Summary of Six Sigma for Financial Services

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Six Sigma for Financial Services book summary
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Rating

6 Overall

7 Applicability

7 Innovation

4 Style


Recommendation

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.
 

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.

 

Summary

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...

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