Schwab is a leading provider of investment and financial services, with longstanding commitment to value, innovation and customer service. Following an effort to restore the firm’s cost leadership, leaders were concerned about ensuring a balance between efficiency and customer satisfaction. Pivotal was engaged to test how Lean Six Sigma-based improvement could drive both service levels and productivity.
The pilot exceeded Schwab’s expectations, and expanded into a multi-year effort to better align end-to-end service and operational processes—under the title One Schwab. Our work included executive coaching, enhancing performance measures, change management to support strategic and process changes, and just-in-time coaching/training for a variety of improvement initiatives. A network of Pivotal-mentored change advisors helped spread the effort across Schwab and build significantly on early successes.
In addition to building a unified approach to improvement across the company, impacts included:
- Accelerating key customer transactions—opening accounts, moving funds—by 50% or more
- Reducing errors and eliminating unnecessary activities from routine processes
- Significant and steady increases in customer satisfaction and “promoter score” indicators