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Posts Tagged ‘Financial Services’

Aligning Call Center Agent Goals with Customer Desires

Within online banking call centers, there may be no bigger improvement opportunity than the agent call-handling process.

Art of Integration with the Help of Lean and Six Sigma

It may seem un-Six Sigma-like to use art concepts in a discussion of Lean/Six Sigma and the merger of two large financial institutions. But in fact, any serious approach to integrating two complex organizations can benefit from thinking in terms of art as well as science.

Australian Bank to Revamp IT with Lean Six Sigma

To prepare for a three-year IT overhaul, Australia’s Westpac bank is applying Lean Six Sigma methods to improve customer service.

Bank Deposits: A Black Belt Case Study

A Black Belt used Six Sigma to improve a transactional bank deposit process, resulting in yearly savings of $4 million.

Bank Uses QFD to Increase Its Share of Equity Loans

Bank of the Southwest decided it was not getting its fair share of the equity loan business. A project team used QFD to design a new, much faster loan process. The result was an amazing 80 percent increase in bank customer equity loans.

Business Process Reengineering in a Six Sigma World

Using Six Sigma DMAIC with traditional BPR efforts provides a customer-centric view of project identification within an organization. Six Sigma's DMAIC problem-solving discipline within a BPR effort can help an organization address its problems.

Case Study Shows Six Sigma Role in Financial Services

An international bank, decided in 2003 to adopt Six Sigma in all its business units in Europe. It then set out to implement one of its priority business strategies - significantly grow its car loan business in the next two years.

Case Study: DFSS Used to Improve Account Setup Process

The bank in the following case study had been encountering problems with new customer accounts. The bank’s senior management decided to execute a Design for Six Sigma project to improve the information-gathering process for account setup. The project team followed the Define, Measure, Analyze, Design, Verify (DMADV) roadmap.

Check Imaging Improvements with Lean Six Sigma

In this case study, Lean Six Sigma was used by a bank as the method for reduced costs and happier customers via its check imaging process, while avoiding any legal liabilities.

Customizing Process Improvement for Financial Services

Companies in financial services can find ample opportunities for process improvement, but traditional improvement methodologies and tools need to be customized to target the specific challenges of financial services.

Demand for Six Sigma Hires Rising at Financial Firms

In the last two years of the Great Recession, financial firms have shown a heightened interest in hiring executives who are familiar with the rigors of the Six Sigma methodology, according to a representative from executive search firm Russell Reynolds Associates.

Designing Financial Services with DMEDI

The basic Six Sigma toolkit does not provide the rigor needed to invent a new product or service (or completely overhaul an existing process) - DMEDI does.

DFSS Drives Results for Financial Services Firms

Lean Six Sigma remains a popular and effective tool to improve efficiency in financial services operations. However, many financial institutions are finding that identifying and reducing incremental defect variability does not fully maximize the full spectrum of improvement opportunities. To…

Digging for Data: Insurance Companies Strive to Improve

Many property and casualty (P&C) insurers struggle with timely and efficient claims processing. In working with P&C companies consulting groups found three common challenges that project teams must address to improve the overall claims settlement process.

Driving Financial Services Excellence with Kaizens

Last year, business process outsourcing firm Firstsource, based in Mumbai, India, was one of the participants in the iSixSigma Live! Summit & Awards program in the Most Successful Start-up category. Recently, iSixSigma caught up with Chandeep Singh, Executive Vice President,…

Enhancing IT Quality Metrics with Six Sigma

By implementing Six Sigma to measure the performance of its IT products, ING Direct enabled its teams to improve the quality, throughput, speed and continuous improvement with which they deliver features and functionality to the customer.

EverBank Appoints MBB Brantl as Operations, Process Leader

EverBank Commercial Finance, an equipment financing subsidiary of Islandia, N.Y., USA-based EverBank, has named Curtis C. Brantl, a certified Six Sigma Master Black Belt, as the company’s new operations and process leader.

Fast and Intense: Kaizen Approach to Problem-Solving

Kaizens are improvement events where a group completes most or all of a DMAIC cycle on a narrowly targeted high-priority issue in just a matter of days. The model has been so successful that it has been adapted for a wide variety of uses.

Fast Start Collecting Data on Financial Service Process

In any financial service process that is being studied for the first time, it's common for Six Sigma teams to spend one-third to one-half of their project time on data collection alone. Here are three tips that may help teams get a fast started.

George Group, DeLeeuw Associates and iSixSigma Partner to Advance Financial Services Quality Through Focused Six Sigma Portal

George Group, DeLeeuw Associates and iSixSigma Partner to Advance Financial Services Quality Through Focused Six Sigma Portal

Getting the Bugs Out: VOC Analysis and Scenario Planning

Organizations can keep their customers delighted by brainstorming about ways to help them meet their goals and testing solutions on internal employees.

How to Make Interbank Image Exchange a Reality

More and more banks are using Design for Six Sigma (DFSS) to help them to take full advantage of such modern processes as electronic check presentment, thereby reducing expenses and increasing profits.

Improving Debt Collection Rate, or How to Gain $865,000

A collection agency was able not only to retain a complaining client's business thanks to a Lean Six Sigma project, but also to use the capability improvements it gained from the project as a selling point with both current and prospective clients.

Improving Financial Services Through TQM: A Case Study

A young, rapidly expanding company in the financial services sector with no previous experience with total quality management (TQM) learns the value of a formal program to improve quality.

