Credit unions can break dangerous inertia with innovation
by: Shazia Manus
In a recently released white paper exploring financial institution (FI) innovation, I highlight the importance of agility for credit unions to achieve market relevance.
In the paper, “Reimagined Banking in the Age of the Consumer,” I take a closer look at innovation — which I believe is the force capable of breaking FIs’ dangerous inertia resulting from years of success.
Indeed, innovation is the key to our evolutionary quest for financial market relevance. Too many leaders, however, struggle to adequately harness this force. My goal for this white paper is to inspire FI teams to think in new ways. Within the paper, I share examples (from both in and outside the financial industry) to inspire FI leaders to better leverage innovative strategies.
Below is an excerpt from the paper that highlights the role of innovation in helping credit unions and community banks thrive in today’s “survival of the fittest” business climate:
Bolstered by years of success, the repeat business of loyal customers and a somewhat stagnant regulatory environment, financial institutions have long resisted any change to their collective state of motion. Yet a strong force promises to break this dangerous inertia — innovation…
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