How does the bank identify value and eliminate waste in its value stream?

In order to identify value and eliminate waste in its value stream, a bank typically follows several processes. Firstly, the bank understands the customer's perspective by defining what exactly is perceived as value by the customer. This helps in aligning the bank's activities with customer expectations. Secondly, the bank evaluates its internal processes and finds areas where waste is generated. This waste may include unnecessary paperwork, redundant approvals, or excessive handoffs between departments. By streamlining and automating such processes, the bank can eliminate waste and improve efficiency. Additionally, the bank continuously seeks feedback from customers and employees to identify areas where value can be enhanced or waste can be eliminated. Regularly analyzing and evaluating the value stream allows the bank to make necessary improvements and provide a better overall experience to its customers while reducing unnecessary costs and inefficiencies.

This mind map was published on 30 November 2023 and has been viewed 114 times.