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Lessons Learned From Moneyball
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Byurcan
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Byurcan,
User Rank: Author
10/6/2014 | 11:44:17 AM
Re: Innovation
If that's the case, then the A's need to hire Josh Burnes (http://en.wikipedia.org/wiki/Josh_Byrnes) or another Joshua to actually take them into the promised land.
KBurger
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KBurger,
User Rank: Author
10/6/2014 | 11:30:59 AM
Re: Innovation
Yes, execution is the less-exciting side of innovation that doesn't always get as much attention as it should. And I guess there also are some principles around data and statistics involving either "special circumstances" (black swans or short periods of time such as playoffs vs regular season) that also need to be factored into the Moneyball approach. Or maybe it's simply the "Moses Factor" -- Billy Beane can lead his people to the Promised Land but will not be allowed to actually enter it.
sammaule01
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sammaule01,
User Rank: Apprentice
10/6/2014 | 10:46:29 AM
Re: Innovation
I'm actually addressing this issue in my follow up post to Moneyball:  "Why Delivery is The New Money" (thanks to the Oakland A's yet again failing in the post season and inspiring this write-up).
KBurger
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KBurger,
User Rank: Author
10/3/2014 | 10:52:41 AM
Re: Lessons learned?
I'm still dealing with Lou Brock for Ernie Broglio #cubsfanswillunderstand
KBurger
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KBurger,
User Rank: Author
10/3/2014 | 10:22:42 AM
Re: Innovation
Great post Sam & I agree with the innovation/inertia issue. But I also think a big challenge around innovation actually is the current widespread embrace of it. Lots of financial services firms are focused on innovation, not everyone is defining innovation the same way (or applying it to the same kinds of problems & issues) and hence the results are going to be different and potentially meaningless (or at least confusing). That is, an innovation project that doesn't succeed could actually have failed because it's not really about innovation, it's about automation or some kind of process improvement. In other words, overuse of the term/concept could devalue it. Sam, do you see this pattern in the industry?
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/2/2014 | 10:12:39 AM
Lessons learned?
Here's a lesson: don't trade for Jon Lester. LOL

leimer
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leimer,
User Rank: Apprentice
10/1/2014 | 2:18:08 PM
Thank you Sam...
Sam - I appreciate your kind words and our ongoing conversations. And as a long-time Berkeley and Oakland resident, I've seen Moneyball in action since Billy Beane joined the Athletics - unfortunately his teams are now 0-7 in elimination games based on last night's loss to the Royals (but I'm more of a Giants fan probably).

Sports analogies aside, while some of the most interesting things happening in financial services today are coming from the startup community, there are plenty of opportunities for banks to remain not only relevant, but vibrant - as long as they retain focus on the customer in every development. It's also critical that banks remain very connected to the developer community, which is why I've been at Finovate and FinDEVr that past two weeks. 

As much of traditional banking services become a utility, those that leverage more engaging personalized banking experiences will thrive. New ideas in every customer segment are being unearthed weekly - you have to act as the early warning system for these ideas - and work to deploy those that are most interesting (and ultimately impact overall engagement, which is increasingly the path toward growth, retention and profitability).

As we move further into digital experiences, the next decade will be even more incredibly disruptive than what we saw in the recent economic downturn. As I've said (now many times) before, there will be blood.  

That's why working within financial services now is simultaneously exciting and terrifying.

I look forward to the times ahead. Feel free to connect and discuss some more.

Brad Leimer, bradley.leimer@santander.us and @leimer on Twitter. 

 

 

 
sammaule01
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sammaule01,
User Rank: Apprentice
10/1/2014 | 12:18:33 PM
Re: Innovation
The battleground within banking is over coming inertia.  Not my words - I was actually quoted this by an EVP of one of the top banks in the U.S.  There are plenty of ideas out there - the mastery is in actual execution and implementation of these.  Not in 200 page Powerpoint presentations but in actual protypes that are tested in the real world and then integrated in product roadmaps and launched.  This is the advantage the distruports have - a niche focus on solutions that they can design, test, and launch in 60 days.  Most banks can't schedule a meeting in 60 days.

My hat goes off to those driving innovation within the banking community and who actually do something... actually launch products.
Byurcan
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Byurcan,
User Rank: Author
10/1/2014 | 9:34:08 AM
Innovation
Thanks for the thoughts Sam, it's always good to get sports involved ina  business discussion in some capacity. It is true that the people with innovative ideas within orgs ften have to go to great efforts to get their voice heard, or taken seriously, due to the natural inertia that comes in running a large business. But in the end the efforts are often worth it. 


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