Vishwadeep Khatri Posted January 30, 2009 Report Share Posted January 30, 2009 Common Lean Six Sigma Implementation in Finance and Banking are listed below.Reducing Financial RiskSimulation for financial decisionsNew product design of financial instrumentsImproving portfolio strategyOn operational level - Reducing documentation errorsImproving the reconciliation processes.Reducing response delays.Reducing or eliminating invoicing errorsEliminating the possibility of erroneous data entryReducing audit non conformities.Reducing salary issue turn around timeControl spending over timeReduce electronic financial transaction costs.Reducing complaints.Enhancing (internal or external) customer satisfactionImproving customer feedback and response processesAmong users in the financial services industry, early pioneers include GE Capital, Sun Trust Banks, Citigroup, and JPMorgan Chase & Co.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 training programs. Few of them are - IDBI, Reffco Sify, Cholamandalam Financial Services, Metlife, Max New York Life, HDFC Bank, ICICI Bank, ABN AMRO Some of the leading implementers of Lean Six Sigma (LSS) globally are in the BFSI domain are Bank of America, JPF (Life Insurance), Barclays Stockbrokers (Stockbroking), Fidelity Investments (Mutual Funds), ICICI Bank, American Express, HSBC, Deutche Bank, First Data Corporation (payment processing), JPMorgan Chase, Lloyd's TSB, UBS, and Citibank. Today, Benchmark Six Sigma trained professionals operate from all these organizations. Link to comment Share on other sites More sharing options...
Yatin K Posted February 8, 2009 Report Share Posted February 8, 2009 Hi, My question is about Six Sigma Implementation in Microfinance industry (MFI). MFI itself is in nascent stage. Are there any examples/case study of application of six sigma in MFI? I have approached one MFI for the same reason and I think it can be applied for reducing drop out rates,increasing the average clients per employee, streamlining/standardisation of application procedure, reporting structure etc. Link to comment Share on other sites More sharing options...
Vishwadeep Khatri Posted February 14, 2009 Author Report Share Posted February 14, 2009 Dear Yatin, Your ideas seem good. You just need to see that each project should pose a reasonable challenge and should make business sense.Reasonable challenge - The problem statement should be such where the cause and the solution are unknown. Also, if the solution can be reached with some data analysis and a brainstorming session, it may not be worthwhile to be taken up as a Six Sigma project. Business Sense - The project should promise good business benefit for business leaders to like it and approve it.Regards, VK Link to comment Share on other sites More sharing options...
Yatin K Posted February 17, 2009 Report Share Posted February 17, 2009 Dear Vishwadeep, Thanks for your view/ suggestion. Looking forward for it in future also. Regards,Yatin Link to comment Share on other sites More sharing options...
Sachin Arora Posted March 25, 2009 Report Share Posted March 25, 2009 I am working as a Chartered Accountant with a construction company, how is Six Sigma beneficial for me? Link to comment Share on other sites More sharing options...
Sachin Arora Posted March 25, 2009 Report Share Posted March 25, 2009 As a Team Leader in a financial organisation and I would like to understand the Six Sigma programme further if this will be able to help me in my day to day work. Link to comment Share on other sites More sharing options...
Sachin Arora Posted March 25, 2009 Report Share Posted March 25, 2009 "How "Six Sigma" can be applied in the operations of 'Hedging Funds'? " Link to comment Share on other sites More sharing options...
Sachin Arora Posted March 25, 2009 Report Share Posted March 25, 2009 My cousin is a Final Year student of MBA (Insurance) looking out for a Job. How can Six Sigma Certification help him in getting a job with good package in the Insurance Industry and what are the functional areas I can aim at after this certification. Link to comment Share on other sites More sharing options...
nitin raheja1314164363 Posted March 25, 2009 Report Share Posted March 25, 2009 Chartered Accountants can work towards defect reduction and efficiency improvement in their audit practices. All the qualitative techniques covered in our green belt training are very useful for CA'sWhen CA is a part of a Six Sigma team, he has additional job of validating financial benefits (whether significant improvements have happened)Most companies like to involve financial experts for validation of proposed benefits (in DEFINE phase) and validation of realized benefits (in IMPROVE and CONTROL phases). Link to comment Share on other sites More sharing options...
Vishwadeep Khatri Posted June 5, 2009 Author Report Share Posted June 5, 2009 Some feedbacks from participants from this sector can be seen here Link to comment Share on other sites More sharing options...
renu pareek Posted July 12, 2009 Report Share Posted July 12, 2009 thanku for this updated knowledge,could you pl provide me more information on six sigma in banking sector specialy loan deparment,account openeing Link to comment Share on other sites More sharing options...
