When Bank of America, one of the world?s largest financial services companies, turned to Six Sigma, many were doubtful if it would work, but it did. Less than three years later, quality and Six Sigma have become an integral part of the culture at Bank of America.
The bank has embraced the Six Sigma discipline in three ways:
1. as core process performance metric.
2. as a business approach.
3. as a leadership philosophy.
Soon, BA experieinced the following changes in its sytem:
*reduced missing items from customer statements by 70%
*lowered the number of late posted customer transactions
*reduced encoding errors
*improved the efficiency of large scale printing operations
*businesses and support units began to pay off
*reduce those system hiccups that occur in hardware and software system, thereby reducing
overall defects across electronic customer channels by 88%.
*trimmed response cycle time for certain account maintenance requests from three
days to less than 10 minutes.
* reduced the cycle time from application to closing of mortgages by 15 days
Today, Bank of America handles almost 200 customer transactions per second, faster and more accurately than ever. Same day payments have improved by more than 36% and deposit processing has improved by 47%.
As a whole, Six Sigma and the other quality tools that have become part of Bank of America?s culture have created benefits of more than $2 billion.
Read more Six Sigma…at a Bank?
