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Most banking institutions suffer from numerous inefficiencies, such as poor planning; inadequate coordination and communication; ineffective processes, tools, and workflow; and excessive bureaucracy. Lean for Banks describes in easy language how to use Lean and Six Sigma management practices to significantly improve the efficiency of bank operations. This book shows how to use Lean and Six Sigma management practices to improve the normal daily work in a bank, typically executed in the so-called "back offices." This work involves about 90 percent of bank employees and generates 90 percent of costs. Lean for Banks explains how to organize bank operations better, increase work productivity and quality by working smarter and not harder, make fewer mistakes and decrease rework, and elevate jobs from mundane and repetitive to creative and pleasantly challenging. Most importantly, it shows how to increase the satisfaction of bank customers and in turn enhance bank competitiveness and market share. Lean for Banks is intended for all levels of bank employees: back-office workers, first-level supervisors, middle- and higher-level managers, and corporate executives. It is also intended for all levels of students at schools that teach banking skills—short courses intended for tellers, college courses in advanced banking operations, and continuing education for bank managers and line employees. This book is an entry-level text on Lean and should give readers enough understanding to prepare them for active participation in Lean deployment activities.
This book explores a range of prospective avenues, models, and operational and strategic approaches to Lean Six Sigma (LSS), a contemporary Continuous Improvement (CI) practice for achieving a quality-based competitive edge in organisations. Lean Six Sigma project case studies from banking organizations help to illustrate the operational dimensions of LSS, while the case-specific and cross-case analyses presented here demonstrate its strategic value. While the case data used to arrive at the findings come from the Banking firms, it allows generalizability beyond the Banking and Financial Services sector. The book contends that LSS is not merely a CI practice, but a higher-order organizational capability, more precisely a dynamic capability, that allows firms to gain a competitive edge based on quality. Addressing the interests of practitioners and researchers alike, the book strikes a balance between theory and practice. For practitioners, it offers guidance on using LSS to gain a competitive advantage, and on evidence-based practice in quality management and operational excellence. For researchers, it presents a wealth of literature and expands the body of knowledge on quality management. Accordingly, the book is of immense value to both practitioners and researchers, helping the former unlock the value of LSS as both an operational and strategic resource, and highlighting potential research directions and applications for the latter. “This book provides a deep understanding of Lean Six Sigma applications. It inspires by transferring the principles of the concept into uncommon areas of operations and management behind the usual quality and project management. While reading the book I got hit by a great idea of applying Lean Six Sigma in my digital business as well. My impression at the end of the book was that sky is the limit for the right employment of Lean Six Sigma, especially while viewing it from a dynamic capabilities’ lens. Readers of this book will surely receive insights for improving their business processes both operationally and strategically. Although the book is focused on banking, it is actually suitable for a really wide audience. This is a brilliant piece of research as a book that will serve as a guide for transformation by the prism of Lean Six Sigma.” - Professor. Dr. ZornitsaYordanova, Chief Assistant Professor of Innovation Management, University of National and World Economy, Sofia, Bulgaria “Lean Six Sigma needs to be understood from a systems perspective and there exists a huge knowledge gap in this area of finding holistic solutions to business problems. This book is a very welcome work that addresses this call. It integrates quality management resources and dynamic capabilities view towards practice. Banking and Financial Services was aptly chosen as it has the most direct applicability for social enterprises. Anyone interested in creating more impact with less will surely benefit from reading the book” -Alex Abraham, Chief Executive Officer, Lean Success Partners, Winnipeg, Manitoba, Canada “The book is a refreshing booster to the world of Quality Management especially in the context of Banking and Financial Services. Concepts and terms like “Rapidness of Lean & robustness of Six Sigma to solve operational problems” “Hybrid methodology” resonate very well with what we do in the industry today. Another interesting fact about the book is applying “Dynamic Capabilities approach” to Quality Management, that sets a fresh Quality Oven and ensures this book is definitely a good investment of authors’ intellect.Best part – Even if a reader is new to the world of Quality,this book will be appropriate and resonating. For Researchers and Practitioners, both being leaders orfresh entrants, this book stands out to be a must-read, as it demonstrates the success of the Lean Six Sigma methodology via case studies and practical applications.” -Udit Salvan, Director, Global Transformation & Engineering Network,An American Multinational Financial Services Corporation, New York, USA
In response to the recent economy's woes, banks have placed a growing premium on reducing costs and improving operational efficiencies and many banks have turned to lean programs as a useful tool. Most of these banks will find themselves disappointed, however, because few lean initiatives, in our experience, deliver the expected results. The near and longer-term impact on costs proves to be far less than expected, and any gains in efficiency prove to be either temporary or too limited in scope to make a real difference. There is no fundamental, lasting change in the way the bank conducts its operations and hence little impact on long-term performance. The problem is not with lean itself, however. Indeed, we believe that lean has much to offer banks. The problem lies in the approach and implementation. Typically, banks go wrong in one of two ways. One, they apply lean too narrowly and from too limited a perspective. There is no cohesive, end-to-end view of the process itself or the alignment of all of its elements. Alternatively, the effort is driven solely from the top down and fails to engage and involve the key people who actually perform the critical tasks within the process. This leads to a lack of process ownership and accountability. The end result, in either case, is that the lean effort delivers only a fraction of its potential benefits.
