According to Market Street Research, there are three reasons people open checking accounts: it’s their first checking account, they move, or they were unhappy with their previous financial brand and believe only a new business can offer what they want. In any of these scenarios, reputation matters.
In fact, Dave Ramsey encourages people to choose a new financial institution based (in part) on its online presence—including Google reviews, communication channels, and word-of-mouth marketing. Knowing this, you can adjust your acquisition strategies to reach the right audience and prove your ease of business to potential customers or members. Discover how to get started by generating more Google Reviews for your financial institution:
1. Claim your Google My Business listing.
Customers can and do leave reviews of your business whether you’re verified on Google my Business or not. Claiming each of your locations on Google My Business enables you to respond to reviews and show customers that you care about their journey. It also increases your revenue by 58%, driving customers to take action from their mobile devices.
To begin, search for your financial brand on Google. If you’re already listed, claim your account, and update any information (hours, website, phone number, etc.) necessary. If your location is not listed, create a listing through Google Maps or Google My Business.
2. Ask for reviews via text.
97% of people read reviews for local businesses. Both the Google algorithm and potential customers are looking for finserv brands with high average star ratings and frequent reviews. The good news? 76% of your customers will write a review if asked. The more of your base that writes reviews, the less skewed your reputation is by outliers.
First, inform your customers how reviews help your branch. Let them know if there are specifics you’d like them to highlight in reviews—perhaps the ease of opening a new account, the seamless blend of online and in-person help, or the personally tailored steps of the journey. Each positive review will help your ranking and serve as social proof for potential customers and members.
For the actual invitation or review request, use the channel that customers prefer—texting. Emails are filtered and ignored. Texting has nearly a 100% open, response, and completion rate. The best way to increase reviews is to make the review process as convenient as possible via text.
Send a text shortly after an event like an appointment, opening a new account, or closing on a loan. This will add variety to your reviews and highlight different steps/possibilities for customers throughout their journey with your financial brand.
3. Respond to reviews.
The work is not over once a review is written. 97% of people reading reviews also take into account business’ responses to reviews. Your response shows attention and commitment to the customer journey. If a review is negative, acknowledge their complaint, do what you can to address it, and move on. Reviews are the main factor in your search ranking, but not the only factor in overall trust with your customers and prospects.
4. Improve the customer journey.
The process of setting up your Google My Business listing and automating review requests is fairly simple. Meeting the growing expectations of the modern customer might prove to be more of a challenge. Consider the following suggestions to improve the customer journey and increase the likelihood of positive reviews:
- Convert your landline into a textable number from Google My Business (can be done through Apple Business Chat or Google Messages). Schedule consultations, collect feedback, and connect with customers on the channel they prefer.
- Use webchat to answer FAQs, resolve concerns, and help customers in real time—no phone call/waiting on hold necessary.
- Convert leads with an optimized landing page (delineate steps for creating an account, contacting your branch, requesting a loan, etc.)
- Make every interaction whether in-person or online, personal—use customer’s names and create relationships to increase loyalty and satisfaction.
- Embrace financial technology like mobile banking, digital financial advisement sessions, and biometric security features for your app.
- Empower employees and customers by providing helpful and accessible financial information.
- Send period surveys or feedback requests to understand and meet your customers’ expectations.
Standout with help from Podium:
Generate more reviews, boost your online reputation, and acquire more customers by automating review requests via text. Read the testimonials and watch the process unfold with a free Prodium Demo.
Sidebar: See also Dominating the Local Search through Google My Business