Wisdom in banking innovation is knowing that in times of trouble you don't want to be seen as the cause of trouble yourself. Instead, focus on value enhancement through small, but significant steps forward that don't cost too much.
Wisdom in banking innovation is making sure that everyone possible is included as part of the process. Ivory tower innovators are not only disconnected from the real business, they have no leg to stand on when troubled times make their programmes subject to cost cutting.
Wisdom in banking innovation is knowing that if you have to break a rule, and it is in the best interests of the bank, it is better to ask for forgiveness than permission. Banking innovators should be the light that illuminates rules that need to be revised and updated.
Wisdom in banking innovation is knowing that breaking one rule means you have to obey 100 before you can break another. Avoiding the cowboy effect should be a mantra that bank innovators live by.
Wisdom in banking innovation is accepting that programmes you've shed blood for are going to be cancelled for no other reason than it is expeditious in the present climate. And knowing that the average length of a recession in the post-war years is only 10 months.
Wisdom in banking innovation is understanding that when people cost cut, they will look first at innovation programmes. Deal with the fact that doing change gets harder the less money there is, and move on to providing thought leadership and insight that is the unique product of a team that only concentrates on looking forward.
Wisdom is understanding that going back to “traditional banking” doesn't mean doing new things is off the agenda. On the contrary: with everyone being traditional, the need for doing things in new ways has never been greater.
Wisdom in banking innovation is believing you are a part of the business process that will be the primary driver of value creation in the next few decades. And making sure you create the right systems and cultures now to ensure the coming innovation renaissance doesn't pass your institution by.
Wisdom in banking innovation is knowing that to a significant degree the innovators are the canaries in the coal mine. Because they look forward all the time, rather than focussing on day to day operations and the objectives of the present reporting period, they are the ones most likely to spot future disruptive things and bring them to the attention of the rest of the business. And wisdom is accepting that even when operational pressures make it hard to get the attention of senior people, there is a duty to do so.
Wisdom in banking innovation is knowing that you can substitute influence for money in order to get things done. Influence and money share the same relationship as energy and matter in physics: they are the same things in different forms. And wisdom is knowing that the process to convert one to the other isn't rocket science, but is about people.
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