6 Sigma in Banking

Category: Bank, Banking

Last Updated: 27 Jul 2020

Pages: 2 Views: 293

Six sigma concept with banking system Finance industry is considerably applying six sigma quality processes with aim of eliminating defects. Earlier six sigma was used only in the field of production, but now it is also used in service industry. Banks have tried to implement 6? by paying attention to customer complaint, time needed for crediting process and time needed for feedback and ultimately they found that 6? is also applicable in financial organization. After implementation of 6? the realization of improvement was done by using DMAIC model, where the process was recorded according to SIPOC model. PARETO method helped to identify the influence of problematic causes and ISHIKAWA model was used in identification of sample root Banks made the first significant step towards 6? with the implementation of ISO 9000:2000 standards. While moving forward with ISO standards, banks started a parallel process which includes PARETO method, measuring customer satisfaction, and audit system and complaint management with an intention to increase customer satisfaction level.

By completing this they received the knowledge on green belt without even knowing it. Now-a-days it is easy to monitor and control the quality process by using SPC. The activities were conducted by using software of CIM College, for whose usage the participants were trained and the activities involved are- * Finding the spot for improvement in order to accomplish greater customer satisfaction * Introduction of following clients need * Establishing direct communication with users of bank’s services * Interviewing of physical person, user of banks services in offices

Questionnaires for measuring customer’s satisfaction are handed over to clients and the results were processed by using the software. To increase the overall satisfaction banks have defined the future quality goals * Simplification of service providing by removing activities to 20% which don’t make additional value of the total process * Increasing customer’s satisfaction by 50% every year for next 2 years to achieve 95% satisfaction evel by the next years * Decreasing mistakes by 50% every year * Increase service faster by 20% each year * Increase profit by share- 10%more than previous year Managers through this CIM software and analyzing the STORY BOARD for crediting process can view the achievements and results of quality process. Further the documentation from a client is done only once and the information are transferred into electronic form and sent to Crediting Board for approval.

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