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Service quality management - Research Paper Example

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SERVICE QUALITY Date Executive Summary Prompt process automation in banking used to be an imaginary, but in today’s world, a world marked by financial and economic troubles, banks must find faster, more efficient and lower-risk service methods in order to improve customer service and shrink costs…
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Download file to see previous pages Online banking, for instance provide customers with an enhanced way of running financial processes and the rapid use of mobile payment reduce the needs for carrying cash. However, most of the times banks back office have thousands of employees that are handling customer requests. This traditional way of executing customer requests is costly and slow, lead to delays in handling customer’s needs and it contains higher error rate. In our research, it was obvious that the chance for automating the back office operations is exists. By redesigning the IT-infrastructure, banks will be able to provide the same financial services with smaller operational divisions running value-adding responsibilities, such as deal originating, loan requests, and any financial process that might require human involvement such as financial reviews. In this report, we will examine and analyze the processes of providing financial services to customers in Dubai. XYZ bank is facing a lot of quality issues in providing financial services to its customers. The process is taking long time, for example, sometimes the verification process is delayed for 7 days, and the bank is suffering the high cost of its back office. Service Quality Role in Improving Quality of Services in the Banking Industry: A Case of XYZ Bank Recent years has witnessed tremendous changes in the business world which have presented serious challenges to the performance of businesses. These changes have been attributed to a number of factors including increasing customers and shareholders’ expectations, technological advancements and increased competition among other factors (Kotler and Keller, 2006, p. 23). The banking industry is one of the industries that have been greatly impacted by the changes in the business world and particularly the technological advancements. Service quality is one of the areas that many banks have focused on in an effort to gain competitive advantage over their rivals. Service quality is defined as the sum effect of service performances that are essential in determining the level or degree of satisfaction of a particular user of the services being offered or provided (Harvey, 2008, p. 584). Quality is viewed as what the customer perceives of a certain delivered service by a particular service provider. Service quality can thus be said to be the comparison that a customer makes between his expectations with the service provider’s performance. Banks use the service quality tool to improve their employees’ productivity and customer satisfaction (David, 2001, p. 86). This paper will investigate the role that service quality plays in improving quality of services in the banking industry by looking at a case of the XYZ bank. It will look at the key issues of the bank, their consequences and how the bank is dealing with these issues. Service quality is a critical determinant and prerequisite of competitiveness for creating and sustaining satisfying relationship between service provider and the customers (Wang and Wang, 2006, p. 4). It is thus an important indicator and measure of customer satisfaction and organization therefore needs to pay more attention to service quality that can lead an organization to gain a lasting competitive advantage. Banks have wildly employed service quality as a tool of evaluating performance of their service (Berry and Zeithami, 2009, p. 45). The advent of internet has incredibly ...Download file to see next pagesRead More
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