How to Cure Shiny-Object Syndrome: Developing a Fintech Strategy for Innovation
As we near the third wave of fintech, it’s impossible not to feel its influence. Each new solution promises to support salespeople in their efforts to engage more clients – across more platforms and devices than ever before – and service them faster with more personalization.
You can hardly blame organizations for trying to keep up. But are they trying so hard they’ve come down with a case of shiny-object syndrome?
Diagnosing Shiny-Object Syndrome
Your organization might suffer from shiny object syndrome if key decision-makers get distracted by each passing trend, pouring hundreds of thousands of dollars and countless hours into implementing or creating new software with little planning, only to move on to the next “big” thing before you can prove the ROI of the last one.
Unfortunately, shiny-object syndrome scars companies in the worst way you can imagine – at least it does if your organization’s goals include innovation and growth.
The good news is that there is a cure. In this post, we’ll remedy lackluster results and slow growth with tips for developing a technology strategy you can use to achieve your organization’s goals.
Not suffering from shiny-object syndrome but still seeking a proven formula for innovation? Listen to the 8-minute Expert Strategies podcast with Joe Welu, “Best Practices: Accelerating Innovation.”Listen to “Best Practices: Accelerating Innovation” on Spreaker.
Pinpoint Organizational Priorities
Executives often focus on the performance of their individual teams, rather than the overall business. The best way to ensure that your departments make informed, strategic decisions is to ensure everyone understands the core values and top priorities of the business.
Prior to deciding to implement a new technology, executives should ask themselves: How will this technology move the entire organization forward?
Listen to Your “Patients”
Once you’ve taken time to justify the spend from a business standpoint, try to gain a deep understanding of the end users’ wants and needs. Involve them in the process to figure out their key pain points and potential barriers to adoption.
Inject Innovation into Your Corporate Lifeblood
The tech giants of the world have long understood that there’s more to innovation than tools and technology. Culture and work environment set the tone and pace for innovation. From onsite perks – ping-pong tables, catered lunches and napping pods – to unlimited vacation, innovative companies prioritize employee satisfaction to attract the brightest minds.
Not quite there? Opt for transparent, open spaces and other brainstorming tools to foster an environment where people can collaborate and exchange ideas.
Promoting Corporate Well-Being with Long-Term Innovation
Treating shiny-object syndrome won’t eliminate your need for new technology. While there is certainly technology that you can build – and maintain – in house, ridding your organization of shiny object syndrome won’t eliminate your need to work with technology partners. Established enterprise organizations simply can’t match the agility and risk appetite of startups. But with a clear technology strategy, you can align your technology choices with your overall business strategy so that the tools you leverage support innovation and fuel growth across the entire organization.
Innovation in financial services organizations starts with a cohesive technology strategy, but it certainly doesn’t end with one. Discover three-step formula you need to succeed in the Expert Strategies podcast with Joe Welu, “Best Practices: Accelerating Innovation.”