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Banking and Finance

Blog posts and articles about using data analysis and statistics in quality improvement initiatives in the banking and financial industries.

In the first part of this series, we saw how conflicting opinions about a subjective factor can create business problems. In part 2, we used Minitab's Assistant feature to set up an attribute agreement analysis study that will provide a better understanding of where and when such disagreements occur.  We asked four loan application reviewers to reject or approve 30  selected applications, two... Continue Reading
Previously, I discussed how business problems arise when people have conflicting opinions about a subjective factor, such as whether something is the right color or not, or whether a job applicant is qualified for a position. The key to resolving such honest disagreements and handling future decisions more consistently is a statistical tool called attribute agreement analysis. In this post, we'll... Continue Reading

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No matter how experienced you are at analyzing data, communicating about your results can be a tremendous challenge. So it's not surprising that "Effectively Reporting Your Data Analysis" was one of the best-attended sessions at the inaugural Minitab Insights Conference last month.  The presenters, Benjamin Turcan and Jennifer Berner of First Niagara Bank, have a great deal of experience improving... Continue Reading
Every day, thousands of people withdraw extra cash for daily expenses. Each transaction may be small, but the total amount of cash dispersed over hundreds or thousands of daily transactions can be very high. But every bank branch has a fixed cash flow, which must be set without knowing what each customer will need on a given day. This creates a challenge for financial entities. Customers expect... Continue Reading
When I blogged about automation back in March, I made my husband out to be an automation guru. Well, he certainly is. But what you don’t know about my husband is that while he loves to automate everything in his life, sometimes he drops the ball. He’s human; even I have to cut him a break every now and then. On the other hand, instances of hypocrisy in his behavior tend to make for a good story.... Continue Reading
Businesses are getting more and more data from existing and potential customers: whenever we click on a web site, for example, it can be recorded in the vendor's database. And whenever we use electronic ID cards to access public transportation or other services, our movements across the city may be analyzed. In the very near future, connected objects such as cars and electrical appliances will... Continue Reading
Many of the things you need to monitor can be measured in a concrete, objective way, such as an item's weight or length. But, many important characteristics are more subjective, such as the collaborative culture of the workplace, or an individual's political outlook. A survey is an excellent way to measure these kinds of characteristics. To better understand a characteristic, a researcher asks... Continue Reading
In several previous blogs, I have discussed the use of statistics for quality improvement in the service sector. Understandably, services account for a very large part of the economy. Lately, when meeting with several people from financial companies, I realized that one of the problems they faced was that they were collecting large amounts of "qualitative" data: types of product, customer... Continue Reading
by The Discrete Sharer, guest blogger As Minitab users, many of us have found staged control charts to be an effective tool to quantify and demonstrate the “before and after” state of our process improvement activities. However, have you ever considered using them to demonstrate the effects of changes to compensation/incentive plans for your employees?  Here's an example of how a mid-sized... Continue Reading
It’s common to think that process improvement initiatives are meant to cater only to manufacturing processes, simply because manufacturing is where Lean and Six Sigma began. However, many other industries, in particular financial services and banking, also rely on data analysis and Lean Six Sigma tools to improve processes. Rod Toro is a business process improvement manager at Edward Jones, and I... Continue Reading
When trying to solve complex problems, you should first list all the suspected variables identify the few critical factors and separate them from the trivial many, which are not essential to understanding the cause.          Many statistical tools enable you to efficiently identify the effects that are statistically significant in order to converge on the root cause of a problem (for example ANOVA,... Continue Reading
Process improvement through methodologies such as Six Sigma and Lean has found its way into nearly every industry. While Six Sigma had its beginnings in manufacturing, we’ve seen it and other process improvement techniques work very well in the service industry—from healthcare to more service-oriented business functions, such as human resources. However, Six Sigma seems to have had a slower rate of... Continue Reading
It’s common to think that process improvement initiatives are meant to cater only to manufacturing processes, simply because manufacturing is where Lean and Six Sigma began. However, many other industry segments, such as healthcare and banking, also rely on data analysis and Lean Six Sigma tools to improve processes (even if those processes are more service-based). For example, it’s increasingly... Continue Reading