Banking Process Improvement
A large multi-national banking provider was looking to improve their processes in managing credit arrears, while also continuing to meet their customers’ requirements under the Central Bank guidelines.
In conjunction with the Project Team, LBSPartners consultant reviewed the current process using Lean thinking. This involved using tools such as Value Stream Mapping (VSM) to build a clear understanding of the current condition, developing a clearly desired Future State by introducing a milestone based approach and using standard work with clearly defined measurable outcomes.
VSM allowed the team to identify non-value adding activities which lead to the creation of a desired Future State map. This instigated the organisation to focus on three key areas:
- Credit Reviews
- Case Management
By introducing a milestone based method and tracking system, it ensured that there was visibility about how they were doing with each customer in terms of delivering results rather than just reports. This also helped to reduce case backlogs.
The introduction of standard work using an interactive specifically developed decision tree, allowed for a common approach to ensure progression of cases and protection for the company in relation to Central Bank’s requirements
The implementation of these changes allowed the Management Team to have a clear understanding of the efficiency and overall effectiveness of the case managers within the company. Given the enormous difficulties of the international economy, this helped drive the overall goals of the company in the medium term.
LBSPartners consultant helped provide the key management and lean knowledge and supports to the project team during the project and implementation phases.