MGT 406: Total Quality Management

Running head: TOTAL QUALITY MANAGEMENT 1
Total Quality Management
Student Name
Institution

TOTAL QUALITY MANAGEMENT 2
Table of Contents
1. Introduction to Bank topic...................................................................................................................2
2. Introduction to product/service..........................................................................................................2
2.1 Need and specification of each product/service................................................................................2
3. Study details........................................................................................................................................3
3.1 Value of each product/service quality...............................................................................................3
3.2 Characterizes needed for each product/service to define each as quality product/service..............3
3.3 Benchmark for each quality criteria...................................................................................................4
3.4 Methods to upgrade the quality of the product/service...................................................................4
4. Conclusion...........................................................................................................................................5
5. Reference............................................................................................................................................6

TOTAL QUALITY MANAGEMENT 3
1. Introduction to Bank topic
The bank is a financial institution that offers various financial services to customers and
business within the country. Since time in the memorial bank has remained one of the dominant
financial institutions that offer a variety of financial services to customers that range from
individuals, businesses, organizations and government institutions. Banks offer services that
include credit services, financial transactions, and payments, insurance and mortgage services to
clients. The product and service quality management is an important aspect of bank business
since it enables proper service delivery to customers. Banking being a financial institution has
various quality management criteria that enable maintenance of quality standards of products and
service.
2. Introduction to product/service
2.1 Need and specification of each product/service
Various institutions need banking services in order to have the smooth financial operation
within the organization. Each product or services that are offered by banking institutions are a
need at different levels within the organization. Firstly, loan or credit services are important
services that are offered by the bank. Business needs loan whether larger business, medium or
small size loans that are produced and services offered by the bank (Talib, Rahman & Qureshi,
2012). Secondly, customers on the other side need savings that is another service offered by the
bank in order to have wealth and investment. Thirdly, business and customers need various
financial and payment methods that bank offers for ensuring safer transactions and payment for
goods and services. Fourthly, insurance is another service that banks offer to customers and is
highly needed for minimizing the risk that come in case of losses. Lastly, the mortgage is highly