One of our clients from the banking sector was suffering from major losses, reduced clientele, and dipping the company's reputation. To remain competitive it needed to improve its account opening process, balanced cost management, and increased efficiency. Cynosure incorporated lean six sigma principles to enhance the company's reputation and efficiency.
Losing market value to competitors and suffering from slow growth in major processes. In order to remain competitive, the client had to:
The client asked us to address the following issues:
Cynosure implemented DMAIC approach and lean principles to improve the bank's operations. We found that the major issues with the organization were:
Cynosure identifies six major and most critical recommendations mentioned below with the bank's process and prioritized them to improve the organization's effectiveness.
Revamp the entire account opening process
Imaging & workflow were introduced in the process
Integrated workflow with the enterprise platform
Revamp application form with all customer's contact details along with home country details.
Reduced the number of pages in the customer a/c opening form from 16 to 4.
Auto checks and validations were built-in for the data entry at the form-filling stage
Introduced other services as a default in a single account opening form
Reduction in number of FTE in the central processing unit
With the support from Cynosure, and the implementation of suggested recommendations, the client was able to :