Lean Banking: It Is Not Always Just Single-Piece Flow

There are many projects where Lean is not about flow and pull, but about straightforward waste reduction. The key is to make Lean thinking (and usability) a key building block of the design and the review of IT applications.

Learning to Recognize Process Waste in Financial Services

To help Six Sigma practitioners in financial services begin developing a “waste-sensing” ability, here is a description of seven specific types of process waste that someone is doing somewhere in virtually every company right now.

Leverage Six Sigma to Manage Operational Risk in Financial Services

To escape from post-financial crisis times, financial services companies need to effectively and efficiently manage their risks. This article showcases how financial services can leverage FMEA and control charts to manage their operational risk and reduce costs.

Linking OpEx with Your Project Management Office

A quality leader at a financial institution is deploying an Operational Excellence program across his organization that already has a project management office (PMO) in place. Recently he asked iSixSigma’s Discussion Forum about the pros and cons of using a…

Making Use of DFLSS to Cultivate a Shared Compute Farm

One approach to providing fast responses even with highly complex computations is distributed computing, or creating a shared compute farm. Making this work is a matter of integrating hardware, software and people resources. And DFLSS can help.

Mashreq Financial Firm Wins Four Accolades at UAE Quality Forum

For the second year in a row, financial services firm Mashreq, based in the United Arab Emirates, took home at least one award at the Continual Improvement Symposium Competition 2010, organized by the Dubai Quality Group.

Master Black Belt Glickman to Head Marketing at Hilco Appraisal

Hilco Appraisal Services, based in Northbrook, Ill., USA, has hired Master Black Belt James D. Glickman as the company’s chief marketing officer.

NWP Services Hires Castro to Lead ISO, Six Sigma Quality Programs

NWP Services Corp., a provider of real-estate financial transaction processing services, has announced that Rick Castro has joined the company as managing director of its ISO and Lean Six Sigma programs, reporting to Vaughn Chase, vice president of operations.

Productivity: More than Just Speed

An insurance firm discovers through value stream mapping that it must fix its broken processes before it can increase its productivity sustainably.

Quick Wins in Quotation Wait Times

A Black Belt project helped a financial services firm discover that their quotation process was not aligned with the needs of the customer.

Reducing Delays in Service Processes with Rapid Setup

Job processes that include non-value-added work which increase delays and extend work in progress are common in service functions. They usually are accepted as "the way work is done." But a rapid setup method can help streamline those processes.

Reducing IT User Downtime Using TQM – A Case Study

This IT case study was done during the implementation of TQM in a financial services company with several hundred computers and computer users in multiple locations throughout India. The results have widespread applicability.

Role for Design of Experiments in Financial Operations

The underused DOE tool can be valuable to financial services businesses when they realize the reason it is a favorite in general business environments: It is an extremely efficient way of identifying what matters in a process and what does not.

Scorecard Can Balance Different Measures of Success

A company using Lean Six Sigma must, for optimal impact, balance both financial measures of success (voice of the business) and customer measures of success (voice of the customer). The balanced scorecard is a great tool for doing exactly that.

Scorecards Help South African Bank Reap Savings

Standard Bank Group – one of the largest financial institutions in South Africa, with more than 1.33 trillion rand (R) (US$200 billion) – recently released a case study about how it deployed Lean Six Sigma methods to reduce waste and errors, and also created a balanced scorecard system to track its progress.

Six Sigma Execs in Demand to Cut Costs at Financial Firms

Demand for tech-savvy financial executives trained in the Six Sigma methodology is rising as investment management firms look for new ways to cut costs and streamline their processes, according to a new figures released by executive search firm Russell Reynolds Associates Inc.

Six Sigma Methodology for Credit Risk and Credit Scoring

Six Sigma is a mindset that ensures problems are approached with rationality and based on a scientific procedure. So why do science-oriented credit risk managers sometimes resist Six Sigma, even in organizations that embrace the methodology?

Six Sigma, Process Reengineering and Prototyping

With no Design for Six Sigma experience, a financial services company used traditional process reengineering and the concept of prototyping to leverage Six Sigma and implement end-to-end process improvements based on the customer's perspective.

Sustaining Change with the SUCCESS Model

Sustaining change and building stakeholder engagement follows a model, known by the acronym SUCCESS, which stands for sponsor, understand, commit, connect, enable, support and sustain.

The Right Data: Why Actual Activity Is Better Than Aggregated Counts

Data is typically collected as a basis for measuring success and, ultimately, taking action. However, unless data is viewed realistically – separating opportune signals from probable noise – the actions taken may be inconsistent with the data collected in the first place.

Using Blended Optimization to Quantify the Qualitative

Some large U.S. financial institutions have sought in recent years to develop risk-rating scorecards to help them become much more quantitative in how they evaluate and assign risks. Six Sigma can provide that path to better risk-rating scorecards.

Using DFLSS to Evaluate a New Loan Referral Process

A bank saves resources by evaluating the feasibility of an idea early on, using Design for Lean Six Sigma (DFLSS).

Using Triage to Manage Process Workloads in Services

Finding ways to manage workflow and minimize congestion, and the delays it causes, is a common challenge in service businesses. One of the most effective tools for dealing with congestion is triage.

XL Group Names Black Belt Norton Deputy Chief Enterprise Risk Officer

Financial services firm XL Group has appointed Six Sigma Black Belt Fielding L. Norton III as senior vice president, deputy chief enterprise risk officer.

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