Can you really trust your virtual banking service?

Trust is the foundation of any relationship, even with our bank. Feeling that we can trust the institute that takes care of our money is a key element in choosing the right financial services provider. 

The online world brings many opportunities our way but also contributes to the lack of trust we sometimes feel towards virtual services. Customers might worry that there’s no way of telling whether the virtual banking service we’ve chosen is legitimate, trustworthy, and fitting. But there are several ways to find out if our money is in the right hands. 

Do the math: Check the virtual banking service’s ranking

There are numerous rankings worth examining. The app stores include rankings from real customers, and different industry lists let us know which companies and executives are considered leaders in their field. Websites like Fintech Ranking create a detailed profile of each company they review. You should take these lists with a grain of salt, as they often tell the story of great PR, not excellent service, but serious rankings would probably refrain from including untrustworthy companies. Do your research and learn if the financial service provider’s overall ranking is satisfactory and if other services are considered significantly better. 

A teaching experience: Read customers reviews

The same sources may include customers’ personal and detailed opinions of the service you’re testing. Since many factors can influence people’s ranking, this should help you understand what customers with the same preferences as you thought about this virtual banking service. Visit review websites like Trustpilot to learn what other users think of this financial service. Once again, practice critical reading, as many brands use paid reviews. 

Probably the most important part, however, is to pay attention to how the brand responds to less-than-flattering reviews because it will tell the story of its customer support level and attention to users. A lack of response or a passive-aggressive tone is a clear warning sign. 

Have a word: Ask peers and friends

Reviews from anonymous users are a great starting point, but you want to hear directly from people you recognize. Publish a question on your favorite Facebook groups and forums, where real people you know (to some degree) will be able to comment. If strangers reply, visit their profile to make sure it’s not fake. For instance, there are unique Facebook groups for Filipinos, Indians, Nigerians, and Thais in Europe, which can answer your needs and questions.

Your friends and family will also be happy to share their experience of using different services and may be able to do so more freely when the entire web isn’t looking. Approach them privately and ask specific questions based on your own expectations. Someone else could be happy with a service only because it offers great customer support, which you may not be focused on in your search. A great clue that someone is excited about a specific service would be an invite via the company’s referral program. Rewire’s referral program, for example, grants invitees two fee-free money transfers and adds credit to the inviters’ accounts. 

When done correctly, your due diligence will be very revealing and informative. It will guide you to the virtual banking service that fits your schedule and needs while preventing the frustrating journey of testing various tools and apps that don’t do the trick. Show you care about your financial assets and put your money where your trust is.