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Manish Pharasi

Six Sigma Applications in Retail Banking

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Retail Banking is one area that is of primary importance to most public sector and private banks. With customers getting very particular about the quality of banking services, most banks have increasingly adopted Lean Six Sigma tools & techniques to deliver value to their customers. There have been large number of benefits that have been achieved in Retail Banking by way of Lean Six Sigma Projects. Some of the projects that have yielded benefits are:

  • Reduction in cycle time to process loan applications
  • Reduction in time to issue a credit card
  • Reducing waiting time at a bank branch
  • Improvement in ATM services (availability, accessibility)
  • Improving Branch Banking experience of customers
  • Eliminating delays & errors in money transfer
  • Eliminating errors in bank statements, credit card statements

There are many more applications that Lean Six Sigma has in Retail Banking.

Lets use this forum to share and discuss those applications. We can also discuss the roadblocks, challenges that one faces in process improvement in Retail Banking and can get ideas from everyone on how to overcome those.

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Dear Shalini,

 

Some examples of DOE in the banking sector could be - 

 

1) Lead Conversion Loans/Credit Cards  - Factors could be Region, Interest Rate, Features and benefits provided in writing or not, Other Existing Relationships with the bank, Warm up Calls done or not

2) %age of Correct or Complete CC/Loan Applications - Rep assisted or not, Example Responses provided or not, Multiple language options available or not, Number of Questions on the form, Checklist of documents available or not

3) Promotional Campaigns Signed Up - Factors to be tested could be advertised on Website or Social media, Processing Duration, Self Sign up Option available or not, Length of Existing Relationship with the bank

4) %age Goods Loans Honored by Retailer - Type of Good, Tie up with Retailer or not, Cost of Good

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