Applying Lean and Six Sigma for operational excellence in financial services

Over the last five years, there has been a rapid increase in the take-up of Six Sigma and Lean within the services sector, particularly in financial services. Naturally the U.S. has led the way, as one would expect, and the financial services industry has become one of the highest growth sectors of the global Lean Six Sigma market. High profile initiatives at institutions such as Citigroup, Bank of America, Merrill Lynch, and JP Morgan Chase have provided the interest and inspiration for others to follow. It is interesting to note that many of the companies now practicing these methodologies in the U.K. and Europe are indigenous companies rather than subsidiaries of a U.S. parent. Recent converts to these methods include a number of British and European retail banks and credit card providers, and we are also seeing an increased take up in investment banking. So, whilst the new flame bearers run onwards along the often rocky road to Lean and Six Sigma driven success, others will be observing and wondering “what is all the fuss about and what is in it for me?”