Report: Quality and Excellence in Banking Services and Management

This report delves into the critical importance of quality services in the banking sector. It begins by highlighting the impact of poor service quality on customer loyalty and the techniques used to measure it, such as the Net Promoter Index and customer feedback systems. The report then examines various service quality initiatives, including digital platforms, training programs, and mobile apps, while also addressing barriers like communication issues. Furthermore, it evaluates the roles of management and employees in implementing service excellence, emphasizing the need for planning, training, effective communication, and teamwork to achieve customer satisfaction and long-term business success. The report uses the example of Thomas Cook to illustrate these concepts. The report also covers the impact of poor services on customer loyalty and the techniques which are used by entity for measuring consumers loyalty. This report also make analysis on different types of initiatives that introduced by banks to fulfill their customers needs.

Quality and Excellence

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................4
TASK 3............................................................................................................................................6
TASK 4............................................................................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Providing quality in services and Product is essential for every organization. It is
measures performance of company against perceived exception of users. The presents report is
based on the quality services which are providing by the banks (Akter, D’Ambra, and Ray,
2013). This report make analysis on impact of poor quality services on customer's loyalty and
techniques which are used by entity for measuring consumers loyalty. This report also make
analysis on different types of initiatives that introduced by banks to fulfill their customers needs.
At last, this report make critically evaluation the role of management and employees for
implementing supporting service excellence within a service based industry.
TASK 1
Every organization which is conduct ting its business operations have only one aim is to
gain maximum customer satisfaction. All the services and products which are developed by the
company to make more customers in business so entity can ensure long term growth. By
providing effective customers services the firm try to gain more customer loyalty (Allred and
Addams, 2013). Buyers loyalty is highly effected by their services which they are getting. If
company is not providing adequate services then they are not able to maintain their customers for
long term.
Impact of poor service quality
 If the banks, are not generating enough quality services then their reputation may be
damaged. Today customers are give quick review on online venture if they gain bad
experiences with the organization. Through this the reputation of bank can be damaged
and company may loos their customers. Apart from this writing negative review on social
media can also leads to other customers not making any deal with firm. Quality increases profitability of banks. If customers, of the company are satisfied then it
helps to firm to generating more profits (Kern, 2014). Satisfied customers brings more
business in organization and also helps to company generating productivity in their work.
It also leads to customers for making loyalty with banks and ensure long term business
relations with their customers.
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Techniques for measuring customers loyalty
There are different types of techniques which can be used by banks to measure the
loyalty of customers.
Net promoter index
it is the index which is used describes consumer's intentions to recommend to friends or
colleagues a company or product. Promoter is loyal buyers who recommend the brand, passively
are satisfied consumers (Mols, 2013). With the development of social media and online ventures,
the experiences of clients with a bank, or product can propagate much faster. With the help of
this index the bank invite customers to assess the relationships with institution after concluding a
deal. This evaluation take place either by telephone or via e mail. If customers recommend,
banks services to other people, friends or family, it means they are satisfied with institution's
services. On international level, NPS is regraded as the indicator of growth and profits for bank,
through which banks can adopt new products or services. It also helps to bank increases
awareness and transparency along with communication.
Customer feedback system :- It can be used for assessing the response given by consumers and
it will aid for evaluating the response that has been given by buyers. People who comes in banks
for taking services should be given with feedback form and it will aid for taking valuable
suggestions and comments from the consumers for making improvements in existing services
that are provided by banks (Xu, Benbasat and Cenfetelli, 2013).
Comment cards :- This method can also be used by banks so that views of customers towards
the services provided by banks could be identified and it will support for assessing and
evaluating the weak performing areas of the business. Testimonials from the clients can be
collected and it will help for taking feedback from the consumers about the services that are
being provided to them. It is critical that comment cards should be readily available for the
consumers and it will make them give their views regarding the services that have been offered
by the organization.
TASK 2
There are some service quality initiatives that are needs to be considered while rendering
superior quality services to consumers. It requires a strategic approach to carry out the procedure
for rendering services to consumers. Along with this it is vital to analyze the needs and
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preferences of consumers. It will aid for accomplishing goals and objectives of business in
successful manner. There are some specific dimensions of service quality that are needs to be
considered while giving services to consumers (Moulaert, 2013).
Customer satisfaction is one significant dimension that are needs to be considered while
giving services to users. Banks deals in financial sector and it is required that strategic
approaches should be used by banks so that better and effective services should be offered to
business clients. Major world wide banks are facing crisis and heavy losses as a result of poor
and illegal practices that are performed in the organization. All theses practice have given impact
on the customer confidence and it has become mandatory for banks to adopt aggressive
marketing practices so that existing customers can be retained and it will support for gaining
success and long term growth for the enterprise (Mustak, Jaakkola and Halinen, 2013).
