Lean case studies in financial services

Audit, compliance, and legal operations. They went with The Lab due to its deep experience in financial services business process re-engineering.

Lean case studies in financial services

Contract with Car Dealer Closed End: Car Dealer Opportunity for Defects: Additionally, the team was not used to working as a team: The first team meeting was a very quiet exercise with obvious and hidden finger-pointing.

However, the Black Belt did an excellent job in influencing the process owner, by helping him to understand and see the benefit of Six Sigma. Lessons Learned Make sure senior management buys in to Six Sigma first. Show staff at all levels right from the start that Six Sigma is an imperative that contributes to the strategy of the company.

Supported by an external market research company, the team developed a client satisfaction survey that was conducted by telephone with about car dealers. The results Figure 1 were a surprise: About 60 percent of the dealers mentioned non-existing or poor communication with the bank as the biggest driver for dissatisfaction.

About 20 percent indicated the interest rate for the car loans seemed too high. Client Survey Results During the Analysis phase, the team focused on those two issues.

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The team first decided to examine the communication process between the sales team and the clients. Surprisingly, it found that there was no process.

Lean case studies in financial services

The sales representatives complained about the workload they had to do every day. They were kept busy preparing reports, making sales presentations and attending a lot of internal meetings. They did not really focus on talking to their clients.

One of the typical comments was: Some of the clients did not know the newly reduced interest rate of the bank. The root cause for this serious fault was that the communication channel between marketing and operations simply did not work well.

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Immediate action was taken to inform all clients about the better rate. Lessons Learned Do not assume the company knows what the customers want.

Do not blame people for problems. It is the process which needs to be fixed.

Implementing the Lean Approach in a Financial Organization

Another reason for business growth was the communication of the new rates, which were more aggressive and competitive. The Six Sigma team developed solutions for addressing the main problem root causes: Development of a communication process between sales representatives and clients.

Development of a monitoring tool to alarm sales in case of inactivity of clients. Redefinition of internal interfaces to improve communication between departments. Especially during the Improve phase, the presence and support of one of the car dealers was essential.

He gave the important input about how often and in what way he would like to be contacted by the sales force. The solutions required some financial investment. Getting approval was easier than the team had thought it would be. The major factor was the data about the additional business and about the decrease in the rate of inactive car dealers.

The team used the data to extrapolate the growth for a one-year period and compared that figure with the estimated cost of the solutions. The sales director supported the solutions percent.Lean Six Sigma can also bring about significant results and breakthrough improvements in financial services, as demonstrated with four case studies from Dutch multinational insurance companies.

Lean & Six Sigma in Financial Services: Case Study Norwich Union Life Presented to the IQPC Six Sigma Summit January, by Matt Fahy Director of Transformation. The value of lean management in financial services 10 Making change stick An interview with Richard Hemsley of the Royal Bank of Scotland Group 16 Slowing down to speed up: Expanding lean across a network 24 Scaling up a transformation An interview with Jeroen van Breda Vriesman.

Six SigmaQualtec SNAPSHOTS OF SUCCESS Financial Services Case Studies COMBINING LEAN METHODS WITH SIX SIGMA toll free phone email [email protected] caninariojana.com New Securities. Case Study Shows Six Sigma Role in Financial Services Uwe H.

Kaufmann 0 An international bank with 50 branches in Germany and approximately employees decided in to adopt Six Sigma in all its business units in Europe.

Case Studies Financial Services A Top 3 Super-Regional Bank Financial Services Group Case Study: Implementing Lean Banking Operations Case Study. Eastern United States. Situation: Control Retail Banking Costs and Improve Efficiency.

The bank suffered from its own success. Years of improving marketing and product development swelled volumes.

Lean in Finance, Smartly Different - Case Studies & projects