Comments
The Execution Challenge
Newest First  |  Oldest First  |  Threaded View
Page 1 / 2   >   >>
Byurcan
50%
50%
Byurcan,
User Rank: Author
9/2/2014 | 2:35:25 PM
Re: Getting past the "cool factor'
But if someone did reinvent the wheel, they'd probably make trillions of dollars.
Becca L
50%
50%
Becca L,
User Rank: Author
8/31/2014 | 3:42:05 PM
Re: Getting past the "cool factor'
I hear about these hires fairly frequently, but perhaps youre right that the number is disporporte to all the talk about hiring from other industries. I agree it's likely we'll be seeing much more of this in the coming years as buzz words like Big Data and BYOD continue to grow across industries.
Becca L
50%
50%
Becca L,
User Rank: Author
8/31/2014 | 3:26:11 PM
Re: Getting past the "cool factor'
Good point, Bryan. It's all very eexciting when a company is the first to execute in new areas, especially if they are sucessful, but being a fast follower and not reinventing the wheel has great advantages..
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
8/8/2014 | 2:38:30 PM
Re: Getting past the "cool factor'
I hear all the time from banks that they're examining lessons learned and examples from other industries, but in terms of hiring high-level executives from those places, there aren't a whole lot of examples yet. Probably something that we will see more of in the next few years.
Kelly22
100%
0%
Kelly22,
User Rank: Author
8/7/2014 | 2:30:42 PM
Re: Getting past the "cool factor'
That's a good point, too. I'm thinking of the recent announcement from Delta Dental, which just hired a former Marriott exec to lead their brand marketing strategy. Maybe some outside thinking is what the industry needs. 
KBurger
50%
50%
KBurger,
User Rank: Author
8/7/2014 | 1:50:46 PM
Re: Getting past the "cool factor'
In a way it's probably good if FIs need to look outside the industry for inspiration, best practices, etc., when it comes to innovation (or more accurately, innovating effectively). After all, there is going to be more competition coming from non-traditional sources. Why not look to those not hampered by "that's how we've always done it" thinking?
Kelly22
50%
50%
Kelly22,
User Rank: Author
8/7/2014 | 1:46:13 PM
Re: Getting past the "cool factor'
This seems like a problem that occurs in every business that looks to innovate, but it's true that the stakes are higher in financial services and it's harder to make changes. It also doesn't help that since FS is behind other industries when it comes to innovation, there are fewer companies to serve as models or inspiration for execution strategy. 
KBurger
50%
50%
KBurger,
User Rank: Author
8/7/2014 | 10:35:39 AM
No excuses
Yes, good point Bryan. Of course, that also can be used as an excuse NOT to invest in new technologies and capabilities, and that's not good, either. Again, that's why I think execution is so important.
Byurcan
50%
50%
Byurcan,
User Rank: Author
8/7/2014 | 10:27:13 AM
Re: Getting past the "cool factor'
That is true, it's why I've heard many institutions say they would reather be a "fast follower" than an innovator, as often it's more prudent to let someone else spend the time and money to figure out what works and doesnt work.
KBurger
50%
50%
KBurger,
User Rank: Author
8/7/2014 | 9:58:54 AM
Re: Getting past the "cool factor'
I don't think this problem is unique to financial services firms, but certainly the stakes are extremely high for FIs that jump on the bandwagon of the latest hot trend without having a strong business case or effective execution, metrics, deliverables, etc. It's also not a new problem -- how many FIs back in the late 90s had internet "skunk works" and other high-profile internet-related projects only to let them fizzle when the dot.com crash occurred? It's not enough to say, "our competition is doing this, we have to, too,"
Page 1 / 2   >   >>


Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.