There are many service quality initiatives that could be introduced by banks for resolving
the issues that are being faced by the banks. It is imperative that customer's perceived needs
should be fully met so that better and effective services should be offered and competitive
advantage can be gained by the business. Digital technical platforms can be introduced so that all
the operational activities can be performed in effective manner. Along with this it is required that
all the staff members should be capable enough for making use of making use of advanced and
innovative technology in effective manner (King, Racherla and Bush, 2014). Training program
can be organized in the company so that staff members can be provided with better approaches
so that they provide better services to the people living in the organization. Moreover, mobile
apps can be launched do that consumers can be made aware about the different schemes that
have been launched in the organization.
In addition to that new and attractive schemes can be launched so that consumers can be
provided with the services that have been provided to the consumers. However, there are many
barriers are faced in introducing the effective services that have been provided by the banks.
Lack of proper communication is one most important factor that gives major impact on the
service quality initiatives that are taken by banks. It is assertive that flow of communication
should be maintained so that proper data and information can be transferred and staff members
can be made aware about the different practices that are followed in the organization (Heinonen,
Strandvik and Voima, 2013). Other than this it is also required that support should be given by
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all the stakeholders of the business and it will aid for implementing service quality initiatives in
better way.
It is also required that proper funds should be allocated so that all the required initiatives
can be implemented in successful manner. Feedback can be taken from the consumers so that it
will aid for identifying areas where improvements needs to be done. It can be concludes that
there are some factors that gives impact on the implementation of service quality measures in the
organization. Along with this it is required that top management and staff members of the bank
should render their positive support so that service quality initiatives can be implemented
successfully. It is also imperative that data and information for making strategies and action
plans can be implemented in effective way (Kern, 2014). Customer care executives can be made
more trained and skilled so that they provide better and effective services to the people that are
living in the organization. More focus can be given for employee empowerment and it will help
for motivating the staff members and enhancing their morale for accomplishing the goals and
objectives in effective way. Management of bank can develop rewards and incentives schemes so
that staff members can be encouraged for performing well in their job roles. Internal promotions
can also be given to the staff members so that positive competitive spirit can be developed
among them for completing the required objectives in effective way.
TASK 3
Role of management and employees in implementing excellence service quality
The main aim of providing quality services within organization is to gain more customer
satisfaction. Service quality is an ideal concept which developed around world. This concept is
based on several scientific principles and accurate statistical measurement of quality. For
implementation quality services in very important. Management and employees play equal role
of implementing quality services withing entity. With the help of them the firm can execute their
polices (Filieri, and McLeay, 2014). Thomas cook is UK based company which is providing
services in the travel and tourism sector. Following are role of management and employees in
supporting services quality.
Role of management & Employees
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In order to implementing customers excellence the management need to great amount of
planning and research. The management of Thomas cook need to provide training to their
subordinates before implementing quality services in their business. Role of management is to
describe each role in company and assign duties in the company (.Soteriou and Stavrinides,
2013). Management of the company is responsible to implementing services that helps to raise
their customers satisfaction level. The Role of management in company is to analyses individual
performances and according to them provide training so they can make effective interaction with
customers. Apart, from this management is responsible to select individual which helps who can
work as line manager within organization. The main aim of line manager is to evaluate
performances of individual. With the helps of this approach the company can evaluate individual
performances and assign them work so they can provide quality in their services (Mok, Sparks
and Kadampully, 2013). For implementing quality services the management call employees and
address the benefits and importance of quality services to their employees so they get aware
regrading services. With the helps of effective management them the company can easily
monitor activities of their workers and also management is responsible for assign resources in the
organization so the quality services can delivery to customers. However, for this management of
Thomas cook need to conduct a lot research and it is time consuming process.
The role of employees in Thomas cook implementing of services quality service is that
they have maintained effective interaction with their customers (Xu, Benbasat and Cenfetelli,
2013). In business environment customers interaction is done by the employees so the workers
have make to make effective interaction with their customers it helps to organization to
delivering quality excellence. With the helps of employees effective interaction with customers
the organization try to gain their loyalty. In order to implementing supporting services excellence
the Thomas cook employees to need to develop effective communication. With the help of
effective communication they can understand their problems and solve their problems. It is the
responsibilities of worker to understand the problems of their customers and identify their
solution (Mols, 2013). Another role of employees in implementing supporting services quality is
to coordinated among the team. With the help of coordination and team work they can easily
implement changes.
