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Six Sigma Evolution in Financial Institutions

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  • #29037

    Ang
    Participant

    For the past 2 years I have been leading the effort to deploy six sigma throughout the bank I work for. As with most organisation I have worked in, reactions/levels of committment are often mixed. A series of question has been put to me that I am hoping others can help me with.
    1. What other financial institutions (Global or Regional Banks) have begun the journey?
    2. Have they remained on track or have they modified use to suit themselves.
    3. If so, what has been the significant difference in their approach.
    4. Over a 1-2 year period what has been the $ benefit to other financial instutions.
    Any assistance from those who are willing to share would be greatly appreciated

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    #73372

    NATZIC
    Participant

    Peter,
    GE Capital Services have been using 6Sigma as part of the global initiative launched by its parent company GE. They claimed having saved hundred millions of dollars in process steps reduction (essentially transactions cycle time) and errors/ defects in 2001.
     

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    #73373

    aa
    Participant

    Peter, search this site, there are no. of articles and forum discussion itesm on
    Banks, financial institutions and alike.
    good luck.

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    #73420

    Mike Carnell
    Participant

    Peter,
    Heller Finacial (just bought by GE), Fannie May, JP Morgan, State Street, and I heard Mellon. BOA is kicking off right now.
    None of this should stay in tact except the basic Y=(f)x.You adapt it to accomplish that task. Some tools apply and some don’t. Thare are tools which are indigenous to your business. Put them in the model. You banking people do a lot of risk stuff. Apply the stats to it. Nobody goes to Statistical jail for changing this thing. Results are the thing that matters.
    I am not a good reference on the banking stuff. I did some stuff at Heller because they had some great people to work with. My proclivity is manufacturing.
    Rob Tripp at SSQ is probably the most widely versed consultant in the different banking deployments. He would be a better source for #3 & #4.

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    #73434

    Adam L Bowden
    Participant

    Hi Peter,
    I also work in the financial industry driving change and would be interested to network/share ideas.  My background is industrial/Aerospace manufacture and find lots of opportunities for change/tool use in the finance industry.  Give me a call to discuss further (303) 967 6586
    Best regards,
    Adam

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    #73516

    Fontanilla
    Participant

    Peter,
    I am in the first wave of SS MBB trainees at the US-arm of a major global banking institution, and would be interested in sharing some thoughts/experiences w/ you.  So far, applying the tools in a banking environment has been a challenge, however we are finding many areas that will benefit from the data-driven, disciplined approach to problem solving that SS teaches. 
    Please send me a note at [email protected].
    Regards
    Dan
     

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