Most banking institutions suffer from numerous inefficiencies, such as poor planning; inadequate coordination and communication; ineffective processes, tools, and workflow; and excessive bureaucracy. Lean for Banks describes in easy language how to use Lean and Six Sigma management practices to significantly improve the efficiency of bank operation
Helping you to use Six Sigma and other tools in a wide range of financial service applications; this hands-on guide features actual experiences from frontline managers and executives in financial services firms all around the world. --
In today's marketplace, it's much too risky to rely on the company gut for decision-making. Lean banking data analysis is an evidence-based solution that provides any innovative organization with a new view of organizational challenges with the objective to improve efficiency and data quality, effectively eliminating corporate waste. The process is an undergoing and rapid transformation in the banking industry. For an effective implementation of the process, the information technology must play an increasingly greater role in helping banks carry out marketing, sales, and channel integration initiatives, and in ensuring that banks comply with various regulatory requirements. To this end, IT in banking needs to adopt a strategic approach to managing change. This paper looks at what Information Technology Infrastructure Library (ITIL) offers to manage these corporate challenges and whether ITIL practices are sufficient to improve the Bank performance. The paper present ITIL best practices that are needed to manage risk but not sufficient to drive the Bank performance. According to Ndedi, Moutila and Tsoungui (2016), the real essence of lean is in harnessing the passion and knowledge of front-line staff and equipping them to focus on ensuring as many activities as possible within an end-to-end process support the delivery of value to the customer. The authors argued that the objectives of continuous improvement methods are to boost organizational performance; because simply meeting customer expectations is not anymore enough; customers who aren't completely satisfied are likely to switch to another service provider. Building a culture of continuous improvement through the adoption of lean principles ensures the identification of the end-to-end process from the customer's perspective and the design and management of those processes to ensure the smooth flow of information and material as efficiently as possible. The first part of this paper explains what the United Bank of Africa is. The second part discusses the principle of lean banking. The third part of the paper gives an overview of best practices with UBA.
Chapter 1 looks at your role as a manager. How will your responsibilities change under Agile Business Management? What techniques can you use to manage your staff? Chapter 2 discusses your organisation’s relationship and interaction with its customers. What are their needs and goals, and how can you work together to achieve them? Chapter 3 provides the organisational context in which Agile Business Management operates. It discusses lean management structures and the techniques to manage different types of staff, teams and organisations. Chapter 4 looks at how you and your team work the “agile way” and describes tools and techniques to help optimise workflow, exploit change and manage customer requirements. The book closes with a look at associated financial models that support your Agile organisation, the processes you can use to run an Agile Business Management transformation, and the first steps to take towards that transformation.
Every lean practitioner occasionally wishes for a simple, fun, and quick-read introduction to lean thinking to give acquaintances, associates, and family members -- even to our kids. If lean thinking often entails unlearning a plethora of bad habits, wouldn't it better if we learned better thinking -- and habits -- from the beginning? Everything I Know About Lean I Learned in First Grade is just that sort of book. It brings lean back to its original simplicity by showing how lean is alive in a first grade classroom. The book connects common lean tools to the broader lean journey, shows how to identify and eliminate waste, and aids the reader in seeing lean for what it truly is: a way to create a learning and problem- solving culture. Written to educate the entire organization on the fundamentals of lean thinking, this is the perfect source to engage all team members at all levels of an organization. Originally self-published in 2008, LEI is proud to re-issue this book and make it available to the broader lean community.
The financial services quarter has been a straggler in implementing lean tools and exercises, possibly for the reason that of their industrializing origins. But those approaches are slowly altering. As more banks find out the paybacks of lean processes such as minor costs, lesser errors, quicker cycle eras and far better competences wide-scale acceptance by the industry is just a subject of time. But old habits often die hard, and slowly. Keeping this scenario in mind, this book "Introduction to Lean Financial Model" has been fashioned in a very organized as well as understandable manner which is very easy for a reader to grasp; especially the ones for whom this topic is totally new. In this book you will come across all the important aspects which are discussed in sequence. These include the following: The lean start-up Lean Financial Model What is required to start a lean financial model? Top 9 highlights of lean financial model Completing lean financial model An example of how to create lean financial model What makes financial model simpler than you think ****************************** IntroBooks delivers up to the minute information covering everything on a topic in only one hour of reading. This book is written to give essential information in a straight-to-the-point, easy to read format. We have cut out technical jargon, waffle and unnecessary filler to ensure you get the essential information you need to achieve your goals with confidence.
Bill Gates’ quote, “Banking is necessary, but banks are not,” showcases the opportunity for financial services digital transformation. The next transition from industry 4.0 to 5.0 will impact all sectors, including banking. It will combine information technology and automation, based on artificial intelligence, person-robot collaboration, and sustainability. It is time to analyze this transformation in banking deeply, so that the sector can adequately change to the ‘New Normal’ and a wholly modified banking model can be properly embedded in the business. This book presents a conceptual model of banking 5.0, detailing its implementation in processes, platforms, people, and partnerships of financial services organizations companies. The last part of the book is then dedicated to future developments. Of interest to academics, researchers, and professionals in banking, financial technology, and financial services, this book also includes business cases in financial services.