Abstract
M.Phil. (Engineering Management)
The purpose of this research was to develop a Lean Six Sigma framework, to address the inefficiencies in the business operational processes in retail banking. The research focused on ways to enhance business operational processes in the retail banking industry. There are inefficiencies in the business operational processes in retail banking that increase the costs of the organisational operations. Currently there are no available Lean Six Sigma frameworks to address those inefficiencies. Therefore, it is crucial to address these inefficiencies, primarily to reduce operational costs and simultaneously to increase organisational profit. A case study was conducted to identify the inefficiencies in the retail banking business operational processes, and the existing Lean Six Sigma framework that addresses the inefficiencies in the business operational processes. A questionnaire was used to collect the data from the employees to derive the conclusions and recommendations from the research. This research would benefit retail banking by filling the gap in the Lean Six Sigma studies, particularly by eliminating the inefficiencies that cause higher operational costs. Lean Six Sigma financial practitioners will gain knowledge concerning the Lean Six Sigma framework that addresses certain inefficiencies in the retail banking business operational processes. The overall research would benefit retail banking by reducing operational costs and potentially increase the organisational profit. The first finding of the research was mainly the inefficiencies that occurs in manufacturing, education and healthcare industries as well as how they overlap in retail banking. The second finding was most-to-least inefficiencies experienced in business operational process in retail banking. Lastly, the potential Lean Six Sigma frameworks that can be used to address the identified inefficiencies.