Lean Manufacturing for Financial Services

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Soon, Sie Chye (2007) Lean Manufacturing for Financial Services. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

In today's competitive environment, organizations struggle to find new ways to reduce cost while delivering high-quality service. This is particularly true for the financial services industry. Lean Manufacturing is a production optimization methodology that relentlessly seeks out and eliminate activities that do not create value for customers (i.e., waste). Its outcomes are characterized by production systems that

1. minimize process cycle times

2. optimize customer touch times

3. generate continuous production flows

Research suggests that at least 40% of financial services operations expenses result from wasteful activities that add no value to the customer and therefore should be eliminated. The majority of these wasteful activities are caused by executives managing increasingly complex service-fulfillment processes that contain multiple handoffs and decision points. Work is more difficult to track and less tangible in a service environment, thus making hidden waste more prevalent. Furthermore, various business stakeholders define waste differently, resulting in financial institutions not measuring and reducing wastes uniformly across the entire organization.

Lean is a well-established industrial paradigm and has proved to be of significant benefit in the manufacturing industries. This management project examines how concepts from Lean Manufacturing enable financial institutions to expand existing cost-reduction efforts while simultaneously drive customer value creation.

Item Type: Dissertation (University of Nottingham only)
Keywords: Lean Manufacturing, Financial Services
Depositing User: EP, Services
Date Deposited: 05 Mar 2008
Last Modified: 18 Apr 2018 02:47
URI: https://eprints.nottingham.ac.uk/id/eprint/20915

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