Open AccessEfficiency Improvement and Quality Initiatives Application in Financial Institutions
Author(s) -
Ajtene Avdullahi,
MSc. Vjosa Fejza
Publication year - 2015
Publication title -
iliria, international review
Language(s) - English
Resource type - Journals
eISSN - 2365-8592
pISSN - 2192-7081
DOI - 10.21113/iir.v5i1.13
Subject(s) - profitability index , business , revenue , six sigma , operational efficiency , finance , profit (economics) , quality (philosophy) , customer satisfaction , lean six sigma , quality management , industrial organization , marketing , lean manufacturing , economics , philosophy , epistemology , microeconomics , service (business)
Financial institutions in today’s economy have no longer the luxury to improve profit simply by increasing revenue. These firms, due to the significant measuring reductions in the financial services industry needed to improve operational efficiencies and merely support existing processes with fewer resources. This paper explains the benefits of Lean, Six Sigma, Total Quality Management and Lean Six Sigma that have improved organization's performance, by cutting costs and waste, improving their products or services, increasing profitability as well as enhancing customer satisfaction. The applicability of quality management practices in financial institutions in Kosovo is presented and also their efficiency and effectiveness. By analyzing data from Raiffeisen Bank Kosovo, this paper highlights the benefits of Individual and Micro companies customer segment as the result of organizational change and successful application of quality initiatives from financial institutions in Kosovo.