IMPACT OF TOTAL QUALITY MANAGEMENT ON CUSTOMERS' SATISFACTION AND BANK PROFITABILITY
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND OF STUDY
It was once thought that a country's economy is centred on its banking sector. The banking industry plays a critical role in every country's economic growth. The banking sector's primary and most essential function is financial intermediation, in which banks operate as financial intermediaries, mobilizing cash from surplus units and making them accessible for use by the economy's deficit units. According to banks have duties to their clients, shareholders, the government, and society in carrying out their varied functions in the economy. The banking business has seen a lot of changes throughout the years, the most notable of which being the demise of the "arm chair" banking system. According to Bolman and Terrence (2017), them, the sector is still feeling the effects of competition, which has necessitated the implementation of more serious plans and efforts in the supply of banking goods and services. Other drivers of change include bank recapitalization, economic liberalization indicating the re-entry of global banks, technological innovation, and the rapidly rising complexity and demand of today's bank consumers. Customers of today's banks are more sophisticated in terms of product and service preferences. As opined by Jurow and Susan (2018), customers' access to information is growing more global as a result of increased technology and the rising globalization of the economy. Their expectations for never items and alternate delivery routes are rising. The relentless flow of globalization and the rapid advancement of technology are primarily responsible for the complexity of banking consumers. Effective customer satisfaction in Nigeria banks necessitates that quality services be the core problem and derived goal of banks.
Across the board, competition has changed dramatically away from price and toward quality. Total Quality Management (TQM) is an important component of strategic management restructuring and business process re-engineering, both of which have lately gained popularity among Nigerian banks. Many banks have grasped the concept of service quality investing (Heller 2016). As a consequence of implementing complete quality management, business process re-engineering, and their complements, they are already experiencing the benefits of customer pleasure.
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