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MGT 406 : Total Quality Management

Added on - 07 Oct 2021

  • MGT 406

    Course

  • 11

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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,mortgageishighlyneededforensuringcontinuous
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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