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Financial Planning > Behavioral Finance

LOMA: Financial Firms Need Better Customer Relations

By Staff Writer

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NU Online News Service, Jan. 15, 9:05 a.m. – Financial services institutions are often failing to keep up with consumer service expectations, according to a new report published by LOMA, Atlanta.

The authors of the report estimate service failures cause financial companies to lose $700 million in lost profit opportunities each year. annually.

But 55% of consumers who rate their primary financial institution high on both service quality and customer relationship attributes say that they are very likely to keep all of their business with one provider, the authors write.

The most important customer relationship attributes for financial providers are: tailoring products to customer needs, providing a personal contact, anticipating customer needs and making the customer feel appreciated, the report says.

The report was written by consultants at Peppers and Rogers Group, Norwalk, Conn., a marketing consulting firm.