Quality and Productivity Improvement in Banking

Manufacturing productivity in the US has surged impressively, but service industries, including banks, have been making essentially no net improvement in productivity. In the 1990s, financial organizations will be leaner and more flexible. The most important concern will be quality of service. Manag...

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Bibliographic Details
Published in:Financial managers' statement 1991-09, Vol.13 (5), p.11
Main Author: Thor, Carl G
Format: Article
Language:English
Subjects:
Banking industry
Customer services
Implementations
Improvements
Internal customers
Productivity
Strategic planning
Total quality
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Summary:Manufacturing productivity in the US has surged impressively, but service industries, including banks, have been making essentially no net improvement in productivity. In the 1990s, financial organizations will be leaner and more flexible. The most important concern will be quality of service. Managers will pay increased attention to external customers and will develop formal customer satisfaction systems for internal customers. Localization of decision making will require more local data in order to maintain accountability. Leading banks must direct efforts toward a significant cultural change to meet the needs of the 1990s. Total quality management (TQM) is an encompassing philosophy and process of change. Since it involves profit improvement, competitive strength, and customer service, quality planning must be integrated into the bank's overall strategic business planning.
ISSN:0887-4808