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Six Sigma in the Banking Industry
Six Sigma is a system that uses data and statistics for measuring quality, traditionally in a manufacturing industry. But now even banks are applying the six sigma model to continuously improve quality and gain a competitive advantage.
The Six Sigma methodology can help reduce the amount of wasted time and resources as well as reduce cycle time to create banking applications. Result is lower maintenance, schedule overrun and development cost.
Bank of America, Citibank and Chase Manhattan are some banks who have adopted Six Sigma.
Core to Six Sigma is DMAIC, which is 1) Define, 2) Measure, 3) Analyze, 4) Improve and 5) Control.
Applying Six Sigma to Banks
Six Sigma allows a banks to monitor and respond to:
Bottom line, the Six Sigma model can help banks reduce transactional mistakes, reduce risks and improve customer satisfaction.
Links to other Six Sigma resources.
Information Technology for Banks
Banking Technology - Resource for Banks and Financial Institutions
About Six Sigma
Founded in 1986, Bill Smith of Motorola
Standardize how defects were counted
3.4 defects per million
Reduce errors and improve operating efficiency
Continuous quality improvement