Insights from The Lab

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 …

Read Full Post

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.

Read Full Post

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 …

Read Full Post

Cost Reduction Strategies and Examples of Cost Cutting with Lean Methods

In this article, we’re going to focus on more hiding-in-plain-sight cost-reduction ideas. Specifically, we’ll explore three drains on business value that you can start plugging today.

Perceiving the potential of knowledge work standardization is difficult. That’s because it’s not on the balance sheet. Accounting rules mandate that the activities of knowledge workers appear as expenses on the income statement. But these competencies are the most valuable, albeit intangible, assets in the business!

Read Full Post

Improvements from Start-to-Finish

Since opening its doors in 1993, The Lab has helped some of the best companies in the world become even better.