The financial sector is now experiencing a deep crisis. To stay on the market it is therefore necessary a likewise deep transformation.
In the past, large financial institutions were able to increase revenues through increased market share fuelled by mergers and acquisitions. In today’s economy, however, firms no longer have the luxury of improving profit simply by increasing revenue. As a consequence, financial services firms must take a focused look inward to eliminate waste and reduce operational costs.
Achieving operational excellence thus becomes a due step to compete today.
How to reach it? In our opinion, by implementing a “Lean Banking” culture.
Lean Banking is an operative approach to provide guidelines about:
The Lean approach focuses on streamlining administrative and commercial processes and on continuous improvement by systematically reducing waste, variability and rigidity in the Operations and ultimately targeting costs reduction.
Lean Banking implementation means triggering a virtuous cycle of continuous improvement.