Reputation management for banks and broker-dealers involves the promotion of positive media coverage and online reviews. This builds brand awareness and reputation for merchant banks, hedge funds, financial advisors, financial planners, private equity firms, and M&A firms. This type of reputation management requires legal, tech, PR, and marketing expertise. It is crucial for banks and broker-dealers if they wish to gain the trust of the public — especially those investors who remember the 2008-2009 financial crisis.
Individual financial institutions can improve their own reputations while improving the reputation of the entire banking industry. Negativity can be combatted with positive reviews solicited from satisfied banking customers. A financial institution should respond to all reviews—negative and positive—with gratitude and a willingness to help. They can also work with influencers, build relationships using social media, implement content marketing, and run advertising to counter negative press.
By 2022, it is forecast that more than ¾ of Millennials will engage in digital banking. That is significant, considering that Millennials are currently the largest adult group in the U.S., and stand to inherit $68 trillion within the next quarter-century. This age group is more reliant upon online reviews than any other. That makes online reputation management for financial services companies more important than ever, going forward.