The Importance of Online Reputation Management for FinTech Companies

In 2008, the world saw how quickly things can get out of hand in the financial world. This financial crash of 2008 changed the public perception of financial institutions, and most of them have been working since then to rebuild this reputation. But despite that, today most people still put their fate in the hands of these institutions and shy away from new FinTech apps and websites. It doesn’t matter if these FinTech companies offer better services or anything more people still believe in traditional banks and financial institutions.

Why?

There are various reasons that give traditional banks this enormous confidence in the new FinTech companies, one of the reasons being history. Whenever we invest or put our money into something, we want to make sure that two things are always present. We want to invest our money somewhere we are guaranteed a safe investment and the place we put our money is as reliable as it gets. Both of these come from experience and traditional banks and financial institutions have been around for hundreds of years which gives them this mantle of reliability. Yes, this may be true to some extent and banks can offer very good services, but with the evolution of the FinTech industry, there are now many FinTech companies that offer services that are not that different or in some cases even better than traditional banks , and they are changing the future of traditional banking. Because of this, these companies should take good care of their online reputation and manage it to the best of their ability.

What is online reputation management and how is it used?

Online reputation management or ORM is when companies engage with potential customers who rely on search engines to find the best available services for them. If the company has a strong online reputation, it guarantees that their listings are accurate, while giving them the opportunity to hear from their customers and improve their services. This reputation is usually grown from reviews and feedback, and there are sites like investingreviews.co.uk that offer people reviews of various FinTech companies. These reviews are a mix of their own and those written by the customers themselves. Most investors visit these types of sites to gain more understanding of each company, and because of that, every FinTech company should ensure that their online reputation is high so that they will stand out among the list of all other companies.

Online reputation management consists of three elements, and these elements are found, chosen and improved.

Businesses should always monitor their customers and understand through which channels they found out about this FinTech company. This is usually done through Google searches and social media. Because of this, FinTech companies should always strive to improve their profiles in these channels to attract more customers to at least visit their website or download their app.

Once these companies find the channels people are using to find out about their services, they need to build mechanisms to guarantee they will be chosen. One of the most important things these FinTech companies look for is customer reviews. When you invest your money in something, you always like to hear other people’s experiences and how their investment turned out. Because of that, companies should always ensure that the feedback and reviews are always positive, and those that are negative should always be addressed and resolved. This is not only for FinTech companies, but every single company should build a platform where customer engagement is strong.

Improvement is the last step these companies should take, to keep the customers they worked so hard to acquire. These ratings, along with helping companies attract new customers, give them the opportunity to learn how they are perceived and what needs to be improved. Loyalty is not something that is common in FinTech and throughout the financial world. Customers gravitate towards companies that offer the best services, and because of that, the competition to offer better services is always fierce among FinTech companies. That is why almost all companies try to collect various information and data from customers, so that they will be able to find weaknesses and possible solutions and improvements.