Banking Process Improvement allows financial organisations produce more by reducing costs, reducing the risk and releasing capacity. Successful Lean interventions can add significantly to the bottom line with a minimum of capital outlay. It can be applied to both external and internal customers. It requires the support of senior management and a behavioural shift to a new paradigm where every task and activity can be improved.
LBSPartners have developed a 7 phase approach to companies looking to adopt Lean in their Banking & Financial Services processes. Lean removes all unnecessary waste from the value stream.
7 Phase Strategy Banking Process Improvement
Initiating a Banking Process Improvement programme necessitates an understanding of the business and its current state. Analysis of the current state creates a case for change and the scope of the work required to get to the future Banking Process Improvement state. Senior Management support is imperative. Initiation phase includes a two day Introduction to Lean for Leaders training programme.
2. Understanding the Customer Journey
Understanding the customer journey is an important step in planning to provide a good customer experience. Making problems visible by using customer journey mapping tools and advanced problem solving techniques help to continuously improve the customer experience.
3. Creating a Future state
Using cross functional teams creates a vision for where the business wants to be in a future state to maximise customer value. This will lead to new ways of working.
4. Implementation and roll out
Training at all levels help to embed the improvements in the service delivery process. The quality of the training will positively affect the execution of the implementation plan and the sustainability of the improvements accomplished.
Successful implementation means a full review of the process to ensure all involved can understand the benefits, while leaning from and correcting any unforeseen results. This allows the business to sustain the benefits and look to what further can be achieved.
6. Continuous Improvement (CI) & Alignment
A Continuous Improvement (CI) culture requires people to consistently challenge the status quo of how processes operate and services are delivered. All Continuous Improvement actions and tasks should be aligned to the strategic goals of the organisation.
Customers’ demand value. The improvements made need to create value for the customer. Successful organisations listen to the voice of their customers and make improvements where necessary.