Consent vs. Consensus: How decision-making at your financial institution is stalling innovation & growth

Over the last year, I’ve found myself in meetings with our internal team or clients, asking the group… “Ok, I hear what you are saying. So, what do you propose as a next step solution?”

Then I usually wait for suggestions, ideas and possible solutions. Invariably potential next steps begin to trickle in from the people involved in the conversation. We weigh in on all these options, and usually we identify a course of action. Or, at the very least, we come up with what else we need to know to make a final decision, and the team makes a plan to get that information and re-address the issue in a timely manner.

It’s rare that agenda items in our meeting go for more than 1-3 weeks without full resolution of any internal problem or question. However, with some of our clients the decision-making process seems to take MUCH longer. This realization is what led me to want to write this blog. In an effort to share how we see waiting for full agreement or consensus causes many financial institutions to fall behind other industries.

 

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