Price matters but customers want great service too. That’s the findings according to a new study by Feefo that analysed 5 million customer reviews. Here, we explore the findings in more detail and reveal exactly what companies should do to respond.
The new report, entitled The Feefo Customer Review Study 2022, evaluated more than 5 million customer reviews written over the past two years. It found that 38% of financial service customers felt that pricing was the most important driver of customer sentiment, compared with any other sector.
When asked exactly what they meant by this, common responses included transparent and competitive pricing, as well as good deals. It was also revealed that consumers dislike it when premiums increase without explanation and they have to get in touch themselves to enquire about a good deal.
That’s not the only thing that financial service customers look for though. Just over half believe that issue resolution is important. Namely, having all of their questions answered, being looked after from start to finish, and having quick and easy processes. This backs up the findings that revealed consumers dislike long and complicated forms and difficulties renewing their policies.
While good communication was only important for 3% of financial service customers, it’s important to remember that it does have an impact on the overall service. After all, customers want to know why and when prices will be going up and expect companies to get in touch before the renewal process begins.
This latest study from Feefo, the world’s largest verified reviews platform, doesn’t just provide crucial insights into customer sentiment. The findings can also be used to allow companies to review and improve their own processes and services. By knowing exactly what matters to customers – both existing and potential – companies will be on a better path to meet demand, build relationships and increase trust.
Instead of it being a guessing game, businesses can use these valuable insights to improve their products and services –and ultimately make changes that will work.
The report analysed reviews from eight different sectors, and in the financial services industry, the findings were clear. While getting a good deal matters, customer sentiment and excellent customer service should be a major priority for companies that want to meet consumer needs and expectations.
Put simply, customers in the financial services sector want to know they’re getting good value for money, and have access to a simple and stress-free process with someone on hand to answer their questions every step of the way.
It’s no surprise then that many brands turn to technology in order to better understand their customers. When they do, it can increase sales, boost conversions and give businesses a competitive advantage. Insights can be used to better forecast for the year ahead, and help with budgets and targets in the long run.