What Financial Services Can Learn From Lean

US Banker, August, 2008 by Larry Mead, Managing Director of Financial Services, Guidon Performance Solutions

Lean, the business philosophy that has driven Toyota’s relentless rise to the top of the auto industry, is making significant inroads into banking and financial services. And the results are impressive. The gains through eliminating waste and improved customer service after adopting Lean are hard to ignore.Research from the Corporate Executive Board finds that financial firms leveraging Lean techniques achieve 20 percent to 40 percent cost reduction in 12 to 18 months. Equally remarkable are specific anecdotal results:

One of the world’s largest financial institutions headquartered in the U.S., increased credit card activation by 10 percent in one year, achieving $2 million in additional revenue through increased card utilization. A prominent national bank reduced its...

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