According to a recent consumer study commissioned by fintech Kasasa, nearly nine in 10 Americans say positive customer reviews and positive word of mouth reputation would be influential in deciding which financial products to select. The December 2018 study was conducted online by The Harris Poll and garnered responses from 2,018 U.S. adults ages 18 and older.

Additionally, the study showed that positive feedback was especially important among Millennials, with nearly half saying positive customer reviews and word of mouth reputation would be very influential in selecting financial products.

To further support the importance of positive customer interactions, 77 percent of Americans would be more likely to open a new account at a new financial institution if someone they know recommends it.

“The data prove that reviews can make or break a consumer’s decision,” Kasasa CEO Gabriel Krajicek said in a statement. “By focusing on improving the customer experience, community banks and credit unions can attract and retain new customers. When you also consider that three in four Americans would choose a local financial institution if they had banking products equal to those offered by megabanks, it means those local institutions have a fighting chance. They can capitalize on what they’re already good at – service and reputation – and optimize their offering to take back market share.”

According to PwC’s most recent Consumer Intelligence Series: Experience is Everything, 73 percent of respondents point to a positive customer experience as the most important factor in their buying decision, yet only 49 percent said companies today provide a good customer experience. This creates an opportunity for local financial institutions to compete with megabanks by creating exceptional outcomes that can be shared with potential customers.

Based in Austin, Texas Kasasa is a fintech and marketing provider that works with over 900 community financial institutions.