Bangladesh banks can adopt Kaizen

Kaizen, a concept developed in Japan, refers to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. It is a management concept that promotes constant, small-scale improvement in all areas of an organisation. By using Kaizen concept, banks in Bangladesh may better understand consumer preferences. Banks can quickly enhance their operations by identifying weak spots and bottlenecks through regular feedback gathering and analysis. The core principles of Kaizen are waste elimination, process simplification and resource allocation optimisation. This leads to less paperwork; easier approval procedures and shorter client wait times in the banking industry.

Banks in Bangladesh can provide frequent training sessions and seminars to inform employees about the concepts and practices of Kaizen. The banks can use data analytics to pinpoint areas that need to be fixed, rank efforts and assess the results of changes they have made. They can efficiently allocate resources and concentrate on areas with the greatest potential for improvement by using data-driven decision-making. The concept of Kaizen can enable banking to improve client satisfaction, boost productivity, give workers more freedom and lower risks. Kaizen is a never-ending process that calls for constant learning and modification. The exchange of expertise, frequent performance evaluations, and chances for staff to gain knowledge from both triumphs and mistakes could all be encouraged by banks. Banks may establish themselves as industry leaders by fostering innovation and providing extraordinary value to their clients through adoption of the principle of continuous development. The banking industry in Bangladesh can prosper further if the concept of Kaizen is adopted.

Shamim Iqbal,

shamim14du@yahoo.com