Consumers have more choices than ever, and more information than ever to help them make those choices. For community banks and credit unions, it’s important to take steps to protect your reputation and be proactive in how you interact with customers online. With a strong Reputation Management strategy, you can better connect with current customers who leave reviews about their experiences with your institution, while also demonstrating to potential new customers that you take any concerns seriously. 

What Is Online Reputation Management? 

In its simplest form, online reputation management involves claiming your bank’s online listings for directories where users can leave reviews. These include on sites like: 

  • Google 
  • Bing 
  • Yelp 

When customers leave reviews, you should respond. Thank customers for positive reviews and acknowledge any negative reviews to let users see that you take all reviews seriously. This shows you are dedicated to working with your customers to find a positive resolution.  

Why Online Reviews Are Important

If you’re hoping to attract new customers, you need to realize the importance of online reviews. According to a 2021 survey completed by Power Reviews, 99.9% of all users read online reviews, whether they’re shopping for a new TV or choosing a new bank. You also need to understand that people are looking for how you handle negative reviews, as 96% of consumers look specifically for negative reviews.  

Finally, people trust reviews...a lot. According to ReputationX, 85% of users trust online reviews as much as a personal recommendation, while 3 in 4 trust a company more if it has positive reviews.  

Why is Reputation Management Important to my Financial Institution? 

Your current and potential customers have more choices than ever before when it comes to choosing a bank or credit union. Even if you're the only option in a smaller community, the growth of online-exclusive banks has given them more options than ever before. If your online reputation is suffering, it’s less likely you’ll be able to attract new customers and grow your business. 

How Do I Implement Reputation Management? 

If you’re ready to take control of your bank’s online reputation and create a strategy that allows you to better interact with your customers, forbinfi is ready to help.

Improve Your Reputation