Tuesday Topic: Keys to Innovating

​Barb,

Years ago our decision tree went something like this - Is the idea?:

• Feasible
• Stable
• Desirable
• Profitable
• Scalable
• Optimal

We didn't want to waste time on daydreams so we started with Feasibility.

Now, our order of analysis is:

• Desirable
• Feasible
• Stable
• Profitable
• Scalable
• Optimal

I know this may seem very abstract to many readers, however I think this better reflects the process of selecting initiatives today.  We still have to pass through all the selection steps, but this approach helps us prioritize those things in the funnel more effectively.

I suggest you read the following https://www.bai.org/banking-strategies/article-detail/entrepreneurs-needed-again-in-community-banking

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Neil Stanley
President of Community Banking
TS Banking Group
Treynor, Iowa
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Original Message:
Sent: 06-12-2018 09:11
From: Barb Rehm
Subject: Tuesday Topic: Keys to Innovating

Innovation can be difficult and uncomfortable, so American Banker canvassed some experts and published a list of suggestions to guide banks looking to try new things, including:

• Don't seek perfection; your first attempt won't be your last and that's okay.
• Focus on the upside, not just the risks, and always remember there is an opportunity cost to doing nothing.
• Find a partner; you don't have to go it alone.
• Give users what they want, even if it's unprofitable at the beginning.
• Use technology to build relationships, not cut costs.

What tips would you add to this list?

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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network
Arlington VA
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