Your Reputation Among Customers Still Reigns Supreme While online reviews and individual research play a crucial role in the consumer decision-making process, personal recommendations from trusted sources still carry significant weight, especially when it comes to financial matters. This is evidenced by Rivel's semi-annual research among banking consumers, where a staggering 48% agreed that it was especially important to get the recommendation of a friend or family member when choosing a new bank. Interestingly, the younger age groups are even more likely to lean on those they trust—54% of Millennials and 57% of Gen Z consumers are looking for advice. This trend suggests that, despite their digital nativity, these tech-savvy cohorts still value the opinions and experiences of their inner circles when it comes to matters as consequential as selecting a banking institution, as it’s a task they may not have undertaken before. Moreover, this could be attributed to the long-term implications of such choices. Despite the wealth of information available online, many consumers still value the opinions of those closest to them, perceiving their firsthand experiences as more reliable and trustworthy. This highlights the enduring importance of cultivating strong relationships with existing customers, as their satisfaction can directly impact the bank's ability to attract new clients through personal recommendations. Financial institutions would be wise to prioritize delivering exceptional service and fostering a positive customer experience, as satisfied customers can become powerful advocates, driving growth through their personal networks. For more information on Rivel Banking Research’s benchmarking, market opportunity highlights, and on-hand brand perception insights for your institution, contact Corey Wrinn, Managing Director, Rivel Banking Research at cwrinn@rivel.com cwrinn@rivel.com. 3 "Although dissatisfied customers often voice their complaints on social media platforms, satisfied customers rarely leave positive reviews unless explicitly prompted by the bank to do so." 13 Colorado Banker
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