Lean Six Sigma in financial services industry: a systematic review and agenda for future research

This study investigates the relationships between the contextual factor of national culture and information security concerns in the global financial services industry (GFSI). Essentially, this study attempts to expand the breath of information provided in the recent 2009 Deloitte Touche Tohmatsu (DTT) survey, which reported such issues in the financial services industry. The inference from the 2009 DTT survey was that information security concerns across GFSI are being informed solely by industry-related standards or imperatives. As such, perceptions and attitudes towards such issues were thought to remain unchanged in differing contexts. Results from this study’s analysis showed that the perceptions of information security concerns in GFSI compared reasonably well, but also varied by some national cultural attributes to debunk such a claim. Corporate managers in the industry may benefit from this research’s findings as they formulate country-wide information security policies and strategies. As well, insights from this current effort indicate that it would be erroneous for practitioners to accept that entities in the financial services hold exactly the same view on information security issues in their industry. Future research avenues are discussed.

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Lean Six Sigma for small- and medium-sized manufacturing enterprises: a systematic review

International Journal of Quality & Reliability Management ◽

10.1108/ijqrm-03-2018-0074 ◽

2019 ◽

Vol 36 (3) ◽

pp. 378-397 ◽

Cited By ~ 18

Author(s):

Paul Alexander ◽

Jiju Antony ◽

Bryan Rodgers

Keyword(s):

Systematic Review ◽

Six Sigma ◽

Lean Six Sigma ◽

Future Research ◽

Research Gaps ◽

Systematic Review Methodology ◽

Content Type ◽

Manufacturing Enterprises ◽

Three Stages ◽

Practical Implications

Purpose The purpose of this paper is to explore the most common themes within Lean Six Sigma (LSS) relating to small- and medium-sized enterprises (SMEs) within manufacturing organisations and to identify the research gaps in the existing literature. Design/methodology/approach Tranfield et al.’s (2003) systematic review methodology was utilised encompassing three stages: planning, conducting and reporting/dissemination. Findings The literature revealed that there are many areas in which LSS has been utilised with varying successes. In total, 52 journals have been reviewed and it has been concluded that although LSS is a powerful methodology, there are many gaps that exist in the literature and further research is needed to address these in the field of LSS. Research limitations/implications The papers included in the systematic review were peer-reviewed papers available in English. Due to these limitations, relevant papers may have been excluded. Moreover, the authors have excluded all conference and white papers for their inclusion in this study. Practical implications It is vital that LSS practitioners are fully aware of the benefits, limitations and impeding factors when implementing a LSS initiative. Therefore, this paper could provide valuable insights to ensuring maximum value, is obtained from LSS implementation in SMEs. Originality/value This systematic review identifies research gaps in the current literature and highlighting areas of future research which will be beneficial to many SMEs in their pursuit of value optimisation.

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A morphological analysis of research literature on Lean Six Sigma for services

International Journal of Operations & Production Management ◽

10.1108/ijopm-05-2016-0273 ◽

2018 ◽

Vol 38 (1) ◽

pp. 149-182 ◽

Cited By ~ 48

Author(s):

Vijaya Sunder M. ◽

L.S. Ganesh ◽

Rahul R. Marathe

Keyword(s):

Systematic Review ◽

Six Sigma ◽

Morphological Analysis ◽

Organizational Context ◽

Lean Six Sigma ◽

Future Research ◽

Systematic Review Protocol ◽

Research Gaps ◽

Content Type ◽

Review Protocol

Purpose The purpose of this paper is to review the existing literature on Lean Six Sigma (LSS) for services, construct a morphological analysis (MA) framework and identify research gaps to point to future research possibilities and priorities. Design/methodology/approach The MA framework is based on literature review of 175 papers published from 2003 to 2015, across 67 journals recognised by Scopus or ABS Academic Journal Quality Guide 2015. A three-phased methodology is used by the authors, with Phase1 featuring a five-stage systematic review protocol to identify relevant journal papers for review; Phase2 presenting a framework for classifying the reviewed papers in terms of their fundamental, methodological, chronological and sector-wise orientations; and Phase3 constructing an MA framework on the classified papers and identifying the research gaps. Findings The MA framework constructed based on six dimensions, namely, organizational context of applications, desired outcomes, implementation systems, LSS tools and techniques, integration with other management philosophies and evaluation methods, involving 40 focused themes, has revealed 355 distinct research gaps as opportunities for future research. Practical implications This paper confirms the existence of substantial scope and points to specific topics for further research in the area of LSS for services. The findings demonstrate the gaps in academic research on the subject. In addition, the study also helps organisational leaders and practitioners to look at LSS from a holistic perspective in the services context. Originality/value The MA framework of the existing literature on LSS for services presents a unique, systematic effort to identify research opportunities. In addition, a five-stage systematic review protocol is proposed in this paper. This could be valuable to researchers and practitioners in enabling them to systematically review the literature on research subjects of interest to them.

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Improving financial services data quality – a financial company practice

International Journal of Lean Six Sigma ◽

10.1108/ijlss-11-2013-0056 ◽

2015 ◽

Vol 6 (2) ◽

pp. 98-110

Author(s):

Chuan Shi ◽

Rajesh Jugulum ◽

Harold Ian Joyce ◽

Jagmet Singh ◽

Bob Granese ◽

...

