The Control Phase is the last phase of DMAIC, and ensures that improved processes continue…
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.
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, maximizing opportunities and eliminating non-value added activities, with or without changing IS support.
Bank of America
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 Australia
Commonwealth Bank of Australia (CBA) Group Executive of Enterprise Services has recently accepted an award at the Process Excellence Week Conference. The CBA group is always excited about serving the customers’ needs. Since January 2004, the group has been focused on building individual capability through Lean Six Sigma.
Bank of Montreal
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.
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
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!
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 member.
Mortgage Bankers Association
The average loan officer in banking is 54 years old. Bringing younger people into the industry and creating more diversity in the industry is a goal! To support the goal, the online Mortgage Bankers Association has brought Lean Six Sigma to current industry workers in an effort to make business process improvements. One step at a time!
On the hunt for a career in financial services? Singapore and Hong Kong are looking for you! Global firms in these Asian countries are having a hard time finding Lean Six Sigma certified candidates for open positions despite the number of candidates out there. Are you one of them?
Technical debt is a common and highly specialized term in the software development industry. “Lower is better, and if it’s high, then you may have one or more technical debts in place.” The best way to discover this kind of debt and take action is with Lean Six Sigma.
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.