Measuring Business Performance using TQM in Banks: Lessons from the Pandemic
Sukhjinder Singh Tagger
Research Scholar, Deptt of Management Studies,
SBBS University, Jalandhar
Richa Sharma
Research Scholar, University Business School,
Punjab University, Chandigarh
Abstract
It is a well-known fact that TQM has wide acceptance and implementation across all the manufacturing and service sectors including banks. The CoVID-19 pandemic has brought a lot of changes in doing things. The pandemic not only changed the dynamics but has also brought new challenges before us. The financial service providers including banks and para banks have made new policies and adopted new strategies, methods and techniques to deliver the services to their clientele or customers. These providers, including banks, have been attempting to deliver their products and services to their customers while maintaining quality, safety and standards, which could enhance the experience and expectations of their customer base. The banks are quite busy in innovating new ideas and technologies which could provide better services to their customers while adhering to the safety protocols, which are a new normal. The present paper investigates the change that has forced the banks to adopt new ways of doing the business, the lessons that the banks have learnt from the pandemic to make the banking business more safe and sustainable in the ‘new normal’ with the use of modern technology without any adverse impact on the quality of service and customer experience.
Keywords: TQM, TQM and pandemic, TQM in banks, Lessons from pandemic.