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Finacial Services Six Sigma Success….

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  • #24358

    Mr IAM
    Participant

    Does anyone have any success stories of Six Sigma in Financial Services?  Are any companies doing it well?
    Struggling to get SS off the ground if F.S. myself… Thanks!

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    #58439

    bb_banking
    Participant

    Take a look at the banner in the upper right.  There are case studies on service organizations including Banks that have deployed LSS within Operations.  In addition, how other organizations including hosptials, local government  and aero companies have leveraged concepts as well.
    Companies like Nationwide & Huntington Bank are deploying these concepts as we speak. Does any company do it well?  Depends on who you talk to! Some will be advocates while others the opposite.  Exec. committment will make or break a true LSS program otherwise you will get local improvment with mininmal economic benefit to the organization.
    Good Luck.

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    #58440

    bb_banking
    Participant

    Here are some additional thoughts as you deploy LSS based on my experience in deploying LSS within a large midwest bank approx. 4 years ago.
     
     We took a grass roots approach which though not ideal, was the direction that decided to take.   We piloted LSS in operations but masked it behind our own name called FOCUS.    This purpose was to prove concepts at the grassroots and gain buy-in from the leadership that the concepts does work and have significant impact cross functionally.  In my experiences, it has been sometimes better if the more senior managers support it more actively and proactively.  As for getting buy-in/support/pull for the interventions – mostly by forcing senior management to become engaged. Generally what happens is that certain groups and managers get more active and more supportive and their groups show better results.  Peer pressure takes care of the rest.  We have been able to help this along by promoting the early adopters. Our first project was a success and as a result, the other leaders came knocking at the door to engage with there LOB.  Today, the Black Belts are thriving throughout the organizations and working on CTQ projects that impact service, cost and quality.
     
    Other things to consider
     
    ·         Don’t apply the tools in an area not ready…it will not represent normal circumstances and therefore any benchmark data to be used with others in the organization will be inaccurate. E.g. if I apply it in an area that has not foundation for improving performance, the cycle time for execution and results may be negatively impacted. 
    ·         Start small, build successes, sell, sell, sell and sell
    ·         Be selective with your hosts for pilots…need a great sponsor and someone who is respected within the organization. This way when success occurs, this individual is advocating with an impact amongst peers much greater than your own.
     
    Good Luck
     

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    #58441

    BTDT
    Participant

    BB_banking:Could you send a copy of the mortgage storyboard to DOEStuff(at)hotmail.com, please?Thanks, BTDT

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    #58443

    Mr IAM
    Participant

    BB_Banking,
    Thanks for your thoughts.  We are using your approach… starting small, building successes.  Very slow and sometimes frustrating process however.  Thanks for your insights!

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    #58447

    Schuette
    Participant

    Having some success in a P&C Insurance environment getting management to think in terms of “defects”, etc.  Gaining acceptance on the use of process behavior/control charts and the idea of common cause variation, etc.  Have done a couple of significant/”fully blown” DMAIC projects with significant results in terms of cycle time.  Used a t test a while ago to make a point on the difference in processing times for one of our offices.  Was pretty effiective in terms of getting people to listen.  The limits to date spring more from the lack of  data and not having had a “measurement mindset” for the past few years.  Does this help?

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