Americans Turn to Online Reviews for Big Decisions, Except Where to Bank
Americans rely on online reviews for many of their most important purchases. In fact, 78% say they trust online reviews as much as a personal recommendation, according to a new study from Harris Poll and Ally.
Nearly half of survey respondents (49%) said online reviews are “extremely or very important” when deciding what products to buy, and 87% say they’re at least somewhat important.
But what about when it comes to choosing a bank?
The study revealed only 23% of adults have used online reviews to select a bank within the past year. Another 25% chose not to read reviews, and 17% could not find reviews for the bank or financial provider they were interested in. Another 15% were not aware there were online reviews for banks.
By comparison, 53% of consumers have used online reviews to choose a restaurant, and 49% have read reviews for hotels.
Banking remains a personal experience. Many Americans choose their banks based on what’s close, what’s familiar, or what friends and family members recommend. The 2018 Consumer Poll found 85% of consumers expect all their banking needs to be met under one banker, whether that be business banking, mortgage lending, investments or traditional banking services.