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TASK 4
In services based organization it is important to delivering quality services in their
business. For this the organization take many initiatives which helps to them for making
continuous improvement in their services (Kern, 2014). Thee are many initiatives which are
taken by company to implementing quality services within entity. For continuous improvement
there are different techniques are available for the organization. Following are initiatives which
are taken by the Thomas cook for continuous improvement.
Management involvement
For making continuous improvement it is required to involvement of employees in
organization. The management of company can use lean program. This programs helps to them
for improving their services (Allred, and Addams, 2013). This programs the company is trying
to develop such practices which helps to them for delivering quality services to their customers.
Senior leaders need to actively participate in the activities and engage with employees at all
levels of the organization.
Employees suggestion program
Another methods which is used by company is create employees suggestion programs.
With the help of these programs the Thomas cook can identify problems which are faced by their
employees and also receive valuable suggestion from their workers (Akter, D’Ambra and Ray,
2013). It helps to organization to improving their service and also helps to them for making
changes in their management. After, receiving these suggestions firm conducting meeting with
their employees and make communication with them and also involved them in implementing
those suggestions.
Client feedback
It is the best step which is taken by the company. In this organization ask suggestion from
their customers. By receiving suggestion firm their customers the company can make
implementation top those changes within origination (Mok, Sparks and Kadampully, 2013). It
helps to them for improving their current services and implementation of future strategies. It also
helps to the company to make effective interaction with their customer so long term basis. Client
feed back also helps to Thomas cook to make effective changes in organization and develop their
services as per the requirements of their clients so they ensure long term growth.
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Give performances based incentives
Financial incentive is the best methods to motivate to employees. With the helps of these
methods the company is improve performances of their workers performance and make
motivates to them for giving better work (Soteriou and Stavrinides, 2013). In this method the
company is trying to develop such practices which helps to them for improving performances of
workers. If Thomas cook individual are self motivated then give better work and improves their
services.
Positive feedback
Management needs to consciously provide positive feedback as well, so the workforce
feels they are recognized for good performance as well. In hospitality industry it is important to
retain their employees for long term purposes. In this the organization have to give appreciation
to individuals to the can give better work (Filieri and McLeay, 2014). Apart, from this entity take
negative feedback carefully. The Thomas cook not an individual is peers in from for everyone
but the whole team represents negative feedback. It helps to individuals to improve their
performance.
CONCLUSION
Summing up the present report it can be concluded that it is vital that service quality
initiatives can be implemented in effective manner in banks. It will aid for making improvements
in existing performance of the organization and it will support for gaining competitive advantage
for the business. Along with this there are some factors such as lack of communication, lack of
proper information and lack of availability of funds in the organization. Service quality
initiatives that have been taken by the organization can be fulfilled by support given by top
management of the organization. All the efforts will support for making positive improvements
in the performance of the business.
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REFERENCES
Books and journals
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measure user perceived service quality of mHealth. Information & Management. 50(4).
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Allred, A.T. and Addams, H.L., 2013. Service quality at banks and credit unions: what do their
customers say?. International Journal of Bank Marketing.
Filieri, R. and McLeay, F., 2014. E-WOM and accommodation: An analysis of the factors that
influence travelers’ adoption of information from online reviews. Journal of Travel
Research. 53(1). pp.44-57.
Heinonen, K., Strandvik, T. and Voima, P., 2013. Customer dominant value formation in service.
European Business Review. 25(2). pp.104-123.
Kern, R., 2014. Introduction. In Dynamic Quality Management for Cloud Labor Services (pp. 3-
7). Springer International Publishing.
King, R.A., Racherla, P. and Bush, V.D., 2014. What we know and don't know about online
word-of-mouth: A review and synthesis of the literature. Journal of Interactive Marketing,
28(3), pp.167-183.
Mok, C., Sparks, B. and Kadampully, J., 2013. Service quality management in hospitality,
tourism, and leisure. Routledge.
Mols, N.P., 2013. The Internet and the banks’ strategic distribution channel decisions.
International Journal of Bank Marketing.
Moulaert, F. ed., 2013. The international handbook on social innovation: collective action, social
learning and transdisciplinary research. Edward Elgar Publishing.
Mustak, M., Jaakkola, E. and Halinen, A., 2013. Customer participation and value creation: a
systematic review and research implications. Managing Service Quality: An International
Journal. 23(4). pp.341-359.
Soteriou, A.C. and Stavrinides, Y., 2013. An internal customer service quality data envelopment
analysis model for bank branches. International Journal of Bank Marketing.
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Xu, J.D., Benbasat, I. and Cenfetelli, R.T., 2013. Integrating service quality with system and
information quality: an empirical test in the e-service context. Mis Quarterly. 37(3). pp.777-
794.
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