Six Sigma in Banking

Brainmeasures(An ISO 9001-2008 Certified company) is a leading online certification and employment testing company which has helped millions of people achieve their goals by giving them the platform to showcase their knowledge and skills to prospective employers. Respected and most trusted name in the field of online certification, employer's worldwide honor our online certifications and pre-employment assessment tools when it comes to testing and choosing employees for their organizations.


Introduction to Six Sigma in Banking

Six Sigma refers to a highly disciplined and rigorous methodology which works by using statistical and data analysis as a means of measuring and improving the operational performance of a company regardless of the industry where it specifically operates. The improvement of the operational performance of a company is mainly achieved by identifying and getting rid of defects. The versatility of Six Sigma is one of the major reasons why various companies decide to hire Six Sigma certification holders, preferably the CSSBB or the certified Six Sigma Black Belt holder. Using Six Sigma in banking is even more beneficial because it works in ensuring that banks continue to satisfy clients with top-notch services.

The implementation of Six Sigma in the banking industry is beneficial to its operations. It works in reducing cycle times, reducing the tendency of dealing with complaints because of defects, improving performance, boosting customer satisfaction and promoting better cash management. It is also important for you to note that the DMAIC approach which is one of the major approaches linked to the application of Six Sigma is also applicable to the banking industry. The Define stage of DMAIC is mainly centered upon allowing the employees of a bank to exert effort in achieving higher profits and in satisfying customers and acquiring their loyalty. Projects under this stage involve the process of clearly defining opportunities and objectives especially in the field of consulting bank employees and senior management. This stage enables a bank to improve its operations by gathering the feedback and complaints of customers.

The measure stage involves the process of collecting essential data and information about the process and operations of the bank. This is essential in understanding the major impact of processes in satisfying customers. The analyze stage is all about conducting a more in-depth study of all the bank data and information that you have gathered. This stage is more focused on understanding all the aspects that greatly affect the external and internal customers of a banking institution while also clearly showing the actual performance of all its departments and branches within the financial year.

The improve stage is all about executing the necessary improvements and changes in the banking institution especially in the consultation process with staff. This is mainly implemented based on the collected data and in accordance with all the guidelines set by the top management. The last stage of the DMAIC approach when implemented in the banking industry is Control which involves the utilization of control mechanisms as a means of ensuring that all the executed changes offer results based on the expectations of the entire bank especially the top management.

Understanding the Proven Significance of Six Sigma in Banking

Implementing Six Sigma in banking is definitely a huge help in ensuring that the operations of the bank through which you are part of improves. One of the many things that this move can do is enhance the response processes and feedback of your valued customers. Remember that how your customers respond to the banking services that you offer is essential in determining the most necessary improvements that you need to execute. Another thing that the implementation of Six Sigma can do in the banking industry is reduce errors associated to documentation while also improving accuracy. This is an essential benefit especially for bankers who hold sensitive data and information while also handling accounts that require a higher level of accuracy.

Six Sigma in banking is also beneficial because of the effectiveness of the methodology in improving processes linked to reconciliation, reducing or fully eliminating errors in invoicing and response delays, dramatically decreasing the risk of entering erroneous data and reducing service and waiting time, non-conformities to audit, complaints, electronic and financial transaction costs and turnaround time for significant processes. You can also expect the process of hiring someone who holds a Six Sigma certificate to help in boosting the experiences of customers in the field of phone banking, mobile banking and net banking.

When it comes to managing the asset management and account opening departments in a bank, the Six Sigma methodology also works in providing a substantial amount of benefits. It offers significant reduction in cycle time especially when it comes to processing applications for both personal and mortgage loans. It also promotes the reduction of time in opening up bank account, a decrease in errors committed during the process of opening up accounts and the reduction of rework when processing applications.

Six Sigma in banking is also effective in enhancing the process of gathering customer information, and evaluating credit while also boosting the productivity of bank agents who are responsible in processing loans. Taking into consideration all these impressive benefits, it is just right for you to implement Six Sigma in all your banking operations. This will help you generate better profits, higher customer satisfaction rate and improved banking operations and performance.

Six Sigma Black Belt Certification- $150 |  Six Sigma Master Black Belt Certification- $150
Six Sigma Master Implementer- $150  |  Six Sigma Green Belt Certification- $85

Brainmeasures - An ISO 9001-2015 Certified company

BRAINMEASURESCopyright © 2022 brainmeasures.com. All Rights Reserved