Lean Six Sigma In Finance Industry
Lean Six Sigma can automatically be related to improvement. There exists no sector in the world that does not require improvement. This is what makes Lean Six Sigma one of a kind. Many big banks like Deutsche Bank, Bank Muscat, Riyadh Bank, and insurance companies like AXA have implemented Lean Six Sigma, where Anexas consultants have been involved.
Why is Lean Six Sigma so important in this industry?
Lean Six Sigma has many benefits in the banking, finance, and insurance sectors. Some of them are listed below-
In the Loans Department, there have been notable improvements:
- Faster processing times for both Mortgage and Personal loan applications
- Enhanced Credit Evaluation Process.
For the Account Opening process:
- There’s a marked reduction in errors.
- Decreased instances of rework when processing customer applications.
In Retail Banking:
- Notable reduction in money transfer errors, saving significant time, money, and effort.
- Upgrades in the accuracy, punctuality, and completeness of customer communications.
- Introduction of new product offerings.
- Growth in the market share of pre-existing banking and insurance products.
Implementation of Lean Six Sigma to increase value-added steps.
- For accounting firms, Lean Six Sigma drives client value. It aims to eliminate steps that don’t add value and addresses deficiencies in client service processes.
- This results in more time available for proactive tasks. This approach, rooted in teamwork, identifies inefficiencies and waste. Proficient professionals guide teams in examining the firm’s current processes, pinpointing areas of waste, and creating more streamlined future processes using Lean strategies.
- To implement these changes, personnel in finance companies, banks, and accounting firms receive training on Lean Six Sigma methodologies, including the DMAIC methodology – Define, Measure, Analyze, Improve, and Control.
- They then transform these improvement opportunities into Lean Six Sigma projects. By completing these projects, they earn their certifications as green belts or black belts.
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