The implementation of lean Six Sigma in financial services organizations

TLDR

Internationally, cultural differences mainly involve internal resistance and openness to change. The study seeks to collect insights on benefits, challenges, and lessons from LSS implementation to guide managers in financial services firms. The authors performed a ten‑year case study of LSS implementation in a financial services organization pursuing service excellence. LSS lowered operational costs, improved process and product quality, and increased efficiency, productivity, agility, and versatility, outweighing its costs. The research is limited to a single case study.

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.