An Empirical Study on Critical Success Factors of Six Sigma with Special Reference to the Banking Sector

Abstract

On the basis of the characteristics of services in banking, implementing six-sigma has become a challenge in this financial area. This paper introduces the status of Six Sigma implementation in the banking sector in the past and present, and then overviewed some studies of implementing Six Sigma in service, especially in banking. There are some factors that influence the results of implementation, which we should take notice of, and also some limitations and new ways of implementing Six Sigma. To apply Six Sigma is not an easy job, and the measurement of service quality is not easy as that of the quality in manufacturing, so a choice of service quality models is quite important. The successful introduction of Six Sigma requires adjustments to the culture of the organization and a change in the mindset of its employees. Employees have to be motivated towards the introduction and development of Six Sigma program through various reward and recognition schemes. There can also be a problem of employees dismissing Six Sigma as the latest fad or hype.