Banking on Total Quality

Abstract

Examines how US and British financial institutions are implementing TQM to differentiate themselves from the competition. Discusses how customer satisfaction is achieved through customer care programmes, quality action teams, improved internal and external communications, and quality performance standards. Contends that an emerging trend in the sector is that of quality performance standard setting, measuring and monitoring. States that the financial sector is responding to this challenge by concentrating its focus on providing quality services to its customers. Concludes that customer care programmes, action teams and improved communications are the first step; the next step in maintaining the competitive edge is the establishment of quality performance standards, and devising systems for measuring and monitoring their effectiveness.