Quality Improvement Process in National Bank of Fujairah
Quality improvement process in national bank of fujairah
National Bank of Fujairah was established in 1982 and has recorded an excellence performance in the corporate and commercial banking, treasury and trade. In the recent times, the bank has expanded the services offered and now includes personal banking options. The bank supports many industries that range from oil production, manufacturing to the service industry among other sectors in the economy of the UAE and regions (The Bank for Business in the UAE, the Pride of Fujairah). It has cultural heritage, strong, solid track record, deep market insight and focus on the market and innovations, which helps it to develop and sustain good relationship with its partners. The Bank facilitates opportunities for growth in the ever-changing marketplace. The bank was incorporated in the UAE. It plays a proactive role in facilitating progress of the indigenous community by celebrating cultural heritage. The bank cultivates relationships with customers by providing them with the best financial, innovations services as well as the delivery service. It also provides good environment that allows staff and partners to pursue personal and professional development.
Key Research Questions and Objectives
What factors contribute to the standards of quality rendered at National Bank of Fujairah that in turn impacts on the business?
What actions can be undertaken to expand and enhance the quality of services offered?
Aims of Report
Read more about Research Paper Writing Help for Any Student. Feel free to order your paper from Essays-Services and forget about your worries.
To critically assess standards of the quality of services offered at the National Bank of Fujairah and improve where it proves crucial for the Bank to maximize its profits and goals of expansion and growth in the ever-increasing business environment through research.
In the recent times, there is an increased competition within and outside the banking industries among financial providers (Kock, 2005, 12). Business environment has increasingly grown competitively. As a result, institutions have to restructure in terms of the quality and services rendered to stay competitive and relevant in the business (Harrington, 2001, 9). Studies have been conducted by scholars and experts among business professionals and most of the findings reveal that types and standards of quality in any business whether involved in production of goods or services, such as noted in the case, determine and shape success of business. Service industry, especially banking sector, has been affected greatly by the standards of quality of services rendered (Verma, 2009, 32). It has, therefore, led to many banks and financial institutions to conduct out a research of the best practices worldwide that lead to customers satisfaction in regard to the quality of the rendered services. Different models have been developed that categorize and cluster various business entities into groups depending on the type of service rendered (Born, 2004, 5). The models show the best possible practices that the businesses can be involved in to improve the quality and standards of the services and goods offered (Desel, 2004, 14). Improving the quality in business leads to many gains and profits not only in the short term, but in the future as well. It is because when customers get value for their money they establish long-term commitment and become loyal to the business that they deal with, which enhances success of the business in the present and future perspective. Business environment is ever-changing and, therefore, the continuous research has to be conducted by business organizations to determine and note the current trends and expectations by the consumers to keep on a par with their demands and expectations (Denscombe, 2012, 17). The time that it takes for transactions and other business processes offered by a bank is critical, which impacts greatly on the business. Technology and innovations, as noted in other different fields and sectors, have to be considered and factored in the process of initiating changes that are channeled towards enhancing the quality of the processes and products offered by banks. It is recommended that the clients among other stakeholders have to be consulted in terms of the type and standards of quality that they expect from the businesses (Tsai, 2002, 3). It should be the guiding point and framework that businesses have to use for improving the quality and processes that they get involved in (Andersen, 2007, 12). In the process of formulating the changes and strategies to improve the quality, indicators have to be formulated that determined early in advance if the desired results and outcomes are going to be realized. Early intervention has to be done to rectify the challenges that might derail the process of quality improvement in the business (Loon, 2004, 27). The methods used have to be effective and efficient to the business that results into improved quality in the services offered by the business. The costs involved in the process of raising standards should be viewed as investment in the business because of the surety in terms of business sustainability that is witnessed in the short and long term.
Literature reviews and interviews were the methods used to collect data from the clients and staff of the bank. The two methods have been chosen to facilitate a broad approach and understanding of the critical issues affecting the quality of services rendered. The bank is among the fastest growing in the UAE and has realized double-digit profits in the recent times serving businesses and individual needs in financial matters.
1. Literature review
Literature review was used to collect information about the bank. It involved a review of various pieces of literature, including textbooks, articles on the quality management systems, new articles about the bank, company records and statements, and other online sources.
2. Qualitative interview
Qualitative interview involved detailed interviews with the bank employees. The interviews targeted senior managers in departments.
Questions for the interview
1. How has the business incorporated technology in improving the quality of services rendered?
2. What challenges does the business face most while improving the quality of services offered?
3. What measures and standards guide the type of quality offered by the Bank?
4. What role do the clients have in the process of formulating the quality of standards offered?
5. Does the business embrace research in finding out the quality challenges faced by the business?
6. What role do the employees have in improving the quality of services offered by the business?
7. How does the government policy regulating the banking sector influence the operations of the Bank in the course of quality improvement?
8. Does the business view quality improvement technology and processes as investment or costs and expenses?