KQ Article

The economy has transformed radically in a short period of time. So have consumer attitudes toward banks and credit unions. If so much has changed, why would we continue doing things the way they’ve always been done, based on rules for conditions that no longer exist?

Because this path seems safe. And easy. But that doesn’t make it the best.

It is becoming clear that if financial institutions want to remain competitive, they must renew their dedication to continuous innovation. As Apple’s Steve Jobs has said, it’s what separates leaders from followers. More specifically, innovation helps businesses keep their offering aligned with the needs of the people they serve. This is especially important during periods of dramatic change.

It requires backing up and taking the long view. Assuming nothing and challenging everything.

As we began to plan our fourth Collaborative, we could have simply used the same budget, processes and meeting schedule as the previous Collaboratives. It would have saved us lots of headaches, and few on the outside would have questioned the approach.

But with so much changing around us, we felt it was necessary to evaluate the Collaborative to ensure it was still relevant to the times. We first reviewed the program’s objectives, making adjustments wherever we saw fit. Next, we focused on processes, separating those that supported our new objectives from those that did not.

The end result was a leaner, meaner Collaborative. One with fewer in-person meetings, more reliance on technology and far better use of our existing resources. One that can be completed in less time. How might a similar focus on continuous innovation benefit you? There’s only one way to find out.

Preliminary 2009 Collaborative findings are in!

How do you effectively sell multiple products and services to Baby Boomers and Millennials in times of distrust? We’ve been immersed in research on this very subject, with some fascinating early findings to show for it.

Read them now at: DeluxeKnowledgeExchange.com/KQ4Collab

_{© 2012 Deluxe Enterprise Operations, Inc.}