In 2001 Countrywide Financial launched an internally developed, proprietary program called FASTER. The six step methodology (Flow, Analyze, Solve, Target, Execute, and Review) is modeled after Six Sigmaand specifically designed for the financial services environment. FASTER as well as the customer satisfaction program PACE (Proudly Achieving Customer Expectations) are both helping Countrywide improve all aspects of the business from boosting efficiency and enhancing cost effectiveness to improving customer service. Their annual reports have consistently reported their progress to date.
Savings and Benefits
“Since the program’s inception in 2001, FASTER has delivered $76 million in operating profit and has identified potential future savings of $560 million. Although FASTER continues to benefit the Company financially, the true benefit of the program is cultural — every employee can improve Countrywide’s processes, and FASTER gives them the tools and the recognition to do so. At the same time, the PACE group facilitated the gathering of customer service feedback from over 2 million consumers, business partners and employees during 2004.”
“Since the program’s inception in 2001, roughly 6,000 employees have been trained, at various levels of certification, in the FASTER performance management methodology which has resulted in approximately $244 million in productivity gains.”
“Our Passion for excellence was epitomized by the increasing employee utilization of FASTER, a productivity program customized CULTURE for Countrywide. Similar to Six Sigma used in other industries, FASTER is aimed at making every aspect of our operation better. To date, nearly 5,000 employees have been trained in this discipline. We have over 800 users of FASTER software, and approximately 350 registered FASTER projects under way. The cultural impact has been significant: FASTER has been made accessible to all employees, encouraging a continuous improvement mindset at every level of the Company. In 2002, the first full year of the program, FASTER delivered nearly $11 million in operating profit and identified potential future savings of close to $84 million. Given the high degree of employee buy-in, we expect to see substantially increased results for 2003 — including a strong return on investment and thousands more training certifications among our 30,000-person workforce.”
“Our latest innovation comes from our Performance Management Group that has implemented a proprietary continuous improvement program called FASTER. Expertise in process management is the cornerstone of our global operation where we are contracted by international third-parties as a fee-based mortgage processor.”
Articles and Links
Faster Than Six Sigma – Countrywide’s Experience, IQPC Financial Services Conference, July 27 – 28, 2004
Countrywide Implements Alternative to Six Sigma, Press Release, February 20, 2003
Fire in the Belly, Mortgage Banking, Jan 2002
