up response times and improve the customer experience by receiving automatic notifications. Feefo sends instant alerts straight to your inbox as soon as a low-scoring review is published. 

Financial industry Insights from Feefo 

How can financial services brands gain a competitive advantage by using customer review insights? Interestingly, the key drivers of customer sentiment featured in this report make it clear where companies should invest going forward to improve customer service and the experience they offer. 

And while customers in the financial services sector say price matters, we see they also want excellent service. This means having all their questions answered and being looked after as part of a quick and easy process. Conversely, they dislike companies that increase renewal premiums without explanation, make them phone up to get a better renewals quote or are charged to cancel a policy. 

Why Feefo is a great place to offer customer reviews insights for its client 

Feefo is the world's largest verified reviews platform. We help brands collect and learn from consumer feedback. Consumers who rely on Feefo reviews to inform their purchasing decisions feel confident knowing the reviews they read are only ever from real customers. 

Our products and features help brands collect reviews, manage feedback, share experiences and analyse data, with fact-based results and reporting offering insight into what's working well and where improvements can be made. 

Start collecting Feefo verified reviews and shape every aspect of your business performance. 

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