Advisers best at client relationships: Finsia
Financial advisers are way ahead of banks and credit card providers in terms of creating close professional relationships, according to a new study released by the Financial Services Institute of Australasia (Finsia).
Furthermore, developing close professional relationships is key to the improved perceptions of fairness among financial services customers, the study has shown.
Professor Steve Worthington, who led the study, said those financial service providers able to develop close relationships with customers over a period of time have a distinct advantage over others in positively influencing their perceptions of fairness.
"Overall, financial advisers did well compared with their bank and credit card counterparts," he said. "This was not surprising, given the opportunities they have to build personal relationships with their clients."
However, banks suffered significant decreases in customer sentiment as the relationships lengthened.
"Customers did not perceive that long relationships with their banks led to improved treatment," Worthington added.
Credit card providers fared worse than financial advisers and banks in a number of areas, the study has shown.
Worthington said credit card providers do not have the benefit of strong interpersonal relationships with their customers, and may need to review some policies and procedures impacting customer interactions in order to explore other ways to improve customer sentiment.
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