Learn From Your Customers

A look at customer satisfaction in Wealthtech

Tuesday 10 October 2023
Business spiral ceiling

When Wealthtech emerged, the Fintech by-product democratized the financial space by leveraging financial technology that allowed anyone with an internet connection to invest. It has since reached a value of USD 9788.46 million as of 2022.

With Wealthtech’s fast growth and development only picking up pace, we wanted to get an ear to the ground, gain insight into customer preferences and discover ways to achieve customer satisfaction for marketers in the sector. What better place to start than our own backyard?

We looked at multiple Wealthtech companies and identified some interesting trends.

Customers often tied their approval to ease of use, transparency, excellent customer service, personalized interactions, and useful offerings. Negative reviews often mention problems with customer service, fees, communication, and trustworthiness. 

The good

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The most common phrase is “easy.”

Many reviewers used “easy” often to describe the simplicity of using apps, processes, set-up, onboarding, or accessing support. Some reviewers commented they were relatively new to investing and didn’t want a complicated product. The Wealthtech platforms with the highest positive reviews offered regular checks from support, conversations without complicated investment jargon, and patience. 

Customers love transparency. 

Reviewers liked seeing and understanding fees, market changes, reports, dashboards, and the company's charitable work. The general feeling was that honest and transparent companies were safe places to keep and take calculated risks with their money. 

Great customer service goes a long way.

Any company that manages an individual’s life savings, taxes, debts or hard-earned cash must be reliable and human-first. There were a great deal of reviews focused on customer service and positive feedback. Many reviewers remembered the customer service representative they spoke to by name; they noted that calls or support requests were answered quickly and courteously, and the follow-ups by advisors were happily noticed. While some didn’t mind using robo-advisors, there was a preference for a human touch. 

There was a level of personalization to these customer interactions that built trust with the reviewers. Many customers preferred a long-term investment option. They didn't want to constantly search for the safest place to lay their nest eggs.

Smooth user experience and impressive tech wins out.

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Many reviewers extensively discussed the features and services they enjoyed. A trend emerged with clean user interfaces and apps featuring secure sign-on. They liked AI, referrals, roundups, fast transfers, easy bank account changes, portfolio overviews, and diverse trading tools. Additionally, a few reviewers praised the diversity and strength of their portfolios, which, when combined with excellent customer support, resulted in happy customers. 

Good educational content is welcomed.

Most reviewers commented on how thoroughly researched and practical the educational content was in five-star reviews. The amount of information provided was excellent. It was presented clearly and catered to individuals with varying levels of financial knowledge. 

The bad

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Disconnected customer service incites the most negative reviews. 

Customer service is a significant talking point on both sides of the Wealthtech experience coin. Reviewers gave detailed testimonies on how bad customer service from several Wealthtech companies created a disconnect between them and their finances.

People complained about the frequent use of automated advisors. They also complained about a lack of response to support tickets, calls, or chats. Additionally, they expressed dissatisfaction with the poor financial advice provided. Some even made accusations of theft. 

Hidden fees are never a good thing. 

Even legitimate Wealthtech companies received many reviews on the pain of hidden fees and sudden charges with little explanation. Many customers will not read the fine print, where additional charges are sometimes missed. Another complaint referred to surprise fees when moving from a basic subscription to an advanced one without prompting the customer. 

Lack of communication creates confusion. 

In many one-star reviews, there was a common lack of communication on the service side. During the application stage, they did not explain rejections or offer alternatives. Some reviewers claimed that the company held their money without their consent. 

There are accusations of untrustworthy behavior

Finances are personal, and good companies come with the promise of safety. Reviewers observed several instances of bad behavior. These included being forced to sign up with unauthorized emails, keeping money without explanation, not checking advisors, and lacking transparency. 

A large number of blocked accounts

The most frequent complaint was around blocked accounts. Some missed closing because of funds held; others couldn't access any money to pay bills or buy food. 

Key takeaways

  • The future of Wealthtech is bright, but there is always room for improvement. 

  • Customers require a more personalized approach to making their financial decisions. 

  • Robo-advisors handle boring tasks, but people with financial expertise are preferred for better investment advice. 

  • Customers are understandably sensitive about their finances, so customer service should be a priority. 

  • Transparency is vital for success; dashboards and other forms of data visibility are required. 

  • More educational content and portfolio guidance are a plus.

  • Finally, communicate with customers about any and every change to their accounts.

Request a free demo here if you’re ready to start collecting reviews to understand your customers’ needs better.


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