Surveys show that about half of consumers are willing to travel farther and pay more to engage with a business that has higher reviews, and things like review quantity, quality, consistency, relevancy and diversity play a part in their decisions, as well.

Luckily, technology has made it easy to interact with consumers in a way that meets their needs and demands. This playbook covers some of the things that banking institutions can do to be competitive in the sea of online reviews. Examples include:

• Using your smaller size to your advantage by ramping up with new technologies and accessing digital tools more quickly than larger competitors.
• Listening to customer needs. TAB Bank found texting customers led to open rates of about 90 percent, compared with 20 percent for emails.
• Utilizing platforms like Podium to send easy-to-use links that makes leaving reviews intuitive for consumers.