A subtle shift in value perception across financial products – Smart Money People

Jake Sandford, Head of Data and Analytics at Smart Money People, breaks down the key drivers behind the shift in market sentiment, primarily centred on value for money.

August saw a modest cooling in customer reviews, but there’s no sign of a fundamental shift. Overall ratings eased slightly to 4.85 (down 0.06 from July) and NPS dropped to +88.0 (down 2.1), with the main softening coming in value for money, which fell to 4.66 (down 0.07).

Across key products, overall ratings remain tightly clustered between 4.85 and 4.92, while value for money shows a wider spread, from 4.63 to 4.83. This pattern suggests that the dip in August is driven more by perceptions of pricing and value rather than the customer experience itself.

Customer service and product understanding remain strong

Customer service held steady at 4.76, and product understanding stayed flat at 96.47%. The proportion of customers feeling “fairly treated” eased only slightly to 95.50%, reinforcing that the main movement is in value perceptions rather than service delivery.

Savings accounts continue to shine, leading in customer service with a rating of 4.93 and posting a high NPS of +91.9, while value for money sits at 4.78. These scores provide a useful benchmark for tone and transparency across other product categories.

Our recent research shows that 73% of people check reviews before making big financial decisions. So, these strong scores should reassure savers considering their options.

Financial support and insurance brokers stand out

Financial support services continue to impress with a 4.9 / 5 rating and an NPS of +93.8. With 40% of reviewers sharing positive experiences, it’s clear these services are delivering for customers. Insurance brokers also performed strongly with a 4.9 / 5 rating, while loans held firm at 4.88 / 5 with high product understanding of 97.16%.

Given that 76% of people read reviews before taking out a personal loan, these positive scores are key for building trust. Insurance products, while slightly behind at 4.85/5 with an NPS of +87.6, still show solid performance.

What to watch in September

It will be important to see if value for money stabilises around the current median of 4.74. If insurance moves towards this level, we’d expect fairness and NPS to remain resilient given the narrow spread in overall satisfaction. If high performing sectors like savings and financial support hold steady, overall sentiment should remain strong.

Final Thoughts

The benchmarks for “what good looks like” are clear. Transparent terms, proactive support, and a strong sense of fairness translate into superior advocacy, even when consumers are sensitive to value.

The immediate opportunity appears to be in insurance, which trails on value for money at 4.63/5 despite a healthy overall score of 4.85/5 and NPS of +87.6. The focus here should be on clearer communication of value and pricing, rather than overhauling service.

Making value legible is key. This includes presenting side-by-side comparisons of what’s included and excluded, simplifying excesses and add-ons, and highlighting meaningful bundling or retention benefits at quote and renewal. Pre-renewal communications can also frame price changes against clear coverage value, supporting perceptions of being fairly treated. Finally, reducing effort in claims through clear next-step guidance and status visibility can boost both understanding and perceived fairness.

Success in these areas would see value for money and “fairly treated” perceptions move towards the levels seen in savings and financial support, with advocacy following closely behind.