A new and fiercely competitive landscape is emerging in financial services. Deregulation and the globalization of finance are inaugurating industry-wide consolidation as companies merge to gain economies of scale, eliminate excess capacity, and cut costs. It is a diverse and complex sector where Clients are seeking to drive top line growth and build a better understanding of product and customer profitability to enable them to deliver more targeted products with more sophisticated pricing to specific customer segments. Active focus on cost structures and effective use of outsourcing and strategic alliances are also an important driver of profit improvement.

Lean Business systems have worked with many Financial Services clients to shape and define their growth strategies. They help product providers address the dynamics of mature markets, differentiate their offering, strengthen customers’ brand loyalty, and address pricing pressures. By taking the initiative to transform your organisation to Lean you can achieve similar dramatic improvements to your key success factors that others in your sector have achieved. 

While transforming organizations to Lean has traditionally been the preserve of manufacturing companies, the same principles and Lean tools are now being applied to Financial Institutions with similar or even more dramatic successes being achieved. The road to Lean in Financial Institutions begins with a complete review of the business. This will involve an analysis of the business model together with a review of each step taken to fulfill the customer’s needs, from the customer’s point of view.  This is followed by developing a “Future state map” together with a list of actions necessary to move the organization from “Current state” to an agreed “Future state”. By repeating the above actions on a regular basis, continuous improvement actions are regularly identified laying the foundations for developing a continuous improvement culture across the organization.

There are many Lean tools that can be applied to Financial Services organizations depending on its strengths and weaknesses which under the guidance of an expert from Lean Business Systems will result in bringing about an amazing return on investment over a very short period of time. The typical tools deployed in transforming Financial Services organizations to Lean are as follows:

• Value Stream Mapping
• Hoisin planning
• Kaizen events
• Eliminating waste (MUDA)
• Root cause analysis
• 5S workplace organisation
• Statistical process control
• Poka-Yoke
• Kanban Pull
• Visual techniques
• Lean Operations Game
  

Many other Lean tools are also available should the need arise to deploy them. There are many documented examples of successes at implementing Lean in Financial Services environments, however it is important to understand that for a truly successful and sustainable outcome, the culture of the organisation may need to be reviewed and changed. This can take considerable effort, time and professional guidance to successfully implement in a sustainable way.

Lean Business Systems has extensive experience in the Financial Services sector and can take you through the many successes already achieved as a result of Lean deployments in Financial Services organisations.  Lean Business Systems will provide you with a free assessment of your current state together with an assessment of what it will take to transform your organization to Lean using the many tools at its disposal.

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