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Ekonomski institut , Belgrade , Serbia
Ekonomski institut , Belgrade , Serbia
Ekonomski institut , Belgrade , Serbia
Total Quality Management (TQM) is contemporary approach to QMS that considers all the aspects of the management system for continuously improving the quality of products, services and processes. After it experienced phenomena success in the industrial sector, it was applied to service organizations, such as banks. Numerous studies confirm that organization committed to TQM achieve better results in several business dimensions. The purpose of this paper is to investigate the importance of TQM application in banking sector of Serbia. Serbian banking sector has undergone tremendous changes regarding structure, ownership, competition and in general it changed its modus operandi. Economic globalization and liberalization together with economy transition led to severe changes where several foreign banks have entered the market and acquired large customer base and market share. In the meanwhile, as a result of this transformation financial culture, customer demands and expectations changed. Part of the article refers to reviewing the actual relevant literature of TQM and its implementation in the service sector, and in particular in banking industry. Also a framework on TQM importance measurement is proposed in the form of questionnaire. This questionnaire was distributed to bank employees at highest hierarchy in order to analyze importance of TQM in the Serbian banking sector.
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