The Hidden Cost of Having No Reviews

Many bankers worry about getting a bad review.

They should be more worried about getting no reviews.

One of the most surprising findings from our research was not how much consumers trust reviews. It was how suspicious they become when reviews are missing.

Among online banking customers ages 18-24, 76% said they would think twice about switching to a bank or credit union with few or no online reviews.

Read that again.

Not bad reviews.

No reviews.

For years, community banks have operated under the assumption that a strong local reputation speaks for itself. Unfortunately, that's no longer true.

A reputation that can't be found online is invisible to many younger consumers.

When a prospective customer searches your institution and finds little evidence of customer experiences, they begin asking questions:

Are people happy here?

Do they have a good mobile experience?

Do they solve problems?

Would I recommend them to a friend?

Without reviews, prospects are left to guess.

And when consumers have to guess, they usually move on.

This is particularly frustrating because community banks often provide experiences worth talking about. Local lenders answer their phones. Branch staff know customers by name. Decisions get made locally.

Those are competitive advantages.

But competitive advantages only matter when people can see them.

If your institution doesn't have a process for consistently generating reviews, you're leaving one of your strongest assets hidden from view.

Your customers already have stories to tell.

The question is whether you're asking them to tell them.