Lean Six Sigma in Banking & Finance Industry

As per the industry classification benchmark, this industry sector includes the following  sectors:

Banks - Banks providing a broad range of financial services, including retail banking, loans and money transmissions.

Suntrust Bank, Citigroup and JPMorgan Chase & Co. are few examples of initial Six Sigma success in banks. JPMorgan Chase & Co is the second largest bank in the US. With Six Sigma, it has generated wonderful results through expense reduction, revenue increase and enhanced customer satisfaction. 
American Express began with Six Sigma in 1998. It has benefited with billions of dollars of benefits since then. Bank of America started with Six Sigma in 2001 and has announced huge savings through increased savings, increased revenue and enhanced customer satisfaction. 
Among Indian companies, Benchmark Six Sigma has had participation from good number of financial sector participants in recent six sigma training programs. Few of them are ABN AMRO, IDBI, HDFC Bank and ICICI Bank. Some example Six Sigma project titles are mentioned below.

Applicaiton of Lean Six Sigma in Banking 

Loan Department

1. Reducing the cycle time to Process a Loan Application (both Mortgage & Personal loans).
2. Improving the Customer Information gathering processes.
3. Improving the Credit Evaluation Process
4. Improving Productivity of loan processing agents

Account Opening

1. Reducing the time to open an account
2. Reducing errors in account opening process.
3. Reducing rework in processing customer applications

Other Projects in Retail Banking

1.  Reducing the Credit Card Delivery time.
2.  Reducing Bank Statements Processing & Delivery time.
3. Reducing the errors in money transfer
4. Improving accuracy, timeliness and completeness of customer communication.
5. Developing new products (timeliness, business potential)
6. Improving Market Share of existing banking products.
7. Improving the Branch Banking Processes

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As per the industry classification benchmark, this industry sector includes the following  sectors:

Banks - Banks providing a broad range of financial services, including retail banking, loans and money transmissions.

Suntrust Bank, Citigroup and JPMorgan Chase & Co. are few examples of initial Six Sigma success in banks. JPMorgan Chase & Co is the second largest bank in the US. With Six Sigma, it has generated wonderful results through expense reduction, revenue increase and enhanced customer satisfaction. 
American Express began with Six Sigma in 1998. It has benefited with billions of dollars of benefits since then. Bank of America started with Six Sigma in 2001 and has announced huge savings through increased savings, increased revenue and enhanced customer satisfaction. 
Among Indian companies, Benchmark Six Sigma has had participation from good number of financial sector participants in recent six sigma training programs. Few of them are ABN AMRO, IDBI, HDFC Bank and ICICI Bank. Some example Six Sigma project titles are mentioned below.

Applicaiton of Lean Six Sigma in Banking 

Loan Department

1. Reducing the cycle time to Process a Loan Application (both Mortgage & Personal loans).
2. Improving the Customer Information gathering processes.
3. Improving the Credit Evaluation Process
4. Improving Productivity of loan processing agents

Account Opening

1. Reducing the time to open an account
2. Reducing errors in account opening process.
3. Reducing rework in processing customer applications

Other Projects in Retail Banking

1.  Reducing the Credit Card Delivery time.
2.  Reducing Bank Statements Processing & Delivery time.
3. Reducing the errors in money transfer
4. Improving accuracy, timeliness and completeness of customer communication.
5. Developing new products (timeliness, business potential)
6. Improving Market Share of existing banking products.
7. Improving the Branch Banking Processes