Choosing the wrong 3-pack of tea towels? Not so terrible. But choosing the wrong financial services provider? That can be a serious headache. Not to mention the potential hit to your hip pocket.
To set themselves apart and make the reinvention of the Australian consumer finance experience even more transparent and trustworthy, Wisr began working with Trustpilot.
Time to Wisr up
Wisr is an Australian-based ASX-listed purpose-built non-bank lender – with a difference.
They care about two things most of all: improving the holistic financial health of all Australians and helping their customers make smarter financial decisions. Wisr combines a two-pronged offering of ethically structured loan services with a platform to aid their customers with financial tools, tips and education. Think round-up tech, credit score and file health checks, psychology and behaviour science-based money coaching and a heap of other useful bits.
Oh, and that customer-focused approach works. At last check, 47% of Wisr loan customers who engaged with the Wisr Financial Wellness Platform make regular prepayments, paying off their loans sooner — compared to 34% of non-users.
Helping Australians make smarter decisions regarding their financial health is at the core of Wisr’s mission, and Trustpilot was the perfect choice to partner with to help with that. James Rendel, Wisr’s Head of Customer Experience, noted that they “wanted to work with a company that could collect, manage, and display customer reviews to improve conversions, help get the word out there about our customer-centred services and importantly give us insights into how we can improve and make our customer experience even better.”
After setting up a Trustpilot business profile and inviting customers to submit genuine reviews, Wisr strategically decided to use their reviews to continually improve their customer experience and business insights.
First, they embedded Trustpilot reviews into their loan application journeys. These were specific to the different products and purposes of the loans, which meant a greater degree of relevance to customers. They'd see vehicle loan reviews if they were searching for a vehicle loan.
And this specificity paid off, with a substantial improvement in click-through rates on these loan application journeys.
SEO and traffic to talk about
In addition to having reviews embedded on the Wisr site, their team also runs and maintains a business profile page with Trustpilot.
Beyond being an excellent hub for receiving valuable reviews, business profile pages benefit companies from an SEO standpoint. And the rewards for Wisr were substantial: 41% and 30% referral traffic lifts in the last two years. That’s a lot of potential new customers coming to take a look at their offering.
Social Successes and Deep Dives
So they had outfitted the Wisr website with embedded Trustpilot reviews. And they’d set up their Wisr Trustpilot business profile page, driving traffic to the site. But the team had even broader ideas for the partnership, so they started applying Trustpilot material to their organic social posting.
And their reviews are delivering value internally as well.
The operations and product teams at Wisr analyse the reviews for customer sentiment, bottleneck, friction points, and well-received offerings. We’ve talked about the virtuous cycle of using feedback properly before, and this is a textbook example of using reviews to their true potential.
One easy data source, a multitude of wins
If the breadth of Wisr’s practical use of Trustpilot reviews seems impressive, then we should probably talk — you too, could be seeing traffic, CTR, social engagement and internal analysis improvements in a matter of weeks. Take the first step and build out your Trustpilot business profile page below.