Ask any product team in financial services what shapes their roadmap, and you’ll hear the usual suspects: market analysis, competitor benchmarking, performance data. But that’s no longer enough. Today, customers are shaping product success from behind their keyboards, through public reviews, star ratings, and increasingly vocal feedback.
According to our latest research at Smart Money People, 74% of Brits now read reviews before switching financial providers. And they’re not easily swayed: most people expect a minimum rating of 4.25 out of five stars before even considering a move.
Of course, customer reviews have been around for years. But what’s changed, and what the industry can no longer ignore, is just how influential they’ve become. We’ve entered the era of design shaped by customer reviews, where customer feedback doesn’t just influence perception; it actively determines which products succeed or fail.
This shift is being driven by three key forces:
• Rising expectations: Customers now treat star ratings as a baseline filter, not an afterthought.
• Demand for transparency: Real-time, public feedback carries influence, which can often complement, rather than replace, closed surveys or internal data.
• Design by reputation: Products are being iterated, or abandoned, based on how they’re rated in the wild.
For financial services companies, the message is clear: reviews aren’t just a reflection of performance. They’re a driver of it.
The review threshold: a new barrier to entry
Consumers have more choice than ever. That’s great for competition, but it also means they’re relying heavily on signals of trust to filter that choice. A high star rating - whether for a credit card, ISA or debt advice service - is increasingly seen as the price of admission.
In fact, our data shows one in seven consumers won’t switch unless a provider has a perfect five-star rating. When people are trusting you with their financial future, nothing less than excellence will do.
What top-rated services are getting right
The services scoring highest in customer satisfaction today aren’t necessarily the traditional household names. Specialist providers in categories like Buy Now, Pay Later and debt management are outperforming the pack, with average ratings of 4.93 stars on Smart Money People.
Why? It comes down to simplicity, clarity and human service. Customers consistently praise providers who make it easy to access services, explain things clearly, and resolve queries fast.
Interestingly, many of these reviews include small criticisms, whether that’s frustrations with clunky communication or minor delays, but they don’t drag down the overall score. When core needs are met well, people tend to forgive the odd flaw.
Designing products with feedback in mind
So, what does this mean for product teams? Ultimately, it's time to embed review data into the product lifecycle. Instead of relying solely on internal KPIs, firms should monitor sentiment across live products and build in regular checkpoints to act on common themes.
This isn’t about chasing perfect reviews though. Instead it’s about building offerings that resonate with the real priorities of customers today: ease of use, transparency, and value.
The truth is your star rating is already influencing your bottom line. The question is whether you’re using it to drive strategy, or just watching it tick up and down.
