Fintech companies that prioritize customer experience often lead the market by building strong, loyal customer bases. Satisfied customers are more likely to stay with your service and recommend it to others.

High satisfaction levels reduce churn rates, increase customer lifetime value, while indicating trust and reliability, which are critical for attracting and retaining users.

Trust and customer reviews non-negotiable in Fintech:

Customer satisfaction and feedback are important in every industry. But Fintech is one of the places where they’re the most important. Trusting a business with your money is difficult. Whether it’s lending, investments, or payments, money often feels confusing for the average consumer. And as if that weren’t enough, there are scams left and right that prey on this confusion and consumers are well aware of this and rightly afraid. 

That’s why customer reviews are so important for Fintech businesses, so they can understand gaps in their customer experience (and fix them) and show off their satisfied customers to help prove that they’re a legitimate and trustworthy business. There are a few different ways that we’ve seen customer reviews help Fintech businesses at Trustpilot and the more of these you can focus on, the more easily you’ll win new customers.

Listening, responding, and genuinely taking your customers seriously 

Although collecting customer reviews is great, it’s nowhere near enough. You need to actively listen to what your customers are saying and respond to them. The more you can respond, the better, but at minimum you should be responding to all of your negative reviews. This is partly so that you can help them resolve any issues they’ve had and partly so that anyone else looking at your customer reviews sees that you’re responding and trying to resolve the issue. 

Customers don’t expect you to get everything right, but to trust you with their money they do need you to care when another customer is unhappy and do your best to rectify it. And they want to see that you’re taking the time to do this as well.

Improving your customer experience and product with your review data 

Solving individuals is only the first step. You need to be constantly making changes to your business and product, based on your customer feedback. Understanding the trends in your customer reviews (particularly if you have a lot of them) can feel overwhelming, but fortunately Trustpilot makes this really easy. 

Our insights tool helps you easily find the trends in your reviews that can help you improve your experience based on your customer feedback. And these insights can help you improve your business in countless ways, so your future customers are even happier. 

We can help you find the common single negative sentiments in your 3-star reviews (the things that are taking an otherwise 4-5 star experience and turning it into a 3-star experience) so that you can help more of your satisfied customers turn into ecstatic ones. You can also see insights around new topics that are starting to trend in your reviews that haven’t been there before, helping you spot and fix potential new problems before they get too serious. Some of our customers even create custom Review Insights topics each time they release a new feature or product. This allows them to track sentiment around that release as it happens so they can continue to improve it right off the bat as feedback comes.

Building trust with weary consumers 

Because finances can be so confusing — and the industry is filled with predatory players and scams — these businesses need to go the extra mile when it comes to building trust online. The first step here is to ensure your TrustScore is as high as it can be, like we’ve covered in the previous sections. But where many businesses go wrong is stopping there. Once you’ve put in all of that work to build up your TrustScore, it’s a waste if you aren’t using that trust you’ve built in all of the places your shoppers need a little reassurance. 

Placing your reviews and TrustScore at key parts of your customer journey helps make it easy for them to understand what doing business with you is like. It highlights some of the great experiences your customers have had with you. And if they’re still on the fence, they can easily click to your page and read more reviews to get a little more thorough and give them the confidence they need to convert. When LendingTree did this they saw a 6% increase in conversions and a 2-4% increase in revenue per customer.

And when TaxSlayer included Trustpilot reviews in their paid ad campaigns they were able to make their budgets go much further, growing their CTR by 60% and decreasing their CPA by 50%. The more you can show off your happy customers at key parts of your customer journey, the more customers you’ll be able to convert for your business.

Leveraging customer feedback effectively is a cornerstone of success in the fintech industry. By prioritizing customer satisfaction and continuously improving based on user insights, fintech companies can enhance their offerings, build trust, and achieve sustainable growth. Remember, a satisfied customer is not just a one-time transaction but a long-term advocate for your brand.

In a sector where innovation and customer expectations are constantly shifting, staying attuned to the voice of the customer is not just beneficial—it’s essential.

One notable example of leveraging customer feedback to enhance service offerings is Horatio, a next-generation outsourcing company. By prioritizing employee satisfaction and well-being, Horatio demonstrates the importance of a holistic approach to customer satisfaction. Their recent initiative of adding a gym as a company benefit is a testament to their commitment to employee wellness, which directly translates to better service for their clients.

Horatio understands that happy and healthy employees are more likely to provide exceptional customer service. This dedication to improving the work environment not only boosts employee morale but also enhances the quality of service delivered to clients. By actively seeking and acting on feedback from their employees, Horatio ensures that their team is motivated and equipped to meet customer needs effectively.

In the rapidly evolving world of Fintech, understanding and meeting customer needs is paramount. Customer feedback, after all, serves as a vital tool for gaining insights, improving services, and fostering customer satisfaction.

Fintech companies that prioritize customer experience often lead the market by building strong, loyal customer bases. Satisfied customers are more likely to stay with your service and recommend it to others.

High satisfaction levels reduce churn rates, increase customer lifetime value, while indicating trust and reliability, which are critical for attracting and retaining users.

Co-Written by Trustpilot and Hire Horatio

For anyone interested in learning more about how Trustpilot enhances customer trust through reviews or how Horatio prioritizes customer and employee satisfaction, visit Trustpilot and Horatio.