Six Sigma for Financial Services: How Leading

Strategies to turn your financial organisation into a lean, mean, results-generating machineApplying Six Sigma to mission-critical financial operations is the latest focus of process improvement. Six Sigma for Financial Services delivers the framework and tools needed to conduct operations at the highest level of performance and precision.Drawing upon their vast experience, Six Sigma experts Rowland Hayler and Michael Nichols deliver a step-by-step approach for improving process maturity and effectiveness-and realising millions of dollars of value for your customers and shareholders.Key features This comprehensive guide features assessments, checklists, and proven advice for integrating process improvement methods into financial operations Hayler and Nichols have applied the methods in this book at large companies, including American Express Includes case studies from global finance leaders, including ABN, Bank of America, HSBC, Deutsche Bank, ISISI Bank in India, and Merrill Lynch

Rowland Hayler is the Vice President of International Operations for Pivotal Resources, a global business improvement consulting firm. Prior to joining Pivotal, he served in a variety of business improvement leadership roles over 15 years at American Express. He has consulted with many leading financial organizations, including Halifax Bank of Scotland, Dresdner Kleinwort Wasserstein, Marks & Spencer Money, Swisscard, and UBS.

Michael D. Nichols is Principal Consultant/Senior Master Black Belt for Nichols Quality Associates, a consortium of Lean Six Sigma professionals. He was previously the Director-Six Sigma Design/Senior Master Black Belt at American Express, where he codeveloped the Six Sigma Design and Six Sigma Process Management programs. Nichols will also be president of the American Society for Quality in the 2007-2008 year.

Foreword

ix

Acknowledgments

xiii

PART I Today's Financial Services Landscape

1

(70)

Chapter 1: Key Definitions

5

(8)

Chapter 2: The Driving Forces of Change

13

(36)

Chapter 3: Some Success Stories from Leading Financial Services Organizations

49

(14)

Chapter 4: What Does World Class Really Mean?

63

(8)

PART 2 Process Leadership

71

(38)

Chapter 5: Defining a Vision

79

(4)

Chapter 6: Shaping a Strategy

83

(14)

Chapter 7: Establishing Ownership

97

(12)

PART 3 Process Knowledge

109

(38)

Chapter 8: Creating Capabilities

113

(10)

Chapter 9: Defining an Architecture

123

(12)

Chapter 10: Establishing Measurement Systems

135

(12)

PART 4 Process Execution

147

(50)

Chapter 11: Embedding Governance

151

(12)

Chapter 12: Achieving Transformation and Improvement

163

(22)

Chapter 13: Fostering Culture

185

(12)

The Future of Business Process Excellence in Financial Services

197

(14)

Appendixes:

1. EuroCountry Bank Six Sigma Case Study: Wire Transfer Process Improvement

211

(16)

2. Financial Services Survey

227

(6)

Glossary of Terms

233

(8)

References

241

(2)

Index

243

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Six Sigma for Financial Services: How Leading Companies Are Driving Results Using Lean, Six Sigma, and Process Management

Summary

Author Biography

Table of Contents

Supplemental Materials