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Financials
The finance industry includes banking, investments, insurance, asset management and NBFCs serving as the backbone of economic activity by facilitating capital flow and risk management. Currently, it grapples with challenges like stringent regulatory changes, escalating cyber threats, the necessity for digital innovation, defaults and frauds and heightened demands for personalized customer experiences. Additionally, financial institutions must navigate complex data privacy issues and integrate emerging technologies to remain competitive and secure.
Benchmark Six Sigma offers tailored problem-solving tools that empower financial organizations to enhance their operations and mitigate risks effectively. By leveraging advanced techniques such as root cause analysis, statistical modeling and AI based solutions, Benchmark Six Sigma identifies inefficiencies and optimizes processes. This approach not only improves accuracy and compliance but also drives innovation and customer satisfaction. Financial institutions can achieve greater resilience and agility, ensuring they meet regulatory standards and adapt seamlessly to technological advancements through Benchmark Six Sigma’s expertise.
Caselets
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Cloud Migration for Scalability
The IT department faced escalating infrastructure costs of INR 40 lacs annually and scalability issues with on-premise servers. To resolve this, the organization migrated its legacy systems to a cloud platform. They adopted scalable SaaS solutions for CRM and ERP, reducing maintenance costs by INR 15 lacs annually. The cloud migration enhanced system reliability and flexibility, enabling quick sca… Read full caselet
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Streamlining Sales Contract Processes
A sales process optimization project aimed at reducing the contract signing time was undertaken at a leading insurance provider. By reducing the average time from 10 days to 2 days the insurance provider was able to increase the contract closure rate from 74% to 80%. Additional benefit in terms of cost savings per contract were INR 550. Key initiatives included assessing a suitable e-signature sys… Read full caselet
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Enhancing Software Testing Efficiency
A software testing enhancement project was undertaken at a leading fintech company. The main issues were slow deployment cycles, frequent integration conflicts leading to lot of effort being wasted in bug fixes. The team implemented continuous integration and continuous deployment (CI/CD) pipelines using tools like Jenkins and Docker. They also automated testing and deployment processes. Collabora… Read full caselet
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Expanding Supplier Engagement Networks
A Supplier Relationship Effectiveness project was undertaken for an NBFC to expand their Direct Selling Agent (DSA) network. The project involved identifying additional geographies to penetrate, identifying the major DSAs active in that region, re-working the commission structures to make it more attractive for DSAs and training the sales team to be able to give a quicker confirmation on loan sanc… Read full caselet
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Upgrading IT Infrastructure for Efficiency
A US mortgage captive unit was undertaking a big IT infra upgrade project. Benchmark project managed the whole initiative. The requirement arose when Microsoft stopped the support of the browser IE. All the legacy applications were built on IE platform and were now required to be migrated to Google Chrome along with their database connections etc. A comprehensive and cross functional assessment wa… Read full caselet
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Optimizing Loan Disbursement Workflows
A workflow analysis project was done for a housing finance company in order to identify the bottlenecks in their loan disbursement process. The objective was to reduce the disbursement time from around 28 days to less than 15 days. The entire process was mapped from loan sourcing to loan disbursement, around 35 handoffs were identified in the complete process. The process was optimized to reduce t… Read full caselet
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Developing an Early Warning System
An Early Warning System was developed using the Statistical Process Control principles for Fintech company providing real time small ticket loans to customers. The company struggled with delayed notifications on system outages and inaccurate fraud detection. To resolve this, the team developed an Early Warning System by integrating SPC data with the ERP systems, that utilized real-time data analyt… Read full caselet
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Transforming Loan Approvals with AI
As a part of an ambitious project, a Kakushin innovation happened with an organization into the lending business. The organization faced lengthy loan approval times, causing customer dissatisfaction and loss of market competitiveness. To disrupt the lending space, they developed an advanced AI platform for instantaneous online loan disbursal. The solution integrated real-time credit scoring by lev… Read full caselet
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Advancing Risk Management with Simulation
