Implementing the Lean Approach in a Financial Organization Introduction As a result of the economic crisis, most financial bodies made significant emergency cutbacks in order to keep afloat during turbulent times. This process of transferring operations is not only technical. Tefen has led and managed many similar projects and has the experience and ability to implement large-scale projects in any organization which embraces the necessity of carrying out such a move.
Some of the clients did not know the newly reduced interest rate of the bank. About 60 percent of the dealers mentioned non-existing or poor communication with the bank as the biggest driver for dissatisfaction. The root cause for this serious fault was that the communication channel between marketing and operations simply did not work well.
The operations to be removed from the branches must be clearly defined and their value in the eyes of the customers understood. Defining segment groups according to behavioral characteristics in the world of services. In some cases, process inspection can lead to the entire process being removed.
The solutions required some financial investment. The sales director supported the solutions percent. Now, four years later, those same organizations realize that they need a more comprehensive and strategic plan to cope with the business reality which has developed since that crisis.
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The bank gained valuable information about the voice of the clients and their needs, and the impact of internal processes upon that. Involving clients in project work normally builds a long-term relationship, with benefits for both the clients and the business.
Training all people who were involved in the process. Lessons Learned Do not assume the company knows what the customers want. Immediate action was taken to inform all clients about the better rate. We cannot stress enough the importance of the communication channels and the management of change which accompanies this step, both in presenting the change and twice in giving the correct messages which reflect the lean approach to customers and bank employees alike.
However, the Black Belt did an excellent job in influencing the process owner, by helping him to understand and see the benefit of Six Sigma. It takes time to build all the infrastructure required.
The following diagram summarizes the benefits which an organization can expect to reap after implementing the lean approach: The bank gained valuable information about the voice of the clients and their needs, and the impact of internal processes upon that.
With a clear focus on process standardization, quality improvement, cost cuts and efficiency enhancementthe lean method has recently been gaining momentum and crossing over from its traditional base in industry to various branches of service organizations.
This was built using the weekly inactive rate after the process had stabilized, a quarter after implementing the changes.
The first team meeting was a very quiet exercise with obvious and hidden finger-pointing. This will need to be backed up with all the required resources and support to ensure its successful completion. Updated representative-management KPIs and metrics to track desk level performance.
Where do we begin? You Might Also Like. It was stressed that the chart was just a measuring device; the importance was in what was done in reaction to movements within or without the control limits.
Drive a percent savings in overall vendor spend. Obsolete requirements led to redundancy and inefficiency in reporting operations—with 5, reports containing different combinations of virtually the same metrics, which no one ever looked at!The Lean Six Sigma Case Studies and Projects incorporates the most successful business experience around the world.
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Lean Management Case Studies. Marchwinski, Chet The following case studies of Lean Management principles in action show you how a variety of real businesses solved real business problems under diverse conditions.
A lean accounting implementation fills the frustrating disconnect between shop-floor improvements and financial statements.
This interview case study is an excerpt from our book Lean Six Sigma for Leaders You can find the book and learn more about Lean Six Sigma on Amazon.
“Over the past 18 months we have developed a strong, positive working relationship with Catalyst with a huge emphasis on transferring Lean Six Sigma skills and knowledge into the business. Case Studies Financial Services A Top 3 Super-Regional Bank Financial Services Group Case Study: Implementing Lean Banking Operations Case Study.
Eastern United States. Situation: Control Retail Banking Costs and Improve Efficiency. The bank suffered from its own success.
Years of improving marketing and product development swelled volumes. Tefen > Insights > Industries > Financial Services > Implementing the Lean Approach in a Financial Organization. Implementing the Lean Approach in a Financial Organization Introduction.
Capacity and Resource Management for a Financial Institution; Inside the Case Study - Evolving Strategy in Financial Services.Download