FINANCIAL SERVICES (BANKING)
A financial management unit, part of a major bank’s credit operation, had the purpose of recovering outstanding debt by liaising with 3rd party ‘advice bodies’ who represented the bank’s customers.
There were 30 FTE (Full Time Equivalents) and additional recruitment planned. However there was a backlog of some 10,000 items stretching back 24 days, compared with a 5 day Service Level Agreement (SLA).
There was a high variability in standards between staff and poor levels of quality, caused by poor process control and a lack of effective operations management.
A 12-week Lean transformation approach was used, the key details of which were:
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