Next Level AI, Next Level ROI. Meet Samba 2.0
4.4. Ratings & Reviews
App ratings and reviews provide valuable user feedback that is publicly available on your app store listing.
For financial apps, user approval is crucial, as people pay close attention to ratings and reviews to make sure they pick a simple and secure app. These reviews influence their perception of the app’s ease of use and data safety features.
Here are some important stats to consider before responding to user reviews:
- According to Verizon’s survey, nearly half (42%) of users feel that banking and finance apps should provide comprehensive details about their data policies and practices.
- Creditnews found that 3 in 4 financial apps share data with third parties, including IDs and email addresses. Users expect financial apps to safeguard their personal information, so discovering that their data is being widely shared can cause mistrust and may result in a flow of negative reviews and decreased ratings.
- Alchemer’s benchmarks indicate finance apps have an average star rating of 4.7, based on 90,774 star ratings and 719 app store reviews. Android users provide more feedback than iOS ones.
- People are more likely to download apps with a rating of 4 stars or higher. Our data shows that a 3-star rating can cut conversion rates by nearly half compared to a 5-star rating. Therefore, it’s crucial to aim for a minimum 4-star rating.
- The first few reviews under the app listing impact conversion rates just as much as the overall rating. For instance, if the first review is negative (1-2 stars), it can significantly lower conversions, even if the app has a generally high rating.
- App Radar data shows that ratings and reviews are key for 90% of users when evaluating apps, and 80% check them before downloading. Our experiments reveal that up to 25% of iOS users and 19% of Android users scroll to the review section, highlighting why moving from a 3.0 to a 4.0+ rating can boost conversions by triple digits.
To improve your app’s performance, it’s essential to regularly monitor and engage with user feedback by:
- Prioritize responses to negative reviews first, particularly those highlighting data and technical issues.
- Replying to positive reviews to express appreciation and reinforce loyalty.
- Responding to featured reviews, as these are the first ones new users encounter.
- Replying to updated reviews.
According to Google, developers who respond to user reviews see an average star rating increase of 0.7 points. Timely responses are key, as most users will forget about the app within a day.Engaging with reviews not only improves your app’s rating but also helps with product development by revealing what users like, dislike, or want to see improved. With 79% of people checking at least one review before downloading, this feedback plays a vital role in user loyalty and retention.
