Raffaele Apostoliti, CEO, B2B Stars
Achieving brand visibility and maintaining reputability and credibility is an acute challenge for businesses in the financial services sector. Larger institutions benefit from established reputations, which can overshadow their efforts, even when they offer competitive or specialised services.
Potential customers may search multiple sites to gather the relevant information about a financial services company. However, this can be a time-consuming exercise in itself that often leads to fragmented insights. For smaller firms without a comprehensive digital footprint, it can result in them being immediately discounted, even if they have the relevant credentials.
In fact, a staggering 92% of financial firms say that they struggle to gain visibility on such platforms, according to research by B2B Stars. And if a brand isn’t visible, what hope does it have in building that all-important trust and credibility among its target audience? With visibility so closely tied to credibility, the steps financial firms take to establish a trustworthy digital presence could be the difference between being overlooked or chosen.
Building a trustworthy digital presence
Potential clients and partners need assurance that the financial organisation they choose can be trusted with sensitive information and can consistently deliver dependable services. Due diligence is of the utmost importance, and a visible, consistent and up-to-date digital presence, alongside positive reviews from peers and other trusted sources, is foundational to establishing this needed credibility. Accurate information about certifications, compliance with relevant regulations and recent industry recognitions help prospective clients to identify a business as a reliable partner.
Reputational damage can ensue from outdated details or digital profiles that have fallen by the wayside. This can raise questions about an organisation’s reliability, particularly in finance where clients demand transparency and accuracy. This means it’s pivotal for financial services organisations to ensure that business profiles, websites and social media accounts are regularly updated with the latest information. Every detail needs to be scrutinised, fact-checked and amended if inaccurate to ensure a positive first impression and to stay relevant in a sector dominated by big conglomerates.
Engaging in the same space as customers
Financial service firms are likely to have spent significant sums on innovative new digital solutions, particularly as customers show an appetite towards cloud systems for functions such as payroll, debt collection and cash flow management. Visibility is key in getting these solutions in front of the right people and striking deals, and engagement is one way of moving out from the digital shadows. But how do financial services firms ensure they enter the same space as their customers to engage with them and showcase their credibility? Community-driven platforms offer a forum for financial services firms to be easily found by prospects, providing a platform for engagement.
Positive, authentic reviews are key to establishing and maintaining credibility. A number of digital platforms have become hubs for fake reviews and false or unverified claims. Authentic reviews that are grounded in real experiences are a quick way for buyers to establish whether to engage with a reliable company, which is particularly beneficial for finance SMBs who spend an average of over 19 hours searching for reliable prospects or suppliers each month.
Establishing and maintaining a reputation
Star ratings can also provide visual proof of a firm’s reputation. Together, these ratings and reviews can build a credible overview of the value that financial services firms can provide to customers. Engagement is also important when it comes to responding to online feedback, whether it is positive or negative in sentiment.
Credibility can be further fostered from addressing the concerns that a customer may have about a product, or assuring customers that quick reactive action is being taken to rectify a fault with a product or service. This can set them apart from larger competitors that may be perceived as unresponsive to their large customer base.
In an industry where trust is closely tied to reputation, having insights into client needs and industry trends can also help financial SMBs tailor their services and marketing to attract the right audience. Data-driven insights empower financial firms to target potential clients more effectively, focusing on those who prioritise reliable partnerships. This targeted approach enhances outreach efforts, positioning SMBs as credible, trustworthy service providers in a market where reliability and security are key.
Fostering the trust that clients seek
Ultimately, visibility and credibility are built through a combination of strong digital presence, authentic engagement and proactive reputation management. By keeping profiles accurate, investing in positive client interactions, and addressing feedback swiftly, financial firms can foster the trust that clients seek.
Leveraging community-driven platforms and data-driven insights also allows financial firms to connect with prospects more effectively, positioning themselves as reliable and responsive alternatives to larger players. As the sector continues to evolve, firms that maintain transparency and adapt to client needs will be best placed to grow their brand in a competitive market.