Manish Pharasi1314164364 Posted July 14, 2009 Report Share Posted July 14, 2009 Renu..Six Sigma Implementation is highly applicable in the areas you have mentioned. Below is the list of projects that have been done in the areas you have asked for.Loan Department1. 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 Process4. Improving Productivity of loan processing agentsAccount Opening1. Reducing the time to open an account2. Reducing errors in account opening process.3. Reducing rework in processing customer applicationsOther Projects in Retail Banking1. Reducing the Credit Card Delivery time.2. Reducing Bank Statements Processing & Delivery time.3. Reducing the errors in money transfer4. 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 ProcessesHope this helps. Link to comment Share on other sites More sharing options...
smhabbas Posted July 28, 2009 Report Share Posted July 28, 2009 Hi I'm Abbas. I completed my MBA in Finance. I would like to know hw green belt help me in finance and particularly in which area. In my knowledge six sigma has more role in quality management.RegardsAbbas Link to comment Share on other sites More sharing options...
santosh nethi Posted August 2, 2009 Report Share Posted August 2, 2009 Hi, I work for a leading bank in credit card process. I am working as a quality assurarance officer supporting operations of credit cards contact center. Please advice or suggest any topics which can help me in doing six sigma projects related to my work profile. Link to comment Share on other sites More sharing options...
Vishwadeep Khatri Posted September 6, 2009 Author Report Share Posted September 6, 2009 Dear Abbas, You have mentioned that Six Sigma has more role in quality management as per your knowledge. Please note that the concept of quality management has changed rapidly in recent years. Earlier quality department (for operations) and audit department (for finance and accounts) of the company were considered responsible for quality. The recent concept is 'quality at the source' which means operations professionals are responsible for quality of their own processes. Similarly, Finance and Accounts professionals are being made responsible for quality of their processes. This is leading to quality department becoming smaller and smaller while six sigma 'belts' in each functional area are taking charge of 'quality at the source' I am sure you will appreciate that it is better to control quality of inputs at the source (at much lower costs) as compared to inspecting or auditing outputs at the end (leading to high rework and failure costs). This fact relates to the core philosophy of Six Sigma. These days, professionals from HR, finance, R&D, purchase, logistics, marketing, operations and various support services undergo six sigma programs to contribute to 'quality of the source'.Another reason that has led to Six Sigma training among all disciplines is the fact that complex problems need cross functional teams to address them. All such team member to understand Six Sigma concepts and techniques well. Regards, Vishwadeep KhatriLead Facilitator, Benchmark Six Sigma Link to comment Share on other sites More sharing options...
Thiru sambandam Posted October 28, 2009 Report Share Posted October 28, 2009 I am working as a accountant in pravate company. How is six sigma beneficial for me.Sambandam.chennai Link to comment Share on other sites More sharing options...
R.Manjesh Kumar Posted November 25, 2009 Report Share Posted November 25, 2009 Hi Sir,I am working as a admin executive in investment banking sector, and my qualification is PUC completed but some reasons i am unable to complete my B.Com final year, But I am very much interested in Accounts......!So can u tell Six sigma is help to me improve my carrier.....How is six sigma is beneficial for me...Thanks & Regards,R.Manjesh Kumar Link to comment Share on other sites More sharing options...
PVSN Prasad Posted January 22, 2010 Report Share Posted January 22, 2010 Can any one help me in finding some of Green Belt projects belongs to Finance and Accounts in a manufacturing / construction industry.RegardsPrasad Link to comment Share on other sites More sharing options...
Jameel Ahmed Posted February 6, 2010 Report Share Posted February 6, 2010 Mr. Vishwadeep, I would highly appreciate if you could share any case study carried out in Banking especially in Quality sector. I am sure, with sharing such case studies, we would be in better position to further improve our understanding regarding effective implementation of Six Sigma in banking sector. Thanks, Link to comment Share on other sites More sharing options...
sapna.mv Posted February 8, 2010 Report Share Posted February 8, 2010 Vishwadeep, I work in the IT development/delivery sector of a bank. The example you earlier mentioned are around improving banking operations. Do you have any material which you could share around reducing 'delivery time to market' ?Thanks Link to comment Share on other sites More sharing options...
rohitjha.iitkgp Posted February 8, 2010 Report Share Posted February 8, 2010 How six sigma is helpful in HR Accounting? Link to comment Share on other sites More sharing options...
udeesha.upadhay Posted March 5, 2010 Report Share Posted March 5, 2010 Yes Sachin, I can assure you the program has changed my basic outlook in life Link to comment Share on other sites More sharing options...
Abhishek Mishra Posted March 11, 2010 Report Share Posted March 11, 2010 Dear Rohit,In a payroll or HR Accounting process, improvements shall be mainly in timeliness and accuracy of processing. So the improvement objective may relate to either of the two. 1.Reduction in turn around time of processing without increasing errors OR2.Reduction in errors (or improvement in accuracy) without increasing TAT (turn around time.)Please feel free to ask more questions here.Warm regardsAbhishekM Link to comment Share on other sites More sharing options...
Vishwadeep Khatri Posted March 18, 2010 Author Report Share Posted March 18, 2010 Hello All, In the video below, Udaya shares with us several Six Sigma projects in Finance domain at Flextronics. />http://www.youtube.com/watch?v=xYm6rGyfRR8 Link to comment Share on other sites More sharing options...
Sampath KR Posted April 8, 2010 Report Share Posted April 8, 2010 Can somebody please enlighten me as to how the Sig Sigma can be effectively used in the Portfolio Management Industry? Link to comment Share on other sites More sharing options...
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