Financial service providers in the past decade have undergone a dramatic paradigm shift in their business model orientation. Institutions such as banks have redirected their attention from a product-centric orientation to a customer-centric perspective. Yet even today, the most valuable and lucrative financial activities performed in such organizations typically involve dozens or even hundreds of steps across multiple, and sometimes unrelated departments, which create an overly complex and inefficient value-creating process. Though employees will look extremely busy performing a myriad of activities, this leaves the customer waiting in queues instead of conducting their own business.
It has never been more important for financial institutions to be as efficient and effective as possible in this challenging business environment. Meeting and exceeding the expectations of customers is highly dependent on the ability to effectively control these value-creating processes. Clients demand reduced operational risk, better returns, higher operating margins and new compelling value propositions. Financial leaders today are challenged to develop sustainable competitive advantage. The insurance industry for example also faces challenging issues such as premium volume pressure, distribution channel cannibalization, increased buyer sophistication, and customer skepticism.
Of great concern is the ability and availability of a competent internal team to vigorously evaluate and improve business processes across the whole company, rather than limiting themselves only to their assigned work area or department. It is often the case the team is unable to evaluate the process from a company-wide perspective, or from the customer viewpoint—limiting them to a single point of view that is unable to achieve real effective change.
Overcoming these challenges requires focus on the individuals who maintain and operate these service processes—and the actual service processes as well—in order to create the most value for the organization and more importantly the customer. The other requirement is the ability to operate from a company-wide view from the start, as well as understanding the customer perspective, to develop and integrate a comprehensive strategy that will produce real results.
Our Lean Service strategy helps your organization improve its process efficiency and the effectiveness of its value-creation chain, by analyzing and reducing activities that do not provide value for your company—or for the customer. Thereby increasing your service capacity and reducing customer waiting times using the resources already at your disposal, or even reducing the amount necessary to achieve operational excellence.
While our Six Sigma strategy will ensure improvement of service quality, process efficiency, while trimming technology spending, and dramatically improving customer satisfaction.