A project was undertaken for a global financial institution to improve its Risk Management framework using Monte Carlo Simulation. The objective was to enhance risk assessment accuracy and reduce high-risk loan exposure by 30% within six months. The project focused on refining input variables and simulating thousands of potential outcomes for better scenario planning and stress testing. Key benefi… Read full caselet
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Redefining Root Cause Analysis
A Root Cause Analysis training project was conducted for a banking back office where the approach was redefined to draw the current state diagrams identifying the current issues and their actionable causes, draw the conflict resolution diagrams to identify the conflicts in resolving these actionable causes, draw the future state diagram to depict how the issues are getting resolved by implementing… Read full caselet
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Optimizing Customer Onboarding
A project was carried out in a leading NBFC to streamline the customer onboarding process. By reducing the average onboarding time from 15 to 7 days and increasing customer satisfaction from 70% to 90%, the company was able to decrease onboarding-related attrition from 12% to 5%. Key initiatives taken included process mapping, upgrades to the automated onboarding platform, standardization of proce… Read full caselet
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Refining Credit Fraud Detection
A Lean Six Sigma Black Belt project was carried out at a leading bank which aimed to reduce the false negative rate in credit card fraud detection by 30% within six months. The project involved analyzing the root causes of missed fraudulent transactions, refining detection algorithms, incorporating additional data points, and using advanced simulation techniques. The outcome was a significant annu… Read full caselet
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Automating Compliance Reporting
A Lean Six Sigma Green Belt project to automate CERSAI reporting was undertaken for a leading housing finance company within 3 months. Key features included automated data extraction, validation, scheduled submissions, real-time tracking for failures, and alert notifications. Financially, the project helped reduce the risk of annual penalties of up to INR 4.5 lacs each year. Additional benefits in… Read full caselet
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Streamlining Data Reconciliation
A Lean Six Sigma Yellow Belt project was done to save time spent in recon of data from two different sources in an investment bank back office. In the KYC process, there was a dual data entry concept where 2 analysts were capturing the details in an excel file. The excel files were reconciled and then the data was uploaded to the server. The manual recon was time consuming. Hence, a macro was crea… Read full caselet
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Optimizing EWS for Loan Stability
A project was carried out for a leading UK based FinTech company to enhance the Early Warning System (EWS) for loan defaulters by improving the accuracy of predictive indicators and reducing loan default rates by 25% within five months. The project focused on refining data inputs, better understanding of red flags, and expediting the monitoring processes. Benefits included a more reliable EWS with… Read full caselet
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Unified Ticketing Optimization
A customer service project was done at a bank to reduce the instances for duplicate customer service tickets. The key issue identified was multiple sources for ticket generation, multiple requests being raised by customer for same issue, lack of tracking and ineffective communication to customers. Key solutions implemented were to do an auto-recon of the tickets to identify duplicates, proactive c… Read full caselet
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Accelerating DevOps Integration
A DevOps integration project was undertaken at a leading fintech company. The main issues were slow deployment cycles, frequent integration conflicts leading to lot of effort being wasted in bug fixes. The team implemented continuous integration and continuous deployment (CI/CD) pipelines. They also automated testing and deployment processes. Collaboration between development and operations teams … Read full caselet
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Strengthening Incident Response Systems
A digital gold loan company did an Incident Response Enhancement project. The company faced issues with slow threat detection and unclear response protocols, which led to delayed mitigation of security incidents. To address these challenges, the project team established clear incident response protocols and deployed detection tools to develop an Early Warning System for potential security threats.… Read full caselet
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Optimizing Accounting Efficiency
A Lean Accounting project was executed for a leading financial services company to streamline its month-end closing process and reduce accounting cycle time by 40% within four months. The project aimed to eliminate non-value-adding activities, standardize reporting workflows, and improve data accuracy. By implementing Lean methodologies, the finance team optimized processes, reduced manual interve… Read full caselet
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