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 experienced by customers while their deposits have not cleared;
Any tasks that require approval may be targeted as the ‘Waste of Intellectual Capital” if the decisions could have been made at lower levels. Banks are constantly trying to balance risk management to prevent fraud while not overburdening their processes with inspections and wait times that can annoy customers and increase labor costs.
There are lots of opportunities in banking processes for the application of Lean Six Sigma!