Six Sigma in Financial Services

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
13 December 2002

Abstract

New York, NY, USA December 13, 2002

Six sigma can provide cost savings and increased customer satisfaction to a wide variety of financial institutions.

A new report from Celent, , analyzes six sigma and its application to financial institutions and finds that while the strict methodology can lead to impressive cost savings, much of the formal process is simply good management.

"Six sigma offers financial institutions the ability to save millions of dollars a year through quality improvements that enhance customer satisfaction," says Natalie Garner, co-author of the report. "However, we believe these benefits are, for the most part, the result of good management practices."

Six sigma can be applied to a variety of processes at any financial institution. It helps to cut through bureaucracy and waste, and increases cooperation between different parts of the firm. However, we would discourage firms from implementing a program without examining first the efficacy of their existing quality programs. The strict methodology of six sigma requires a substantial commitment of resources to achieve its outsized gains and an uncommitted implementation can easily cost more than it saves. At the same time, we believe that many of the strong points of six sigma can be integrated into existing quality programs or through a less formalized program.

The report provides an overview of the six sigma methodology and an analysis of its applicability to particular areas of financial services. The report contains five case studies that provide details about different possible implementations of six sigma.

A is available online.

of Celent Communications' research services can download the report electronically by clicking on the icon to the left.

Send mail to info@celent.com with questions or comments about this Web site.

Subscription required

Access to this content requires a Celent research subscription.

Subscribers should sign in to access this research.

Insight details

Content Type
Reports
Focus
Case studies
Location
Asia-Pacific, EMEA, LATAM, North America