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CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
It was believed that a nation’s economy is at its financial system. The banking industry performs very important function in the economic development of any nation.
The primary and the most important function of the banking sector is the financial intermediation functions in which banks act as the financial intermediaries, mobilizing funds from the surplus units and making them available for the use of the deficit units of the economy.
In carrying out their various function in the economy, bank have responsibilities towards their customers’ shareholders, the Government and the society.
The banking industry had gone through a number of changes over the years and the most prominent of these changes is the ending of the “arm chair” banking system.
In their words, the industry continues having the impact of competitions, which brought about the need to put in place more serious strategies and effort in the delivery of banking products and services. Other sources of changes include, recapitalization of bank, liberalization of the economy signaling the re-entry of global banks, advancement of technology and the rapidly increasing sophistication and the demand of today’s bank customers.
Today’s banks customers are more sophisticated in terms of their taste and demand for products and services. The customers are becoming global in terms of their access to information world-wide as a result of improved technology and the increasing globalization of the economy.
Their expectations for never products and alternative delivery channels have been on the increase.
The unstoppable tide of globalization and the speed of improving technology have been mainly responsible for the sophistication of the banking customers.
Effective customer satisfaction in Nigeria Bank require that quality that services should be the central issue and derived objective of banks.
Universally, competition has shifted significantly from the battle field of price to quality. Total Quality management is an important element of strategic management restructuring and business process re-engineering which have become popular recently among Nigeria banks. Many banks have captured the essence of investment in service quality.
They are already reaping the benefit of customer satisfaction as a result of embarking the total Quality management, business process re-engineering and their compliments.
1.2 STATEMENT OF PROBLEMS
Quality has been found to be the elixir which provides the necessary leading edge in a completive environment especially in the present banking environment. Having fully classified the problems of the study, the researcher hereby state the following research question which are to serve as guide to the study:
• What are those factors bringing about changes in the product delivery methods of Banks?
• How can banks cope with the growing competition in the industry?
• How can banks cope with the ever changing demand and orchestration of the customers towards what constitutes values?
• What constitutes quality financial products and services in the perception of the customer?
• Will the implementation of total Quality management strategy facilitate improvement in the quality of product and services delivery in banks?
• How can banks cope with the want and needs of customers?
1.3 OBJECTIVE OF THE STUDY
This study has its major objective to be:
• To study how total Quality management can bring about significant effectiveness customers relations and profitability and corporate image of bank.
• To study the output performance of Nigeria banking system.
• To study the need for quality product/ services in banking
• To consider how total quality management can be effectively implemented in banks.
• To consider the relevance of Total Quality management in banking.
1.4 RESEARCH QUESTIONS
The questions related to this work are:
• Does Quality Management have any effect on the performance of the bank?
• What kind of effect does Quality Management have on the performance of the bank and
• To what extent does Quality Management implementation affect customer satisfaction?
1.5 HYPOTHESES OF THE STUDY
To identify the achievements of the desired objectives, the following hypotheses are formulated:
H0: Represents Null Hypotheses
H1: Represents Alternate Hypotheses
HYPOTHESES I
H0: Quality management variables will have negative influence on banks productivity.
H1: Total quality management variables will have great influence on banks productivity.
HYPOTHESES II
H0: Total quality management variables will have negative influence on customer’s satisfaction.
H1: Total quality management variables will have a great influence on customer’s satisfaction.
1.6 SIGNIFICANCE OF THE STUDY
Looking at the volume of investment required to execute a formidable quality instrument such as TQM in bank, one would agree that it is important to be able to convince ourselves that such investment would yield some gains for the bank before embarking on such a project.
Thus to say that this study is justified is merely repeating the obvious as without a study like this it might be difficult to get the support of quality advocators and sympathy of other members of the organization.
Apart from this management, we will also not be able to measure the benefit derivable from their huge investment in implementing quality programmes such as TQM. A study like TQM will therefore provide a guide towards evaluating the gains of implementing a quality program both for organisations who has done that and those that are still in the process.
In summary, the following listed points could be considered as justification for a study just as this:
• It provides an opportunity to critically evaluate every quality program in line of what benefit it will yield.
• It provides a good basis for the justification of proposed quality program for the advocators of such program.
• It shows vividly what organization stand to gain or lose it implementing quality programs such as TQM.
• Finally it exposes organization and other readers to the rudiments of Total Quality Management philosophy.
1.7 THE SCOPE OF THE STUDY
This research work covers the performance of first Bank Plc. in the years before and after the implementation of Quality Management in the organization.
It is a study designed to compare the implementation of the Total Quality Management principles in First Bank Plc. with the performance of the banks using turn over and profitability as a measurement yard-stick for the banks performance.
1.8 LIMITATION OF THE STUDY
• Network interconnectivity to enhance elaborate research
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