Wondering how Six Sigma lends its hand in the banking industry? Six Sigma literally helps in every industry possible. Six Sigma first experimented in the manufacturing industry which made everyone think it is not for other industries. To everyone’s surprise and benefit, Six Sigma proved it wrong and made its place for the long run now.
Six Sigma yellow belt Certification can be implemented in any industry where there is a repetitive process. Six Sigma ensures to eliminate the errors and make the service better. Speaking of the banking industry, the place of the repetitive process has now been benefited by the online Six Sigma Yellow Belt Certification.
The banking industry does require the support of six sigma because of the tons of money involved in the process. Any error that occurs is going to cost a fortune. The repetitive errors would make your bank go bankrupt in no time. Let us take a deeper look at how six sigma help in the banking industry.
The process cost: Process cost is a major part of the banking industry. Like the slightest error would cost a leg, the slightest improvement will save the industry tons. The process cost is inevitable and Six sigma will shed light on the costs that can be avoided or reduced. The statistical data that six sigma provides will help you limit the cost based on the necessity.
Customer centric: The effectiveness of the bank’s services will help in retaining the customers and gaining new ones. Six Sigma helps in reducing the customer wait time to open new accounts, loan processing, etc. Any process that is difficult for the customers to follow is made simple by Six Sigma. When the process is less time-consuming and easy to follow many customers would prefer the bank that provides it.
Six Sigma will take deep statistical data on what processes are not necessary, difficult, and more time-consuming for the customers and help in eliminating it or finding an alternative. To any industry their client or customer is the king, Six Sigma makes sure customer satisfaction is looked after in every step possible.
Employee centric: Six Sigma not only concentrates on customer satisfaction but also on employee well-being. The bank employees will be asked for suggestions and opinions to make their workstation a better place. After all the employees are the ones who would make any project successful, right? Six Sigma Yellow Belt Certification ensures to inform the employees about the change in the system so that their work nature is not affected.
Outsourcing Companies: The banking industry doesn’t necessarily mean that only the bank is implementing six sigma. Even the Multinational companies who are outsourcing for the banking industry have also implemented the Six Sigma methodology. Since outsourcing companies take care of the data collection and maintaining records, Six sigma finds out the repetitive errors caused as the data says it all.
Six sigma Green Belt Certification in the banking industry has helped to increase the block percentage to ensure fraud rate is decreased, reducing the time taken to process the next loan cycle, decreasing waste when it comes to customers time and the bank’s time and money.