Operational Excellence in Banking. In this article, we’re going to use a real-world example to show how these same strategies can increase operational excellence in financial services. Source: BCG 2012 Retail-Banking Operational Excellence survey. Our last article traced the connection between reducing bank operating expenses and standardization of processes. How to Increase Operational Efficiency in the Banking Sector. Learn more about how Di… Note: When 2012 data were not supplied, 2011 data were used as a proxy. The 12th Annual Operational and Back Office Excellence in Banking Summit will give you an opportunity to listen to the industry leaders and experts and to learn the best operational strategies and practices. 306.2: Concepts of operational excellence In order to ensure that this core benefit is captured, a comprehensive and proven implementation approach is … Improving operational excellence and customer experience in retail banking To truly realize a digital transformation that drives operational excellence and removes friction for their customers, banks must make changes in the front office and the middle office and ultimately, all the way to the back office. Operational excellence in banking is the simultaneous achievement of operational efficiency and customer brand experience where the latter is determined by positive customer service quality. Operational excellence methodologies have powered performance gains at many well-known companies, including Ford, Toyota, Exxon, General Electric, Motorola, Bank of America, Johnson & Johnson, and Amazon. This was necessary in only a small number of cases. “Operational excellence is not a new phenomenon,” says Peterka of Global Six Sigma. For example, a large UK bank mapped about 50 end-to-end processes (e.g., account closure and change of address), and the resulting transparency made clear that 15 of these processes accounted for roughly 80 percent of the overall cost base, with a “long tail” of smaller, more fragmented activity. It positions the bank as an execution leader in balancing service quality and effectiveness with cost of delivery by alignment and optimisation of its organisation, processes, technology and partnerships. As explained below, these two concepts are inter-related. The key benefit of applying Deloitte's approach to Operational Excellence (OE) is that it aligns and integrates changes in all Building Blocks of a bank and balances the Excellence Principles. Achieving Operational Excellence is fundamental to financial services firms driving forwards today, but how do these enterprises go about delivering on their promise to customers, shareholders and… Within the virtual branch you can explore optimization potentials in terms of efficient operations. Operational Excellence in Banking: Explore optimization potentials through virtual reality This application takes you on a virtual tour through the bank branch of the future. 1The country-adjusted CIR (cost-to-income ratio) is the bank’s CIR plus an adjustment factor (the global average bank CIR minus the country Looking at the given market conditions and opportunities, leading banks are focused on improving key processes, especially those that provide opportunity to increase productivity and attract new customers on board. BY KII - 2013-08-22. The goal of channel optimization is to assess the various ways customers interact with a bank in order to create a cost-effective combination that is adapted to each bank’s specific customer base. In this environment, Operational Excellence (OE) serves as a strategic differentiator.
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