Plug The Leaks In Your Cash Flow: Lean Banking

Friday, March 21, 2008

I took my mother to open a CD at Washington Mutual.

She was transferring money from a WaMu account to the CD and adding a check from WaMu.

It took 45 minutes. That's ridiculous.

We had to fill out transfer and deposit slips.

The rep couldn't process the transaction at his desk. He had to go to one of the other terminals.

It was perhaps the slowest automated process I've ever seen.

And it's not just WaMu. I've had similar experiences at other banks.

The only place we've ever walked in and out in under 10 minutes is World Savings.

Here's my point, brick-and-mortar banking needs to wake up to the economies of speed.

Jay Arthur, the KnowWare Man, works with companies that want to fire up their profits by plugging the leaks in their cash flow using Lean Six Sigma. Jay is the author of Lean Six Sigma Demystified, Six Sigma Simplified and the QI Macros SPC Software for Excel.

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