The fourteen points of Total Quality Management applied to banks (to answer this question) are mentioned below:
The bank should have a purpose of loyalty while improving the products and services offered by it.
The bank should adopt new philosophy.
The bank should not be dependent on audit to achieve the quality.
The bank should not award itself on controlling cost alone rather the bank should work towards minimizing the total cost involved.
The bank should improve constantly and forever the planning, production and service process.
The employees should be trained within the company.
The bank should act as a leader and should encourage leadership.
The bank should be able to remove any kind of fear in the minds of the employee.
There should be minimum barriers between the various staff areas.
The bank should try and eliminate slogans and targets for the employees.
The bank should also try and eliminate any numerical quota or numerical goals for the employees.
The bank should also remove the annual rating system as it hurts the sentiments of the employees.
The bank should have a self improvement program for the employees of the company.
The bank can achieve transformation by making all the employees working towards that goal of achieving a transformation.
Doing the job right the first time + effective customer contact handling = increased customer satisfaction/ brand loyalty
This formula mentioned above means that when an employee engages himself with any of the customers, his primary job is to focus on customer satisfaction. This kind of experience can be given to the customer by understanding the concerns of the customers and helping the customer in solving those concerns. This would help the employee to resolve the customer query at the first instant. This would help the customer in experiencing customer delight. The customer will have confidence in the employee and would seek for his help when ever required.
In case an emergency occurs and the issue needs to be resolves instantly for the particular customer, the customer will contact only the employee who has always helped him and he would become a single point of contact for the customer. The employee would come to know the customer better and the customer would in turn trust the employee for all the banking needs. This whole experience would result in increased customer satisfaction and he would remain loyal to the brand with which the customer banks.