Insights from The Lab

Lean Financial Services

Category: Lean Financial Services

Cost Cutting in the Banking Sector: Four Milestones in Six Months

This story took place at one of the largest consumer banks in the United States. With nearly 1,500 branches, 24,000 employees, and $175 billion in assets, they sought to cut costs and improve the efficiency of their retail branch network. They wanted to cut operational costs and improve efficiency and effectiveness in their back-office support groups. And they wanted to improve the overall customer experience in the process. It was a tall order.

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A Three-Pronged Approach to Improving Operational Efficiency in the Banking Sector

If you’ve been following these articles, you’ll know that our last one was an in-depth case study which followed the trials of a well-known U.S. consumer bank. They’d grappled with cutting costs in their back-office operations. In this article, we’re going to take an under-appreciated approach to improving a bank’s productivity: tapping into the wasted …

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How to Increase Operational Efficiency in the Banking Sector

This is the story of a well-known global bank. They sought to “digitize” their mortgage operation.

You can guess what happened. The promised “digital assembly line” never delivered. While paper was eliminated, the same old, flawed work processes continued. They were simply shuttled around the organization on a fantastically expensive digital conveyor belt.

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How to Reduce Operating Expenses in Banks by Standardizing Common Processes

It’s commonly believed that digital banking technology will automatically reduce expenses in front- and back-office operations. But it doesn’t. In this article, we’re going to show how cost reduction in banking first requires that underlying processes are examined—and streamlined. Bank cost cutting: A lesson from the past You probably never heard of Charles Babbage. But …

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Improvements from Start-to-Finish

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