Staying Ahead in an Ever-Changing Industry
Financial services firms are no stranger to change. From rapidly evolving customer expectations to ever-changing regulations, change has simply become a matter of fact for the financial services industry.
Most recently, this change has picked up speed and firms now face the imperative to “transform or die.” To come out on top in this environment, financial services firms must:
Deliver value to customers faster
Accelerate speed to market
Increase responsiveness and flexibility
Enhance product and service quality
Reduce internal costs and complexity
Finally, financial services firms need to put all of these initiatives together in order to provide a truly customer-focused experience based on convenience, trust and personalization. It’s certainly a tall order, but it’s one that firms can deliver -- if they take the right approach.
How Lean Helps Financial Services Firms Keep Pace with Constant Change
When it comes to keeping up with the ever-changing financial services industry and delivering a truly customer-focused experience, embracing Lean principles can make all the difference.
At its core, Lean management is about creating a foundation of agility to help businesses react to change quickly and deliver more value to customers. When it comes to financial services, Lean can help firms meet the imperatives of today’s ever-changing landscape by:
Increasing transparency: Lean management offers transparency by providing real-time insight into the progress of activities and the team’s status toward meeting deadlines. This transparency can help quickly identify and eliminate bottlenecks and other issues that can slow down time to market and lead to offering customers less than ideal products and services.
Improving forecasting: By providing transparency into project workflows and statuses, Lean makes it possible to escalate critical information quickly. This insight into issues, along with the clarity needed to escalate and resolve those issues, can help improve forecasting in order to reduce complexity and deliver value faster.
Breaking down silos: Nearly every financial services firm has to contend with internal silos, but those silos limit collaboration across teams. Lean eliminates those silos to improve firm-wide communication and drive greater flexibility, responsiveness, speed to market, and value in return.
Promoting adaptability: Finally, Lean creates a culture of learning and adaptability that allows teams to work together to better understand customer needs and deliver new products and services designed to meet those needs. This adaptability also primes teams to embrace and react quickly to constant changes in customer expectations and regulatory requirements.
The Power of LeanKit for Financial Services
LeanKit is a visual work management tool that was developed based on Lean principles to help businesses maintain a competitive edge and deliver innovative products and customer experiences faster.
Narrowing in on financial services, LeanKit provides the modern technology that firms need to put Lean principles into action. LeanKit helps increase transparency, eliminate silos, and improve adaptability through process visualization. It does this by providing a centralized location to manage all activities so that everyone can stay up to date and maintain visibility into real-time information and status updates. Best of all, LeanKit is flexible, intuitive, and easy to use, making it an ideal solution for every department.
LeanKit’s visual, Kanban-style boards have helped numerous financial services firms meet and exceed their goals for improved collaboration, efficiency, and agility. In turn, these improvements have helped firms become more adaptive so that team members can transcend silos to jump on any critical initiative, problem, or remediation effort that requires attention. Ultimately, this type of environment helps firms better adapt to the ever-changing financial services market and deliver value to customers faster by reducing complexity, increasing responsiveness and flexibility, and allowing the team to accelerate speed to market for high quality products and services.