Lean Six Sigma in Finance Industry
As per the industry classification benchmark, this industry sector includes the following subsectors –
Asset Managers – Companies that provide custodial, trustee and other related fiduciary services. Includes mutual fund management companies.
Consumer Finance – Credit card companies and providers of personal finance services such as personal loans and check cashing companies.
Specialty Finance – Companies engaged in financial activities not specified elsewhere. Includes companies not classified under Equity Investment Instruments or Nonequity Investment Instruments engaged primarily in owning stakes in a diversified range of companies.
Investment Services – Companies providing a range of specialized financial services, including securities brokers and dealers, online brokers and security or commodity exchanges.
Mortgage Finance – Companies that provide mortgages, mortgage insurance and other related services.
Non-Government Organizations (NGOs) as asset managers play a key role in various developmental and public welfare initiatives in society. One of their primary aim is to benefit a large number of people through various initiatives. Hence, it is very important for an NGO to have a set of well defined & robust business processes right from fund raising, scheme design, fund deployment and tracking progress of various initiatives. Lean Six Sigma with its inherent strength of building strong, robust & world class processes finds natural application in NGOs. Some of the applications of Lean Six Sigma projects in NGOs are:
1. Improving the fund raising processes
2. Improving the information management process related with identification of fund sources
3 .Designing effective fund deployment schemes
4. Improving the effectiveness of managing donor expectations
5. Improving the communication process
6. Improving the brand building process
James leads operations of a multinational company into micro-finance business in India. He shares his views about Lean and Six Sigma applications in his sector.
Case Study Description
In a leading credit card company, it was found that incompleteness of applications results in denials/ delay in approval of new cards. The list of fields in the credit card application was big.
1. Name as they want to be on the card
3. Date of Birth
4. No. of dependents
5. Pan number
6. ID card number
7. Present address
8. Present address Type
9. Landmark near residence
10. Email address
11. Landline number
12. Tenure of Stay at Present Address
13. Preferred contact time
14. Mailing address: Residence/ Office
15. Work related details
16. Income details
17. Spouse details
18. References contact details
19. Other Bank CC details
20. Existing relationship with the bank
21. Account details of the bank
22. Staying Informed
23. Registration-free services
Pareto analysis showed that more than 70% of incompleteness was due to the following fields. Pareto tool helped them to focus on the right root causes as mentioned below
1. Date of birth
2. Income details
3. Other bank credit card details
4. Work related details
5. Landline Number
6. Registration free services.
Feedback from participants
Good learning exercise to improve ones own processes.
-Sudheer Neelakandan, Manager Central Operations, UAE Exchange
VK was good as a trainer as he was co-relating all the points/process with daily life examples which would remain for long time and can be implemented in life wherever possible.
– U. Narendra Bhat, Zonal Head, Mahindra Finance
A Must do for every individual with a desire to grow and contribute.
-Vikash Bubna, Senior Manager – Business Process Management, Srei Equipment Finance Pvt Ltd.
It was a well structured training.
– Ajay Kumar Gujarati, Sr. Associate, Franklin Templeton
It is a well planned training ready for execution.
– Sriram Murthy Kurichety, Assistant Manager, FactSet Systems (I) Pvt. Ltd.
The training was conducted in a very well manner. I got relevant inputs for executing a six sigma project
– Atul R. Chaudhari, Manager-Quality Assurance, Hexaware
Benchmark has good course content and an expert instructor. The course was more than my expectations. The statistical analysis and tools like fish bone, pareto, Box plot shared during the course will definitely help me at my job. It is surely a value addition course.
– Harishkumar Ramkuber Chowdhary, VP, Northern Trust
Excellent Training Program, the method of training used by the trainer (VK) was excellent. I ‘m currently working on a six sigma project and all my doubts got cleared
-Pradeep Kumar, Team Leader, Ocwen Loan Servicing
I would definitely recommend this program for those who wish to participate in black belt program.
– Kurkey Arjuna Jayasuriya, Associate- Business Development, Mawarid Finance
With excellent Conducting of Event and Coverage of all areas, the course is worth for Time and Money spent.
-Denis Sanghvi, Senior Manager, TMF-Group
Interesting & good management tool & techniques. It develops a scientific approach of problem identification and fixing it (solving).
-Virendra Jain, Executive Director, TMF Services India Pvt Ltd.
Well structured as evenly paced course for beginners as well as experienced. Backed up by suitable and proper examples with statistical information.
-Anup Patel, Asst. Manager, GE Money Servicing
A wonderful place to learn the concepts & implementation of six sigma.
-Samrat Pujara, Business Manager, GE
Six Sigma should be a part of a child’s education in Schools.
-Rajkumar Vijay Rochwani, Analyst, SNL Financial
Excellently planned and carefully executed program.The beauty of the program was that eveyday activity and teaching session ended precisely at the right time.Even the interim breaks were perfectly as per the planned schedule. The practice materials & other course materials were also carefully designed to utmost satisfaction of the learner.
– Priyanko Banerji, Sr. Manager – BITS, Mahindra & Mahindra Financials Services Ltd.