A Study on Total Quality Management (TQM) of Banking Sectors in Madurai City

Abstract

Banking sector has undergone intense competition and a change in customers’ expectations over the last few years especially after the recession .The importance and increasing attention to service quality in financial institutions is fully justified by the socio-political changes that have arisen. Amongst these changes, we can point to the economic globalization, which has brought about a reversal in consumer habits for banking services. In recent years, banking institutions have been subjected to intense competition too. Quality Management is the mechanism that can be used by banks to gain the competitive advantages. Banks can become stronger and effective only if they come out with better customer service, quality, costs, and innovation. Today, customers have a wide choice of service providers and they would opt for only the best service providers in terms of quality, reliability and profitability and who are at par with international standards. Therefore, the quality of service plays a dominant role and is a primary factor in ensuring the survival of the service provider in the global market. The whole focus is now concentrated on providing services to customer beyond his expectations. This concept is applicable to all service industries and has given birth to the concept of TQM in service sector. TQM starts with leadership committed to quality. Hence, the present study focused on the Total Quality Management (TQM) of Banking Sectors in Madurai City.