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Service Quality and the Banking System

Companies and especially service companies should further develop and improve their service quality in order to satisfy their clients. The ancient Japanese phrase "Customers are kings", is now truer than ever; customers are determinant for the development and direction of a business. .
             To determine the meaning of service quality we should focus on the customer and its perception of such quality. Is believed that customers are fully satisfied if service quality is accomplished and it directly affects the demand for a certain service product. As we can see, quality is a very important tool of service providers and their offer on this market. By establishing the demand and offer for a product, quality directly affects profits and other financial variables of business performance. High quality leads to profit growth, as it satisfies the customers need and fulfill their expectations. Following this logic, service quality should be seen as a strategic force and a significant source of advantage in the competitive market in which the company operates. .
             Basing the service in quality, help the firm to develop a competitive advantage and recognizable image on the market; this makes it harder for potential competitors to enter the market or compete with a similar service. This strategy leads to a bigger market share and higher profits but has one disadvantage; the company cannot develop a copycat strategy in some point of its activity from its competitors and has higher costs. While defining product quality is quite easy, as it is something that we can see and touch, the problem gets bigger while we have to define service quality. Some authors claim that the problem in defining this term stands in its nature. According to this theory, customer's perception of quality depends on same benchmarks, if a certain service can be standardized. They emphasize the relationship between service quality and satisfaction, whereas some other claims that satisfaction depends on a larger number of variables or factors.


Essays Related to Service Quality and the Banking System

1. Banking Industry Analysis

But interest rates are the fundamental aspect of any financial services. Therefore, I believe the financial services industry will be deeply affected by rising interest rates. ... Interest rates were low, credit quality was good, and inflation was low. ... But good times can't continue because interest rate hikes cause reduced lending activity, damaged credit quality, and reduced values of bond portfolios. ... From there the US banking system would be less secure in terms of dollar values that many people would move their money overseas into a more stable economic situation. ...

  • Word Count: 714
  • Approx Pages: 3
  • Grade Level: High School

2. Banking On The Internet

Along with quality and location of Advance Bank, security is a big issue to continuing success in the banking industry. ... By offering a variety of banking services and investment advice through the telephone and the Internet, Advance Bank developed a banking system that surpassed the other banks in Germany. ... In order to reach this high level of service quality, well-trained call center agents are needed to make the customer's banking experience more pleasant, comfortable, convenient, and efficient as possible. ... Advance Bank has a niche and a differentiated quality service tha...

  • Word Count: 1101
  • Approx Pages: 4
  • Grade Level: Undergraduate

3. Regulation in the Banking Business and Its Effects

These regulations cover and monitor all areas of their operations, service offerings, credit quality and quantity, capital position, and the manner in which they grow and expand their facilities. ... In the United States, banks are regulated through a dual banking system; they are governed at both the state and federal level. ... The Federal Deposit Insurance Corporation (FDIC) protects depositors of failed banks, promotes stability and maintains public confidence in the banking system. ... Major banking laws passed since the civil war that impact regulation of banks because of the agencies or...

  • Word Count: 1613
  • Approx Pages: 6
  • Has Bibliography
  • Grade Level: Undergraduate

4. Principles of Islamic Banking

Yet Muslims need banking services as much as anyone and for many purposes: to finance new business ventures, to buy a house, to buy a car, to facilitate capital investment, to undertake trading activities, and to offer a safe place for savings. ... Islamic banking is widely regarded as the fastest growing sector in the Middle Eastern financial services market. ... The best known feature of Islamic banking is the prohibition on interest. ... This is unlike the interest-based commercial banking system, where all the pressure is on the borrower: he must pay back his loan, with the agreed interest...

  • Word Count: 3690
  • Approx Pages: 15
  • Grade Level: Undergraduate

5. Citigroup

Consistent quality performance is at the base of continued global growth. ... Citigroup is the first financial services company in the United States to bring together banking, insurance and investments under one umbrella. ... The Financial Center Network is comprised of local offices and complemented by electronic delivery systems, including ATMs and the World Wide Web. Specific products and services include basic banking accounts, investment services through Citicorp Investment Services, CitiTerm life insurance, CitiPhone banking, and CitiGold accounts, which integrate banking, borrowing, an...

  • Word Count: 4989
  • Approx Pages: 20
  • Grade Level: Undergraduate

6. Identify The Steps Taken By Menton Bank Asia To Develop A St

Customer Service Representatives (CSR's) were now expected to: 1) Offer polite suggestions that customers use automated teller machines (ATM's) for simple transactions. 2) Stimulate customer interest in the broadening choice of financial services offered by the bank. • It was no longer just the routine for CSR's to only provide bank services such as receiving, paying out and keeping accurate records of all monies for customers, but rather providing customers with the highest quality services, with special emphasis on recognizing customer needs and cross selling appr...

  • Word Count: 527
  • Approx Pages: 2
  • Grade Level: Undergraduate

7. Information and Service economy

If service quality is sacrificed for internal efficiency, customers (and their wealth) will turn to the competitor who gains their trust in products, services and quality of care. ... However, to deliver a quality service, it is first necessary to determine the level of quality expectations that consumers have for a particular service industry. ... Research has shown SERVQUAL to be an effective and stable tool for measuring service quality across service industries.(Parasuaman et al., 1985, 1988; Zeithaml et al., 1990 1993) This scale was developed and validated using producers in four servic...

  • Word Count: 2215
  • Approx Pages: 9
  • Grade Level: Undergraduate

8. Customer And Supplier Requirements - Banking

To achieve successful customer service, the business must have the involvement, support, and commitment of the entire organization. ... It reads, "To empower our employees to do an outstanding job for our clients, our community and our shareholders by consistently providing innovative, secure and quality financial services and solutions" (First National Bank of Arizona, n.d., para. 1). ... These departments include: Merchant Services, where business customers can set up credit card accounts; Retail Banking, where individual and business customers can open demand, savings, money market and inve...

  • Word Count: 1054
  • Approx Pages: 4
  • Has Bibliography
  • Grade Level: Undergraduate

9. Cisco Systems Business Strategy

The few alternatives that Cisco's management might consider include implementation of the web services, strategic alliance with a telecommunication company, creating networking products for residential use, venturing into United Kingdom, producing software packages and marketing its internal network system. ... ed strategy for Cisco would be to develop and market its internal network system, known as a Globally Networked Business System, with addition of an accounting information system. ... Both the Globally Networked Business System and the accounting information system will be expecte...

  • Word Count: 10823
  • Approx Pages: 43
  • Grade Level: Undergraduate

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