- 29 Mar
With more and more consumers thinking about investing and borrowing using P2P platforms, our client, Smart Money People, is now displaying independent P2P reviews on the P2P money website. This is the first review syndication within the P2P space, and significantly increases the influence of P2P reviews
Since launch in 2014, Smart Money People’s mission has been to increase the trust and transparency in financial services using the power of reviews, while delivering actionable insight for financial organisations. Smart Money People has already become a leading site for banking reviews and is aiming to repeat this feat with the P2P industry, helping to decode it for many more consumers.
How influential are reviews?
Every day, tens of thousands of UK consumers are searching for customer experiences of financial services companies, with Nielsen’s Consumer Trust in Advertising Survey (Sept, 2015) showing that online reviews are now the second most trusted form of marketing in the UK. In addition, Smart Money People has found that up to 87% of consumers are now influenced by reviews in financial services and that reviews about new companies, or unfamiliar sectors are particularly sought after.
The reviews can help to better guide consumers thinking about investing or borrowing with P2P firms, while also helping to create a self-regulating mechanism - something the FCA's consumer panel is very keen on, often talking about 'consumers as co-regulators'.
How do you start collecting reviews?
While there’s a vibrant community around the P2P industry, consumer reviews remain somewhat sparse. Most P2P platforms won't have any reviews unless they've adopted a platform like Smart Money People (Editors note: other platforms are available e.g. Trust Pilot)
For most P2P businesses, selecting one review platform, rather than trying to cover all bases with multiple platforms, makes most sense. Some bigger organisations do sign up to multiple, but that's normally to intercept and deal with already active review communities.
Michael Fotis, CEO, says that the significant differentiator between his platform and others is around the data/insight. Smart Money People delivers this back to its clients, benchmarked against competitors, which is the principal value-add.
You can find out more about Smart Money People by visiting the website
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