Award-Winning Case Study: CIBC
Entry: Best Project Achievement in Business Enabling Processes
Canadian Imperial Bank of Commerce (CIBC) is a leading North American financial institution with annual revenues of over $3.7 billion. CIBC Retail Markets provides a full range of products and services to almost 11 million personal, business and wealth management clients served through 1,058 retail branches, over 3,780 ABMs and 24/7 through online and telephone banking services.
Through application of the Lean Six Sigma (LSS) methodology to its Debit Card Fraud Prevention processes over a 6 month period, CIBC achieved the following major improvements:
• End-to-end lead time from alert to completion reduced by over 80%
• Average losses per incident reduced by more than 45%
• Implemented changes to reduce debit card fraud losses by more than $7 million*
• Identified other opportunities for additional savings estimated at $10 million* as result of proposed technology enhancements
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