Banking

Lean Six Sigma Q&A - GoLeanSixSigma.com

What are the best Six Sigma Methodologies to use in mortgage banking and where can I find the tools to help me perform them?

The nice thing about process improvement tools, is that many concepts and tools can apply to any industry, whether it is manufacturing or transactional-service related. As a matter of fact, there are many financial service companies that have applied Six Sigma in their mortgage processes, such as Bank of America, Wells Fargo, Union Bank, and…
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Lean Six Sigma Q&A - GoLeanSixSigma.com

What types of waste exist in the banking sector, specifically in fulfillment and service departments?

Banking, like other service industries, has many customer touch points so wastes truly impact effectiveness as much as they impact efficiency. As a simple example, when customers are attempting to open accounts the actual work that goes into making that happen amounts to minutes, but customers often experience days of delay “waiting for checks to…
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Lean Six Sigma Q&A - GoLeanSixSigma.com

If we were to eliminate Wastes in any form, how would we be able to convert the waste into dollar value in order to convince a Bank to start adopting Lean?

The calculation you’re looking for is COPQ or Cost of Poor Quality. The idea is to calculate the labor hours saved by removing waste and then multiply them by the average loaded salary of the process participants impacted. In the case where Defects cause the process to “scrap” products, you can calculate the lost value…
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Lean Six Sigma Q&A - GoLeanSixSigma.com

What are some examples of wastes in a banking institution?

Wastes in banking fall into the same categories as other transactional processes. In terms of examples of the Eight Wastes, there is: “Transportation” or touches related to the number of times a check is handled before it is deposited; “Inventory” shows up as emails waiting for answers or transactions waiting for batch processing; “Waiting” is…
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