| Frans Johansson--author of "The Medici Effect" and "The Click Moment"--was the keynote speaker Tuesday at BAI's 2013 Retail Delivery Conference in Denver.|
"When trying to achieve success, we tend to rely on logic," said Frans Johansson, author and CEO of The Medici Group. "But logic doesn't give you a competitive advantage. If you rely on logic, you and all your competitors will end up in the same place."
Johansson--author of "The Medici Effect" and "The Click Moment"--was the keynote speaker Tuesday at BAI's 2013 Retail Delivery Conference in Denver.
Through his study of innovation and transformative ideas, Johansson concludes that "success is often random and serendipitous--it happens at 'the click moment.' If success is so unpredictable, can we really plan for success?"
"The purpose of strategy is not to figure out the right answer," Johansson said. "The purpose of strategy is to convince ourselves to act."
Johansson gave conference attendees, including credit unions and other financial institutions, this to-do list:
- Borrow an idea from another industry. "All new ideas are combinations of existing ideas," he said.
- People who change the world try far more ideas than others. "Your job is to bring down the cost of those trials."
- Make sure you're adequately staffed for innovation.
- Rethink risk management around innovation.
| As you engage in the process of radical collaboration "you have to be comfortable with being a little uncomfortable," said Matt Krogstad (left), vice president and head of mobile at Bank of the West in Denver, describing how the bank rolled out its full suite of mobile banking services. Others on the panel at the BAI's 2013 Retail Delivery Conference in Denver included Bank of the West executives Gina Wolley, executive vice president of regional banking, and Michael Manowski, senior vice president of solution delivery. (Photos provided by CUNA).|
The conference also addressed the use of "radical collateralization" in introducing new products.
As you engage in the process of radical collaboration "you have to be comfortable with being a little uncomfortable," said Matt Krogstad, vice president and head of mobile at Bank of the West in Denver. The bank created a process it calls "radical collaboration" to roll out its full suite of mobile banking services a few years ago.
Its four-step, radical-collaboration process involves:
- Maximizing the partnership between technology and the business;
- Truly engaging the compliance, legal, and operational-risk teams as your partners in avoiding 'innovation prevention';
- Earning and maintaining the support of your executive team; and
- Squeezing every ounce of value out of the innovation, which sets the stage for the next round.