Financial Overview
Financial organizations must reduce cost through the reduction of wastes (non value-added activities) related to paper flow, order taking, communications to customers, data collection, and travel. The global economy is forcing U.S. businesses to view their internal cost structure to maintain a competitive edge. Therefore, organizations must internally use new business practices such as Lean for Financial Services. Lean is the application of the tools and concepts documented and used by the world-class Toyota Motor Company.
The following processes are examples which could be examined for the application of Lean tools:
- Generating statements
- Processing paperwork (claims, quotes, applications)
- Servicing phone calls from branches and customers
- Communicating to a customer, client, or member
- Complying with regulatory agencies
- Compiling and analyzing surveys
- Conducting meetings
These represent general processes that exist in all financial organizations. The first step in a Lean company is to identify your opportunity for improvement.
The Lean for Financial Services team has over 30 years in the application of Lean in the banking, investment, insurance, loan, and mortgage administrative settings. Some of The Lean for Financial Services team’s results have included:
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Reduction in statement generation by 27.5% which results in a savings of over 44K per year in paper costs alone -
Improving customer call-in wait time from an average of 2 minutes, to less than 20 seconds
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Improved application processing from 8 steps and 4 signatures to 3 steps and only 2 signatures
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Reduction in the wait time for a 30 year fixed mortgage from 208 hours to 34.5 hours
The Lean for Financial Services team includes:
David Tapping has over 30 years in the financial services market. He has held top level positions as finance director, loan office, investment counselor, etc. for Wells Fargo, Edward Jones, First National, Midwest Alliance Group, to name a few. Dave has worked in improving processes in each of those organizations through the adaptation of Lean. Dave has a Series, 6,7 and 67 license as well as certified in insurance and brokerage sales.