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, maximizing 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 Australia
Commonwealth Bank of Australia Recognized for Process Excellence
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
BMO Financial Group Wins International Quality and Productivity Global Six Sigma Award
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 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!
Eau Claire County
How $19k in Stolen Checks Forced This Company to Revisit Their Processes
“The minute that we had this in hand and we’re looking at what had occurred, changes had been made by the very next day and meetings had been had between the various parties to look at process and make process Improvement,” she said. “So we didn’t wait. We put those in place immediately.”
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 member.
Meyers Brothers Kalicka
Accounting Firm Meyers Brothers Kalicka Buys Time With Six Sigma
The back-room operations of Meyers Brothers Kalicka (MBK), a Holyoke-based accounting firm, has strengthened its relationship with clients and improved overall processing time thanks to Six Sigma. Taking the lead in her company’s process improvement journey, Melyssa Brown saw inefficiencies within MBK’s interactions with their clients and the unreliability of receiving, maintaining, and organizing documents accessed by multiple departments. By creating an online portal, employees are now able to access a client’s information in one place. As a result of the firm’s implementation of Six Sigma, MBK has seen more positive interactions with clients and has allowed employees to make better use of their time.
Mortgage Bankers Association
How Radius Financial Group Is Building a Millennial Workforce
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!
How Roma Finance Is Disrupting the Bridging Finance Market With Lean Six Sigma
Roma Finance, a mortgage lender based in Manchester, England, reports the implementation of a major Lean Six Sigma project to analyze every aspect of it’s bridging process. Resulting in 45 process improvements, Roma presented twenty key wins in July. By utilizing the voice of the customer, Roma learned that the key drivers in customer acquisition were deliverability, speed of completion and simplicity. By focusing on the cycle time in completing these specific processes, Roma has managed to complete more than 70% of new business within 15 days, with the current average in the industry being 43 days, according to a recent study.
Seven Singapore and Hong Kong Jobs That Banks Just Can’t Find Candidates For
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?
Does Your Firm Have Technical Debt?
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.
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.