Abstract
Since the day of its inception at Motorola Inc., Six Sigma methodology has been widely used in process improvement by companies all over the world including financial institutions. Users of Six Sigma strive to achieve competitiveness through improving processes. In recent years, “Lean” principles have been merged with the Six Sigma approach in what is known widely as Lean Six Sigma. Six Sigma is not only applicable to manufacturing but also to the service sector. With growing competition in the financial services sector, Six Sigma principles can be used to cut costs, increase efficiency and thereby help companies to stay afloat in the global economy. This paper will try to outline how Lean Six Sigma principles can be used to continuously improve service operations with special emphasis on financial institutions such as banks, insurance companies, individual pension systems, brokerage firms and others. A demonstrative case is also provided on how the principles can be applied in the context of a pension company.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Bicheno, J., & Holweg, M. (2009). The lean toolbox: The essential guide to lean transformation. Buckingham: Picsie Books.
Brue, G., & Howes, R. (2006). The McGraw-Hill 36-hour course in Six Sigma. New York: McGraw-Hill.
De Koning, H., Does, J. M. M., & Bisgaard, S. (2008). Lean Six Sigma in financial services. International Journal of Six Sigma and Competitive Advantage, 4(1), 1–17.
Deming, W. E. (1982). Quality, Productivity and Competitive Position. Cambridge: MIT Press.
EGM (2013). Information about the individual pension system of Turkey obtained from Pension Monitoring Center of Turkey (Emeklilik Gözetim Merkezi-EGM). http://www.egm.org.tr/?pid=358. Accessed 04 Feb 2013.
Esin, A. (2004). ISO 9001:2000 Işığında Hizmette Toplam Kalite. Ankara: ODTU Press.
Furterer, S. L. (2009). Lean Six Sigma in service: applications and case studies. Boca Raton: CRC Press.
George, M. L. (2002). Lean Six Sigma: Combining Six Sigma quality with lean speed. New York: McGraw-Hill.
Gitlow, H. S. (2009). A guide to lean Six Sigma management skills. Boca Raton: CRC Press.
Gitlow, H. S., Oppenheim, A. J., Oppenheim, R., & Levine, D. M. (2005). Quality management. New York: McGraw-Hill.
Holweg, M. (2007). The genealogy of lean production. Journal of Operations Management, 25, 420–437.
Pyzdek, T. (2003). A complete guide for green belts, black belts, and managers at all levels. New York: McGraw-Hill.
Shingo, S. (1989). A study of the Toyota production system: From an industrial engineering point of view. New York: Productivity Press.
Taylor, F. W. (1911). The principles of scientific management. New York: Harper and Row.
TBB (2013a). Information on member banks of Turkish Union of Banks as of 23.01.2013. http://www.tbb.org.tr/modules/banka-bilgileri/banka_Listesi.asp?tarih=23.01.2013. Accessed 23 Jan 2013.
TBB (2013b). Information on number of branches of Turkish Union of Banks members as of 23.0.2013. http://www.tbb.org.tr/modules/banka-bilgileri/banka_sube_bilgileri.asp?tarih=23.01.2013. Accessed 23 Jan 2013.
Uchupalanan, K. (2000). Competition and it-based innovation in banking services. International Journal of Innovation Management, 04, 455–460.
Womack, J. P., & Jones, D. T. (2003). Lean thinking. NY: Free Press.
Womack, J. P., Jones, D. T., & Roos, D. (1990). The machine that changed the world: The story of lean Production. New York: Rawson Associates.
Acknowledgments
I would like to thank the Society for the Study of Business and Finance, the editors and chapter editors of the “Globalization of Financial Institutions” volume and the anonymous reviewers for the valuable feedback they provided during the preparation of the manuscript.
Author information
Authors and Affiliations
Corresponding author
Editor information
Rights and permissions
Copyright information
© 2014 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Akkucuk, U. (2014). Application of Lean Six Sigma Methodology in Design and Improvement of Financial Services. In: Dincer, H., Hacioglu, Ü. (eds) Globalization of Financial Institutions. Springer, Cham. https://doi.org/10.1007/978-3-319-01125-7_11
Download citation
DOI: https://doi.org/10.1007/978-3-319-01125-7_11
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-01124-0
Online ISBN: 978-3-319-01125-7
eBook Packages: Business and EconomicsEconomics and Finance (R0)