How financial services is evolving through feedback

Written by Jake Sandford, Head of Data and Analytics at Smart Money People 

July’s review data offered plenty to reflect on, not least in insurance, where customer sentiment has shifted sharply upwards across the board. With review volumes climbing and satisfaction scores improving, the findings highlight just how quickly service innovation, competition, and proactive engagement can influence outcomes. 

Insurance sees strong improvements 

Insurance products and providers were clear winners this month. Average ratings hit 4.89/5, with NPS climbing to +91.9. Service quality was rated 4.79/5, while value for money stood at 4.70/5. Notably, 96.6% of customers felt fairly treated and 96.11% reported understanding their product details both significant trust markers. 

So what’s driving this rise? July often sees a surge in engagement, driven by policy renewals and travel insurance purchases. This seasonal activity means more interactions and more reviews. Recent service improvements are also making a difference. Simplified claims processes and clearer documentation are helping boost perceptions of fairness and product understanding. 

Overall, the insurance sector shows how proactive consumer engagement can significantly lift performance. 

Strong scores elsewhere 

Retail finance continues to enjoy strong customer sentiment, with an average score of 4.89 and consistently high service and value ratings. Meanwhile, mortgages recorded an encouraging rise in value for money scores ahead of August’s interest rate changes, suggesting lenders were already becoming more competitive.  

Elsewhere, car finance remains the standout performer, with 98.61% of customers saying they understand their product and an impressive NPS of +89.4. Given that our April research found 76% of people read reviews before taking out a personal loan, this level of clarity and advocacy really matters. 

Where challenges remain 

However, not every product category is following the same positive movement.  Credit reports continue to earn generally strong scores, but product understanding lags at 86.81%, showing that providers could simplify their offerings. 

Meanwhile, Current accounts remain under pressure, with an average score of just 3.31. While lower review activity creates some volatility, customer concerns about value are consistent. Providers are responding aggressively with cashback and switch deals, as seen in the surge of offers highlighted on our sister site, Be Clever With Your Cash. 

Final thoughts 

July data shows a clear pattern. When providers focus on being clear, fair and proactive, customers notice and respond with higher satisfaction and stronger loyalty. But when products are confusing or the value isn’t clear, scores drop. 

In a market where consumers increasingly turn to peer reviews before making decisions, these differences matter. They don’t just affect reputation, they directly impact buying choices. 

Looking ahead to the rest of the year, financial services company face a key challenge – turning short-term wins into lasting standards of quality.