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Six Sigma in banks

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  • #24202

    Bart
    Participant

    Hello, my name is Bart,
    I work in one of the biggest banks in Poland. I specialize in data analysis (I am econometrician). I have taken up Six Sigma Project recently. Our detail branch is going to improve quality by means of simplifying processes and measuring strategic elements of processes.
    We hope that our decisions will reduce costs, increase efficiency, and increase net income finally.
    I work in Marketing Department. My main task is to support sales by creating different types of intranet applications based on banking system data.
    Therefore I am interested in developing Six Sigma ideas in sales management area.
    Coulud You give me some examples of implementing Six Sigma in banks ? Mayby someone has cases ?
    I am looking forward to hearing from You.
    Bart

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    #58034

    Michelle at DeLeeuw
    Participant

    Bart,

    Congratulations on embarking on a Six Sigma methodology in the Sales arena. As most of us know one of the most expensive pieces of our business is attracting and retaining customers. We all know that it is more costly to acquire a new customer than to keep an existing customer. Taking that into account if I were in your position I would look to explore the tracking systems in place to identify how customer have heard about your bank. If you can effectively track where your new customers are hearing about your bank you can effectively employ marketing and sales strategies to attract additional customers. Unfortunately it is a difficult task for banks to identify how customers come to their bank. You might want to look at your systems to see if this data is available in all systems, if it is how frequently is it tracked, and how the tracking could be improved. The other sales/marketing potential for a Six Sigma project could be evaluating the referral strategy the bank employes, if any, and how effective it is. This is typically something banks do not do well and if you have some sort of system in place already you might want to study that system and identify ways to improve. Referrals are the least expensive way to acquire new customers so improving a referral system or designing a referral system usually produces revenue for the bank. Just some thoughts.

    Michelle Shapiro
    DeLeeuw Associates Inc.

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    #58035

    Tracee at De Leeuw
    Member

    Hello, Bart. 
    Here are a few quick ideas on using six sigma in banking:
    A bank was experiencing customer complaints on deposit balance information availability–available balance information was delivered on-time on 75% of the time.  Using a six sigma approach, the bank improved its balance information delivery to 99.4% on-time.
    Another case includes assessing a multiple loan delivery channel.  Six sigma processes allowed the bank to streamline processes, define ownership as well as identify a champion.  Ultimately they reduced fulfillment costs and lifted projections for revenue.
    The list does go on.  Based on the task you identified–supporting sales through creating intranet applications based on banking data–I would say your first step (like all of us) is to take that  task and truly define what it is.  What kind of support is sales looking for?  Are your applications to collect VOC? I’d be interested in hearing how your intranet applications will support them.

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    #58038

    Jason Lemmon
    Participant

    Tracee,
    Thanks much for sharing your thoughts. I and two others within my department are looking for green belt projects and I think that loan delivery across multiple projects will suit the bill perfectly! One of our processes is pretty broken (everyone complains about it), so I think it might be ripe for me :) Anyways, I’m off to meet with my BB.
    Jason

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    #58042

    Bart
    Participant

    Tracee,
    thank you for a few ideas.
    Regards, Bart

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