Lean Six Sigma in Banking Services

Book excerpt: This book explores a range of prospective avenues, models, and operational and strategic approaches to Lean Six Sigma (LSS), a contemporary Continuous Improvement (CI) practice for achieving a quality-based competitive edge in organisations. Lean Six Sigma project case studies from banking organizations help to illustrate the operational dimensions of LSS, while the case-specific and cross-case analyses presented here demonstrate its strategic value. While the case data used to arrive at the findings come from the Banking firms, it allows generalizability beyond the Banking and Financial Services sector. The book contends that LSS is not merely a CI practice, but a higher-order organizational capability, more precisely a dynamic capability, that allows firms to gain a competitive edge based on quality. Addressing the interests of practitioners and researchers alike, the book strikes a balance between theory and practice. For practitioners, it offers guidance on using LSS to gain a competitive advantage, and on evidence-based practice in quality management and operational excellence. For researchers, it presents a wealth of literature and expands the body of knowledge on quality management. Accordingly, the book is of immense value to both practitioners and researchers, helping the former unlock the value of LSS as both an operational and strategic resource, and highlighting potential research directions and applications for the latter. “This book provides a deep understanding of Lean Six Sigma applications. It inspires by transferring the principles of the concept into uncommon areas of operations and management behind the usual quality and project management. While reading the book I got hit by a great idea of applying Lean Six Sigma in my digital business as well. My impression at the end of the book was that sky is the limit for the right employment of Lean Six Sigma, especially while viewing it from a dynamic capabilities’ lens. Readers of this book will surely receive insights for improving their business processes both operationally and strategically. Although the book is focused on banking, it is actually suitable for a really wide audience. This is a brilliant piece of research as a book that will serve as a guide for transformation by the prism of Lean Six Sigma.” - Professor. Dr. ZornitsaYordanova, Chief Assistant Professor of Innovation Management, University of National and World Economy, Sofia, Bulgaria “Lean Six Sigma needs to be understood from a systems perspective and there exists a huge knowledge gap in this area of finding holistic solutions to business problems. This book is a very welcome work that addresses this call. It integrates quality management resources and dynamic capabilities view towards practice. Banking and Financial Services was aptly chosen as it has the most direct applicability for social enterprises. Anyone interested in creating more impact with less will surely benefit from reading the book” -Alex Abraham, Chief Executive Officer, Lean Success Partners, Winnipeg, Manitoba, Canada “The book is a refreshing booster to the world of Quality Management especially in the context of Banking and Financial Services. Concepts and terms like “Rapidness of Lean & robustness of Six Sigma to solve operational problems” “Hybrid methodology” resonate very well with what we do in the industry today. Another interesting fact about the book is applying “Dynamic Capabilities approach” to Quality Management, that sets a fresh Quality Oven and ensures this book is definitely a good investment of authors’ intellect.Best part – Even if a reader is new to the world of Quality,this book will be appropriate and resonating. For Researchers and Practitioners, both being leaders orfresh entrants, this book stands out to be a must-read, as it demonstrates the success of the Lean Six Sigma methodology via case studies and practical applications.” -Udit Salvan, Director, Global Transformation & Engineering Network,An American Multinational Financial Services Corporation, New York, USA