Lean and Six Sigma in Credit Unions: Improving Efficiency, Compliance, and Member Experience
Never before have Credit Unions experienced the ongoing pressures they are facing today. The financial sector is still on shaky ground, interest rates are at historic lows, lending volume is stagnant, there is increased competition for Members, with increasing demands for a wider variety of Member services, and higher operating expense ratios—plus the likelihood of an increased regulatory environment in the years to come.
In their search for weapons to help combat these pressures, an increasing number of Credit Union leaders are turning to quality improvement methods, and especially Lean and Six Sigma, the two most effective operational excellence disciplines used in business today. This paper explains Lean and Six Sigma, and shows how the combination of the two (Lean Six Sigma) can be successfully applied in Credit Unions of all sizes, big and small, to provide improved Member services with higher effectiveness, efficiency, and lower costs.
While Lean Sigma is not a silver bullet for driving business performance improvement, it is a key element of a high-performing business ecosystem which provides the ongoing catalyst to drive innovation while also improving business outcomes.
Related Links:
Lean Six Sigma Financial Services Case Studies
Financial Services Industry Solutions
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