Financial services firms seeking quantifiable ways to save significant amounts of money while improving the way they respond to business challenges have recently received a significant boost; a Tempe-based consultancy announced it has saved firms more than $20 million in less than a year, while improving their ability to successfully implement customer-driven quality initiatives.
Six Sigma Qualtec said the number confirms the “real-world” savings possible when implementing process improvement methodologies such as Six Sigma on an enterprise-wide basis. The $20 million figure is part of $1.414 billion in specific, quantifiable savings and revenue enhancements reported by Six Sigma Qualtec clients over the last three years.
“Six Sigma benefits financial services organizations by streamlining the processes present throughout the company, and ensuring they are implemented consistently,” said Zachery Brice, Six Sigma Qualtec’s managing partner. Brice, a leader in Six Sigma training, noted that Six Sigma initiatives enable companies to be more responsive to customer demands and can give them a competitive advantage in marketing products and services.
Six Sigma Qualtec’s numbers are drawn from a group of projects designed, supervised or conducted by the company over the last 12 months for three major financial institutions located in the Northeastern and Midwestern United States. The projects include initiatives such as:
- Lowering first pay defaults;
- Shortening check processing “holdovers;”
- Reducing pass-through paydown exceptions;
- Improving the timely distribution of customer financial statements;
- Reducing the time needed to open new accounts, and more.
All of these projects, said Brice, focus on serving customers more efficiently and completely
a key requirement for client retention in today’s hyper-competitive market. “By implementing Six Sigma initiatives, financial firms that do so improve their ability to function cohesively on an enterprise-wide basis. In doing so, they adopt a unified approach to delivering consistent customer value, enabling them to assume a leadership position.”
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