Abstract
Purpose – The purpose of this paper is to present a review of literature on the evolution and applicability of quality management practices in financial service organizations and key findings from secondary research in their efficiency and effectiveness. Design/Methodology/Approach – This paper presents some of the critical success factors and challenges that financial service faced by adopting quality initiatives. Also, it addresses benefits of Lean, TQM and Six Sigma which have improved performance in different organizations, by cutting costs and waste, as well as improving customer satisfaction. Findings – The result of this paper illustrates that most of the financial service organizations have adopted one or more of the quality initiatives in order to remain competitive. Some of them have faced difficulties during the implementation, because of the obstacles within organizations, which are more resistant to change compared to manufacturing ones. Originality/Value – This paper will have significant value to the financial service organizations and research community. DOI: 10.5901/mjss.2015.v6n2s5p218
Highlights
Arta Koka GrubiPurpose – The purpose of this paper is to present a review of literature on the evolution and applicability of quality management practices in financial service organizations and key findings from secondary research in their efficiency and effectiveness
The importance of quality management practices has increased lately in financial service organizations
The quality management practices are analyzed by identifying two approaches, such as the applicability of quality initiatives in general based on surveys (Wilkinson et al, 1995) and Li et al (2001), and specific quality initiatives used by financial service sector
Summary
Purpose – The purpose of this paper is to present a review of literature on the evolution and applicability of quality management practices in financial service organizations and key findings from secondary research in their efficiency and effectiveness. Design/Methodology/Approach – This paper presents some of the critical success factors and challenges that financial service faced by adopting quality initiatives. It addresses benefits of Lean, TQM and Six Sigma which have improved performance in different organizations, by cutting costs and waste, as well as improving customer satisfaction. Findings – The result of this paper illustrates that most of the financial service organizations have adopted one or more of the quality initiatives in order to remain competitive.
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