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Fundamentally, Lean is about eliminating waste. Some waste is unavoidable, but the objective is to identify all activities that are non-value-added, and reduce as many as possible. General examples of waste include over-producing, waiting, defects/ rework, over-processing, inventory, motion, and transport. A few specific examples of waste sometimes found in financial services include: • Rework due to lost files or processing errors • Over-processing due to duplicate client records, or redundant data entry requirements • Movement due to physical dispersion of process participants • Printing, copying, and transporting of documents instead of transmitting/storing electronically Identifying, eliminating, or reducing such waste will…show more content…
Communication is the most important step in change management. A bank needs to share a common goal and set of expectations of value that the lean program will deliver. Teaching and coaching Lean techniques to employees is a needed investment to sustain the Lean culture. The concept of the "internal client" should also be introduced for non-customer-facing departments. This approach will ensure a customer-centered attitude at every level of the bank. Finally, Lean managers must spend more time on the floor to observe and capture improvement ideas The case for Lean banking The focus of Lean lies on building a client-centered organization. Banks have always struggled to deliver excellent customer experience due to processes that are not adapted to the customer's need. Moreover, it is mostly a negative perception of the banking industry that hurts customer satisfaction. Lean initiatives are rising rapidly in banking, yet their approach is still too much focused on reaching operational excellence. A focus on the cultural aspects of Lean would ensure, in the first place, that the entire organization is working together in improving its customer service, but more importantly, all employees will be inspired to deliver continuously excellent customer service. Here is some of the challenge in banking management and benefit of lean. Challenge | Benefit of Lean | Systems and Management

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