Posted by: meikah | 19 March 2007 | 1:41 am
After its successful merger with Chohung Bank, Shinhan Bank has become one of Korea’s major commercial banks.
As a result of these changes happening in the bank, its Management has decided to seal its place in the competitiveness arena. The bank has gone the Six Sigma way, and will continue to do in the coming years.
While launching its Six Sigma projects, Shinhan has learned the following:
- identified defects in their work processes that result in customer dissatisfaction and increased costs
- improved performance and sharpened organizational efficiency
- created a culture of innovation
- by reducing costs and increasing customer satisfaction, the bank has created benefits worth more than 15 billion won ($15.9 million)
- reported a net profit of 1.66 trillion won in 2006, up 8.4 percent from a year earlier
- operating profit rose 9.7% last year to 4.34 trillion won
- assets grew 8.4% year-on-year to 177 trillion won as of the end of last year
The Korea Herald, “Shinhan’s innovation leads to competitiveness, strength” with link provided by iSixSigma