Keyword(s):

Quality Improvement ◽

Data Quality ◽

Six Sigma ◽

Financial Services ◽

Financial Services Industry ◽

Content Type ◽

Critical Data ◽

Services Industry ◽

Data Elements ◽

Financial Company

Purpose – This paper aims to propose a funnel methodology that selects business data elements for data quality improvement practices at a financial company. Data quality is crucial in post-crisis recovery of the financial services industry. This allows the bank to monitor its critical data assets and improve its business operation by Six Sigma engagement that benefits from the good quality of data. Design/methodology/approach – A funnel methodology is invented. It utilizes a rationalization matrix and statistical methods to identify critical data elements (CDEs) for data quality efforts from numerous candidates across business functions. The “Voice of the Customer” is achieved by including subject matter experts, whose knowledge and experience contribute to the entire process. Findings – The methodology eliminates redundancy and reduces the number of data elements to be monitored, so that attention becomes focused on the right elements. In addition, the methodology ensures that the conduct of the data quality assessment is framed within a context of the functional area’s business objectives. Originality/value – Measuring and improving data quality form a solid foundation of every Six Sigma engagement. When presented with large data elements, determining what to measure can be an arduous task. Having a proven systematic and valid process to reduce the CDE candidate pool becomes an operational necessity of paramount importance, and this justifies the value of the proposed methodology. Its implementation is described by a Basel II case study. The methodology is not restricted to financial services industry, and can be used readily in any other industry that requires data quality improvement.

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Disclosure effectiveness in the financial planning industry

Qualitative Research in Financial Markets ◽

10.1108/qrfm-04-2020-0060 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Daniel W. Richards ◽

Maryam Safari

Keyword(s):

Financial Planning ◽

Financial Services ◽

Conflicts Of Interest ◽

Influential Factors ◽

Future Research ◽

Financial Services Industry ◽

Content Type ◽

Disclosure Requirements ◽

Financial Planners ◽

Services Industry

Purpose Scandals in the Australian financial services industry highlight the conflicts of interest between those who provide financial advice (financial planners) and their clients. Disclosure is a potential governance tool to manage these conflicts of interest by reducing asymmetries in information. Yet, the efficacy of disclosure is questionable as scandals persist, so this paper aims to research the effectiveness of disclosure in financial planning. Design/methodology/approach This research used a qualitative approach involving the triangulation of data from parliamentary inquiries in financial services with data collected in semi-structured interviews with financial planning professionals. Findings The findings draw a clear portrayal of the disclosure requirements and illustrate how disclosure processes are onerous and complex. Starting with detangling the complex interactions between the beneficial role of disclosure in reducing information asymmetry and unethical behaviour and the detrimental effect of information overload, the authors then highlight effective disclosure techniques used by financial planners, including visualisation of material information. The study reveals that financial planners perceive their role as filtering information for clients and ensuring clients’ comprehension, due to the onerous disclosure requirements. Research limitations/implications The study is of interest to researchers, practitioners, policymakers and society as it implies that how disclosure occurs is as important as what information is disclosed. Those who wish to foster effective disclosure in the financial services industry need to consider the quantity, quality and process of disclosure. A limitation is the research focusses on financial planning practices and not client outcomes, which could be considered in future research. Originality/value The study adds to the understanding of how disclosure is used as a governance tool and how the quantity of information may impede the effectiveness of disclosure in the financial planning industry. In addition, the study identifies and elaborates on the influential factors and best practices for enhancing the disclosure effectiveness by financial planners.

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Uptake and success factors of Six Sigma in the financial services industry

Business Process Management Journal ◽

10.1108/14637151011049449 ◽

2010 ◽

Vol 16 (3) ◽

pp. 436-472 ◽

Cited By ~ 49

Author(s):

Diana Heckl ◽

Jürgen Moormann ◽

Michael Rosemann

Keyword(s):

Six Sigma ◽

Financial Services ◽

Success Factors ◽

Financial Services Industry ◽

Services Industry

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Intelligent matching: integrating efficiencies in the financial supply chain

Supply Chain Management An International Journal ◽

10.1108/13598540510612703 ◽

2005 ◽

Vol 10 (4) ◽

pp. 244-248 ◽

Cited By ~ 25

Author(s):

Alea Fairchild

Keyword(s):

Supply Chain ◽

Supply Chains ◽

Case Studies ◽

Information Flow ◽

Financial Services ◽

Future Research ◽

Financial Services Industry ◽

Exploratory Research ◽

Content Type ◽

Services Industry

PurposeThe purpose of this paper is to develop a better understanding of supply chain management in the financial services industry by examining information flow in improving efficiencies (i.e. material, information, capital, etc.) via intelligent matching.Design/methodology/approachThe objective was to address the issues specific to financial services organizations in intelligent matching, examining organizational, technological and application aspects. In order to address these issues, we have utilized an exploratory research methodology, based on a literature review and some initial case studies.FindingsDrivers for intelligent matching solutions have been suggested in this research to include the ability to link financial matching activities to other supply chain activities. Further integration of business processes, both within and between enterprises, will require both human and computational intelligence to approach efficiencies in automation.Research limitations/implicationsSupply chain efficiencies enabled by financial products and information give organizations greater visibility over their receivables, working capital needs, and overall financial position. Limitations of this research include a small sampling of case studies; future research will include a wider scope of cases as to test the findings.Practical implicationsInteroperability of information between the physical movement of goods and financial information within supply chains is key to realizing cost‐reduction and revenue‐enhancement advantages.Originality/valueThis paper discusses a potential area for extending our understanding of supply chains and the role of information flow in improving efficiencies, especially in the financial services industry.

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