Industry/ Sector : Co-operative Bank
Challenges: Longer lead time due to inbound quality problems and lack of standardization. Duplication of activities, branches unable to meet sales target.
Expectations: Improve operational efficiency & sells, cost optimization, process lead time reduction.
Approach: Lean helps organizations systematically uncover and eliminate hidden sources of process waste, thereby creating new opportunities for improving operational efficiency
Vedzen’s specially crafted Model C, lean banking for branch excellence was proposed.
Implementation: Vedzen established through project work, that Lean practices can effectively lower a bank’s cost base by improving operational productivity in all levels & simplification of process like account opening, loan & advances, ATM cash deposits, Industrial project loan, delivery of ATM cards, locker operation per day & data purification for all types of deposits & advances where our projects shows improvement in process lead time reduction by 20-40 % within 12 to 18 months. Lean has proven to be a particularly effective solution for lowering back and front-office costs.
Streamlined processes and operational efficiency lead to reduced costs and released capacity, meaning lean banking process improvement contributes significantly to your bottom line
Develop / Execute training & implementation program for specific challenges based on the voice of customer.
People will be trained on shifting fixed mindset to learning mindset through the presentation, case studies, and simulation games & training on Practical structured problem-solving through Group exercise & standard PDCA approach through defining the problem, brainstorming process, root cause analysis (5x whys) & action plan to solve daily working as well as chronic problems like delegation, communication& Information technology etc.
Improvement in the process lead time by 20-40%
Improvement in productivity by 15-20 %
Effectively lowers a service cost by 15-20 %.
Effectively utilization of resources
Identifying waste & eliminating variances leads to profitability
Improving workplace through visual management
Improving the quality of work