Overview
The account-opening process in the Private Banking unit of a global bank was taking an average of 12 days to complete, with a median of eight days-–an unacceptable cycle time. The project team mapped the existing process and collected and tracked cycle-time data. The team also measured and analyzed the relationship between time and errors, implemented an automated process measurement tool and conducted process training. This resulted in a median cycle-time reduced from eight to three days, and a 50-75 percent reduction of rejection rates at three locations.