Exploration of Impact of Lean Six Sigma and TRIZ in Banking Sector

Abstract

This paper is an effort to explore and identify the scope of improvement in the service sector by utilizing established principles of Theoria Resheneyva Isobretatelskehuh Zadach (TRIZ) combined with Lean Six Sigma methodology. Service sector being the leading sector in 201 economies/countries contributes 63 percent of total global wealth. Banking and financial sector being one of the fastest growing sub‐sectors within the services sector was considered for this research. Lean Six Sigma principles have proven their capability in the manufacturing sector by reducing cost and improving quality. Here we have attempted to apply these principles in the service sector to analyze customer needs and deliver quality solutions in less time. The use case of opening an account in a bank by a customer is considered to measure the impact of TRIZ methodology intertwined with LSS. Hence suggest a process framework to be later extended to other use cases of financial or other service sector industries. It is a potential framework that will help the service sector leaders to increase their service efficiency with reduced cost and increased customer satisfaction.