Millington Savings Bank has qualities applied to all four dimensions on their product and services. Quality of design plays an important role in the banking world. This dimension has much to do with market research. Market research is basically the homework a business needs to do to find the area of there consumer business. With a bad sense of marketing research, could be the breaking point of whether or not a business will succeed.
The next form of dimensions is Quality of conformance. This means the producing of a product to meet a certain specification. In our case of a bank, this business needs a certain form of service that doesnt make mistakes. A service from a bank needs to be at a hundred percent for there clients to keep there money with them. If you are holding a persons life savings, they need to feel safe, and without that, you dont have a business.
The third dimension is abilities. If you have to use a bank and talk to someone when ever you want, you can. Even though banks are known for only being open till around 4, you still have service lines or call centers that can meet your every need twenty four hours a day, seven days a week.
The final dimension, which I believe is the most important one, is field service. This requires honesty. Without honesty to your clients, then they lose honesty in you and will find another bank. Honesty is crucial when it comes to a humans personal money.
The quality of service that our company uses would have to be quality of design, the abilities, and lastly field service.
Some new ideas banking companies should consider would have to be a way of increasing interest rates. Banks are giving the lowest interest rates most people have ever seen, if they can somehow come back with higher returns on peoples money, I think that bank could hold a majority of the peoples money in this world.
