Americans Turn to Online Reviews for Big Decisions, Except Where to Bank

February 11, 2019, Written By Lynn Oldshue
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.

The information contained within this article was accurate as of February 11, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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