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Impact Of Total Quality Management On Customers’ Satisfaction And Bank Profitability
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CHAPTER ONE
1.0 INTRODUCTION
It
was believed that a nation’s economy is at its financial system. The
banking industry performs very important function in the economic
development of any nation.
The primary and the most
important function of the banking sector is the financial intermediation
functions in which banks act as the financial intermediaries,
mobilizing funds from the surplus units and making them available for
the use of the deficit units of the economy.
In carrying
out their various function in the economy, bank have responsibilities
towards their customers’ shareholders, the Government and the society.
The banking industry had gone through a number of changes over the
years and the most prominent of these changes is the ending of the “arm
chair†banking system.
In their words, the industry
continues having the impact of competitions, which brought about the
need to put in place more serious strategies and effort in the delivery
of banking products and services. Other sources of changes include,
recapitalization of bank, liberalization of the economy signaling the
re-entry of global banks, advancement of technology and the rapidly
increasing sophistication and the demand of today’s bank customers.
Today’s banks customers are more sophisticated in terms of their taste
and demand for products and services. The customers are becoming global
in terms of their access to information world-wide as a result of
improved technology and the increasing globalization of the economy.
Their expectations for never products and alternative delivery channels have been on the increase.
The unstoppable tide of globalization and the speed of improving
technology have been mainly responsible for the sophistication of the
banking customers.
Effective customer satisfaction in
Nigeria Bank require that quality that services should be the central
issue and derived objective of banks.
Universally, competition has
shifted significantly from the battle field of price to quality. Total
Quality management is an important element of strategic management
restructuring and business process re-engineering which have become
popular recently among Nigeria banks. Many banks have captured the
essence of investment in service quality.
They are already
reaping the benefit of customer satisfaction as a result of embarking
the total Quality management, business process re-engineering and their
compliments.
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ABSRACT - [ Total Page(s): 1 ]A research cannot be carried out if there is no missing link or lacunars or it there is no question unanswered. Total quality management has been seriously dealt with in this research work to know it impact on customer satisfaction and bank profitability to some unanswered questions as to give answer. Chapter 1 familiarized us with the meaning of total quality management, the purpose of the study; it even states the research hypothesis, limitation and constraints, significance of ... Continue reading---
