Consumers don’t rely on ratings and reviews when choosing bank

Only 23% of respondents have used online reviews when choosing a bank

Consumers don’t rely on ratings and reviews when choosing bank. Source: shutterstock.com

While it’s not surprising that many consumers look at ratings and reviews before making purchases, it’s interesting that they tend to skip this process on larger decisions, like where they keep their money. A new online survey conducted by The Harris Poll on behalf of Ally Bank shows that nearly half of American adults (49%) say online reviews are extremely or very important in helping them decide which products and services to buy, while only 23% of adults have used online reviews when choosing a bank or other financial services provider in the past year.

This lack of research and complacency with banks means consumers are often putting up with low quality or downright poor service they would never tolerate in other areas of their life.

People seek advice online for a number of daily purchases but accept the status quo when it comes to banking. They can and should expect more from their bank just like they do for other purchases. At Ally it's our mission to do right by our customers and their money which has earned us praise from many customers and the media
Diane Morais, president of consumer and commercial banking products at Ally Bank

Further results from the Ally survey show that among those with a bank or financial service provider, only three in ten (31%) looked at the institution’s online reviews when choosing their bank and 51% of Americans with a bank or financial service provider have never read online reviews of their bank.

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