Independent Banker - May 2024 - 45
steering committee that regularly reviews
short- and long-term goals. Other
community banks use quarterly off -sites
for executives.
To ensure that great ideas aren't aired
and then forgotten, create action items
and put someone in charge of following
up. Whether or not there's a full-time role
for an innovation offi cer, each innovation
project or idea needs someone who's a
champion or a point person.
" Have somebody own the process,
the discussion, " Duke advises. " If you
don't have somebody that is doing the
shadowing of the process and asking
how it happens, it may not. You have to
have intentionality. "
Innovator's cheat sheet
12 tips for integrating innovation into
your day-to-day operations
1. Lead by example
2.
Be purposeful
3. Study the status quo
4. Focus on customer needs
5. Hold regular meetings on
innovation opportunities
Industry experts advise adopting a " fail
fast " attitude toward innovation. " Foster
a culture where it's OK to fail, " Ransom
says. " Fail fast and move on. If you're not
failing some of the time, you're not trying
hard enough. "
By the same token, take some of the
risk and sting out of failure by taking
" baby steps. " Small projects are a great
way to start. Ransom notes that quite
a few fi ntech apps don't require core
integration. " Some of these can be a
very low-lift way to leverage data and
technology, " he says. " The lower time to
initial value for the bank gets you more
excited to take the next step. "
Finally, make sure there are incentives
in place for team members. " If employees
aren't bought into it, technology won't
be a silver bullet, " Ransom asserts. " It
comes down to incentive alignment.
There should be a reward for creativity. "
ChoiceOne's Hucul believes that
innovation is now a necessity for
community banks, not just a nice-tohave.
" It's human nature if you have a
workaround to just keep using that, but
it's important to fi x what's wrong, " he
says. " At the leadership level, we need to
be able to pivot and recognize that the
same things that got us here won't keep
us here. "
Judith Sears is a writer in Colorado.
6. Employ cross-functional teams
7.
Formulate specific
action items
8. Assign point people
9. Fail fast and try again
10. Take baby steps
11. Share the wins
12. Incentivize creativity
" Foster a culture where
it's OK to fail. Fail fast
and move on. If you're
not failing some of the
time, you're not trying
hard enough. "
-Carey Ransom, Banktech Ventures
independentbanker.org // 45
http://www.independentbanker.org
Independent Banker - May 2024
Table of Contents for the Digital Edition of Independent Banker - May 2024
Contents
Independent Banker - May 2024 - Cover1
Independent Banker - May 2024 - Cover2
Independent Banker - May 2024 - Contents
Independent Banker - May 2024 - 2
Independent Banker - May 2024 - 3
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