Total Quality Management Student’s Name Institution Topic: Bank
Introduction Bank is a financial institution that offers various financial services to customers and business within the country. Banks offers 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.
Need and specification of each product / service Firstly, loan or credit services are important services that are offered by bank. Secondly, customers on the other side need savings that is another service offered by 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 risk that come in case of losses. Lastly, mortgage is highly needed for ensuring continuous infrastructure development wealth development by both customers and businesses
Value of each product / service quality Firstly, the quality of credit services that customers and business need enable the bank to recover and maintain its financial obligations. Secondly, the quality of the payment services is important for ensuring safer transaction between customers, bank and other institutions. Thirdly, the quality of savings services that bank offer to customers enable the company safe keep funds and readily avails funds to customers based on terms and conditions of savings
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