The implementation of lean Six Sigma in financial services organizations

Abstract

Purpose – The purpose of this paper is to obtain pertinent information pertaining to benefits accomplished, main difficulties felt, and key lessons learned in the implementation of lean Six Sigma (LSS), which are likely to be helpful to financial services organizations wanting to implement the same tool. Design/methodology/approach – This paper reports the results of a case study from a financial services organization which has begun the implementation of LSS methodologies ten years ago, in the pursuit of service excellence. Findings – The benefits derived from LSS implementation, such as lowering the operational costs, improving processes and product quality, increased efficiency, which leads to the increase of productivity, the agility and versatility obtained by the organization, vastly outweigh the costs. At an international level, there are cultural differences pertaining mainly to internal resistance and openness to change. Research limitations/implications – This work focuses on a specific case study. Practical implications – The authors compiled the lessons learned and recommendations for future implementations of this methodology. The paper, therefore, will be of interest to managers of similar companies. Originality/value – The paper presents a successful application of LSS for a financial services company.