Implementing a Six Sigma initiative in financial service companies

• Published in: 2011 IEEE International Conference on Quality and Reliability pp. 521 - 525
• Main Authors: Leyer, M., Chakrabarty, A.
• Format: Conference Proceeding
• Language: English
• Published: IEEE 01.09.2011
• Subjects: Companies; Critical Success Factors; Financial Services; Framework; Manufacturing; Planning; Portfolios; Six sigma
• ISBN: 9781457706264; 1457706261
• DOI: 10.1109/ICQR.2011.6031594

In a world of intense competition, Six Sigma is considered to be an important management philosophy, supporting organisations in their efforts to obtain satisfied customers. As financial service organisations have been slow to adopt Six Sigma, issues concerning its implementation are of major importance. For its implementation a large number of tools and techniques have been suggested by academics and practitioners. Intriguingly, despite the extensive effort that has been invested and benefits that can be obtained, the systematic implementation of Six Sigma in financial service organisations is limited. This paper presents a conceptual framework derived from literature and empirical results with a focus on financial services. Using this framework a financial service company should be able to cope with the relevant critical success factors. Thus, the framework allows identifying relevant aspects for a sustainable and successful implementation of a Six Sigma initiative.