It takes financial institutions many years to build their reputation, but it can be tarnished or destroyed in a matter of hours. That is because people are quick to air their complaints about poor customer service or disappointment with products in a public manner online. When prospective clients read these reviews and comments, it could send them away before they ever reach out to your company. In the Internet era, what people say about your company on social media has a larger influence than what it says about itself through formal advertising.
Companies that provide financial services either thrive or dwindle based on their reputation alone. It doesn’t matter if you manage an insurance agency, bank, credit union, or investment firm. You simply can’t take the chance of risking your reputation.