Peak Efficiency in Financial Services
Adding continuous improvement to boost efficiency, innovation, and problem-solving
Project Overview
A financial services company felt it was losing ground in its intensely competitive industry. Company leaders knew they needed more efficient and effective processes and a revamped culture with hands-on innovation and problem-solving throughout the organization for all employees.
Client Challenge
As RevGen began its work with the company, it uncovered three challenges:
- Lack of Standard Business Processes – Individuals or teams learned and managed processes among themselves, so they weren’t standard for all employees.
- A Need for Expertise in Creating a Culture of Continuous Process Improvement (CPI) – Leadership wanted staff to feel empowered to improve their work on their own but lacked the expertise to create that culture.
- A Need to Understand Problem-Solving Methodologies to Improve Processes Continuously – The organization wanted to give staff tools and experience to solve problems and test solutions with a data-driven approach.
Approach
RevGen approached this project as it often does: as a partnership. We developed a close working relationship with the company’s subject matter experts to work in sync and to ensure the company could oversee changes for the long term. This led to a major process redesign and a new product for rapid loans.
Solution
Trained Existing Staff in CPI Tools and Processes – The organization now has several CPI leaders who oversee initiatives, train other staff, and promote continuous improvement to uncover new opportunities for improvements and initiatives.
Launched CPI Initiatives Managed by CPI Leaders – Worked with leadership to prioritize initiatives based on business needs, then empowered CPI leaders to scope, manage, and execute those projects. This work led to improved business metrics and employees now see their ideas being implemented.
Improved Loan Processing Times by 42% Within the First 30 Days – Specific to these rapid-type loans, the new future state allowed for significant improvement in overall processing time.
Our work with RevGen has helped us improve our business processes, prioritize business initiatives, and plan for our future at a much higher level than ever before. In the early results of our work with RevGen, we have improved our delivery time performance from 56% to 80% - a 42% improvement!
