A survey of financial companies shows that improving the services given to consumers is more important in driving choice of new technology than cutting business costs.

The survey was carried out byFocus Solutions, a UK company offering technology, business solutions and other services to UK firms. The survey was taken  from almost 130 delegates at a recent business conference in London.

The importance of ensuring customers got good service also featured as a high priority in discussing the UK Financial Service Authority’s recent review of how the financial industry distributes its products to the UK public. Some 43 per cent of companies polled said the FSA’s Retail Distribution Review will give customers more confidence in the quality of advice they get from advisors.

The RDR is designed to raise the quality of financial advice and draw a sharper distinction between the business of providing advice and selling products to the public.

Elsewhere in the survey, more than a third of respondents found that the ability to adapt quickly and easily to future legislation was a key challenge for organisations operating in the new regulatory world.