Pub. 10 2021 Issue 1

to let it be known so fellow employees can learn from the errors and new ideas can be stimulated. Permission to fail allows employees to step outside of their comfort zones, to take more risks and to bring forth an innovative idea. • Innovative cultures promote action. Decisions need to be made quickly and the right actions (based on data, customer feedback, analytics, etc.) must be taken, acknowledged and celebrated. Fast and effective decision-making structures exist, and fast and efficient communication supports implementation. A recent report from Accenture noted, “Yesterday’s expectations for innovation are out the window. Even though the stakes for innovation in banking were rising even before the coronavirus arrived, now a true culture of innovation is a matter of survival through, and beyond, the pandemic.” I’ve used Netflix as an example of an innovative company, but there are leaders in our industry who have focused their banks on finding innovative solutions for their customers. And it isn’t just the large national and regional banks. Take the time to learn about institutions like Cross River Bank in New Jersey and discover how they reinvented themselves and deployed APIs to originate loans for Affirm or Rocket Mortgage. Or discover the innovative leadership at Citizens Bank in Oklahoma, who partnered with Shark Tank’s Mark Cuban to create the nation’s first bank exclusively to originate and fund PPP loans for businesses across the country. As you take the time to consider your own institution’s capacity for innovation, ask yourself “Do I have it in me?” Innovation requires fearless leadership that doesn’t use legacy technology as an excuse for maintaining the status quo. The pandemic has created an opportunity to break the inertia that has kept innovation from flourishing. Now is the time to commit to innovation and begin the work of reinventing your institution. I’ll admit, some consumers will return to pre-pandemic behaviors, and so will some banks. But given the changes we’ve already seen, I’m confident that banking will continue to evolve as consumers demand more innovation. About the Author Joe Sullivan is CEO and founder of Seattle-based Market Insights, a consultancy with expertise in strategic planning, delivery optimization, culture transformation and leadership coaching. He can be reached at jsullivan@formarketinsights.com , or @mi_twitter. Tri-State Marketing & Human Resources Virtual Conference March 18-19, 2021 2021 Tri-State Marketing & Human Resources Virtual Conference March 18-19, 2021