Summary of Six Sigma for Financial Services

How Leading Companies Are Driving Results with Lean, Six Sigma, and Process Management

McGraw-Hill, more...

Buy the book

Six Sigma for Financial Services book summary
Try opening an account and you'll see why financial-services companies should use advanced tools to improve service.


6 Overall

7 Applicability

7 Innovation

4 Style


The title of this book is misleading. In fact, its subtitle is more relevant. It does not focus on Six Sigma only, but rather on a variety of tools that companies offering financial services are – or should be – using to achieve what Rowland Hayler and Michael D. Nichols call "business process excellence": creating the greatest possible value for customers. The book is based on a study (described in the index) of 11 leading financial-services companies, some international and some local. The authors frequently cite useful examples from their respondents to anchor some of their theories in real life. Unfortunately, managers who are eager to benefit from this important information may find the authors' prose opaque and abstract. The charts and chapter summaries are helpful, but some readers may need perseverance to learn from this book. Nevertheless, getAbstract finds the authors' goal laudable: to show how financial-services companies can improve their often-abysmal customer service standards, and thus increase their profits and competitiveness.

In this summary, you will learn

  • Why companies that provide financial services should improve their products and their relationships with customers;
  • How successful companies use Six Sigma, Lean and other tools to achieve "business process excellence"; and
  • How to manage innovation with process leadership, knowledge and execution.


Change and Complexity
The financial-services business today is complex and in constant flux. Some people believe that companies offering financial services can break through the competitive clutter either by introducing exceptional new products or by making tremendous advances in customer...
Get the key points from this book in less than 10 minutes. Learn more about our products or log in

About the Authors

Rowland Hayler is the vice president of international operations for an international consulting firm and has worked with many leading financial institutions. Michael D. Nichols is a principal consultant and senior master black belt for a consortium of Lean Six Sigma professionals. He co-developed a major corporation's Six Sigma process management programs and is president of the American Society for Quality.

Comment on this summary

More on this topic

By the same authors

Contained in Knowledge Pack:

  • Knowledge Pack
    Financial Services
    Insiders know that financial service firms need their own business models and marketing packages. After all, they're just like other service companies, only smarter about money.

Customers who read this summary also read

More by category