Lean Six Sigma Success Stories In Financial Services Industry - GoLeanSixSigma.com

Below are Lean Six Sigma success stories in the Financial Services industry organized alphabetically. For success stories in other industries, please visit our Lean Six Sigma Success Stories page.


A Process-focused Approach to Improving Business Performance

The operational performance of a business is the result of the performance of its processes in a coherent value chain delivering what customers want. A process focus in a business allows it to be tuned up, maximising opportunities and eliminating non-value added activities, with or without changing IS support.

Bank of America

Bank of America: Investing in Six Sigma

Two years ago, when Barbara J. Desoer was named global technology, service and fulfillment executive at Bank of America Corp., she immediately began applying to its IT and fulfillment practices the Six Sigma quality management expertise she had developed as chief of the bank’s consumer products group. One of the key areas where Bank of America’s IT organization has contributed to the bottom line has been through its systems integration work following its April 2004 acquisition of FleetBoston Financial Corp. The effort to consolidate systems between the two banks, which was completed last fall, helped contribute to $1.85 billion in pretax operational savings for Bank of America, says Desoer. In other merger follow-ups, the IT organization plans to combine the bank’s credit card portfolio onto the IT platforms of MBNA Corp., a Wilmington, Del.-based credit card issuer that Bank of America acquired in January. This effort, which will take 1 million staff-hours to complete, is expected to help generate $850 million in after-tax cost efficiencies in 2007, Desoer says.

Bank of Montreal

BMO Financial Group Wins International Quality and Productivity Awards Global Six Sigma Awards judge BMO among industry-leading companies worldwide: Process initiatives to provide $55 million in savings on just $5.3 million investments

Using Lean Six Sigma methodologies, BMO’s deployment, launched in 2005, has reduced errors, improved cycle-time, eliminated waste and is already anticipated to provide annualized savings of nearly $55 million over a five-year benefit period on just $5.3 million in investments.

Capital One

Capital One banks on Six Sigma for strategy execution and culture transformation

When a major shift in strategy propelled Capital One Direct Banking business in a new direction, the organization—arming itself with Six Sigma expertise and capabilities—set out to change its management model, redesign its major business processes, and nurture a culture centered around customer focus and continuous improvement. Three years later, the associates have embraced this new culture of customer focus and a commitment to continuous improvement—all with enviable results to the bottom line. The Direct Banking business has been recognized both internally within Capital One and by external organizations with numerous awards for accomplishing this impressive cultural transformation.

CenterState Bank Central

How Lean Six Sigma Can Help Your Bank

According to Chris Nichols, Chief Strategy Officer at CenterState Bank Central in Florida, “If your bank performs worse than industry benchmarks or peers, that is [a] sign that you may have inefficiencies.” In this article, Chris shares how Lean Six Sigma can help banks get to a 35% efficiency ratio to be competitive in the future and how to fix loan processing problems in a systematic way. Lean Six Sigma can help cut credit processing costs, speed performance and reduce errors!

HSBC Holdings plc

How Six Sigma transformed HSBC’s US Futures business

In a business environment where many questioned the applicability of Six Sigma, the Quality team at HSBC transformed an under-performing unit in HSBC’s Investment Banking unit with a single DMAIC project, using Six Sigma tools such as Process Mapping and Activity Based Costing and data partitioning. The result: a 274% improvement in net income and a business 100% focused on continuous improvement. This article chronicles their journey.

Island Savings

Island Savings Goes Lean To Better Serve Its Members

Focused on saving time versus money, ten employees from across the Island Savings staff recently achieved Green Belt status in an effort to empower his and her inner problem solver. In addition to problem solving, the ten employees are now empowered to make changes quickly and streamline times for both employees and Island Savings members.

Unnamed Financial Services Company

How a Cause and Effect Diagram Helped Reduce Defects By 19%

Facing a inquiry response time 4x longer than their own set standard of 5 days, an unnamed Financial Service Company turns to a Cause and Effect diagram to discover the multiple causes contributing to delayed responsiveness. By moving from “usual suspects” to an in-depth investigation to determine true root causes, this company was able to increase the number of tasks completed in 5 days to 97% – 19% better than their original rate, and 2% over their own goal.

Your Firm’s Future Is Determined Now

“Planning + People + Processes = Success.” Do you agree with CPA Gary Boomer? A firm’s future depends on a number of factors and a firm’s future also is disrupted by a number of factors. A firm must first look at all their factors and then their processes. From there, Lean Six Sigma can be used to review key processes and check on continuous improvement for leverage.

Vantage Agora

3 Ways A Manufacturing Quality Tool Applies To The Insurance Industry

There is a high error rate in the insurance industry. With that being said, there is a lot of room for improvement. With the opportunity to improve being so high, Sudhir Achar, owner of Vantage Agora, believes that turning to Six Sigma will improve his company’s quality and operations. Achar also believes that a Six Sigma level of performance should be sought after in the entire insurance industry.

View All Success Stories By Industry

Join the GoLeanSixSigma.com mailing list for new Lean Six Sigma success stories, application tips and innovative implementation ideas from highly experienced, successful process improvement experts!