LOMA: Financial Firms Need Better Customer Relations National Underwriter (Life and Health Financial Services Edition) (01/15/02) Vol. 32, No. 1 p.A20; Schultz, Ellen E.
LOMA released a report indicating that financial institutions fail to keep up with customer service needs and expectations, which could cost them an estimated $700 million annually. About 55 percent of consumers that rate their institution high on both customer relationships and quality indicated that they would maintain all of their business at one provider. The report suggests that financial institutions should tailor more products to meet customer needs, provide more personal contact, make the customer feel appreciated, and anticipate customer needs more often.