Applying Lean Six Sigma and TRIZ methodology in banking services

Abstract

Service operations now comprise more than 80% of the GDP in the United States and are rapidly growing around the world. The cost to maintain and service an application is typically more than the initial purchase price. The revenue growth potential of improving the speed and quality of service often overshadows the cost reduction opportunities. The Lean Six Sigma approach is a popular methodology to improve the business opportunities in customer satisfaction, cost and process speed for manufacturing. In this study, we attempt to extend the Lean Six Sigma approach to a broader application in the service industry and integrate TRIZ methodology to enhance the traditional techniques of Lean Six Sigma. Theoria Resheneyva Isobretatelskehuh Zadach (TRIZ) is an effective method for analysing customer needs and developing innovative solutions to meet those needs. A sample problem of the banking service is used to demonstrate how TRIZ can be applied to a real-world problem while in a Lean Six Sigma DMAIC process. The results show that the application of Lean Six Sigma methodology with TRIZ performs effectively in the improvement of banking services.