Six Sigma in banking services: a case study based approach

Abstract

Six Sigma is not merely a quality initiative; it is a business initiative. The use of Six Sigma methodology is more valuable in financial institutions now than it has ever been and companies are now reaping true savings and revenue growth. It follows the Define-Measure-Analyse-Improve-Control (DMAIC) approach to problem solving and to identify the areas for improvement. Either the voice of the customer or voice of business acts as a source for identification of major improvement areas. This paper presents an extensive review on Six Sigma, and application of Six Sigma in banking services. The wider applicability of Six Sigma depends on identification of key performance indicators for different types of service processes. A case study is conducted in banking services to identify, analyse and improve upon critical to quality characteristics and key performance indicators within the different processes. The study was initiated with a view to identify the feeble areas in overall transaction and improve upon those which would be of maximum benefit to the company.

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