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by James Robert Lay on June 1, 2021
Brief Summary of Episode #95
On the Apollo 13 mission, NASA only had one way to get its astronauts out alive: innovation.
It’s something every financial brand should take to heart.
Because you have a choice: Innovate, or die.
So says JP Nicols, Co-Founder at FinTech Forge & Alloy Labs Alliance, whose wealth of experience has taught him that innovation may be messy, but it’s the key to survival.
The pandemic made it abundantly clear how desperately the financial sector needs innovation.
But most financial brands are playing catch-up, boasting about remote check deposits like it’s 2009. Or, even worse, going all-in on innovation without the data to guide them.
If you want to successfully innovate — and survive the trip back to earth — then your brand needs FIRE propelling it forward .
You need to be:
Fast: Stop playing catch-up with digital transformation and blaze a new path.
Iterative: Don’t put all your eggs in one innovation basket; instead, tweak and continually improve.
Responsive: You need to let the data guide your decisions, not the opinion of the highest paid person in the room.
Experimental: Create an environment where you can test your ideas as quickly and sharply as possible.
Innovation is no longer optional. Get some FIRE under you.
Key Insights and Takeaways
- Why the real opportunity for financial institutions are at the edge
- How to innovate without going all-in
- How FIRE fuels innovation