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by James Robert Lay on October 24, 2022
Brief Summary of Episode #239
The success rate of financial brands delivering innovative products is frustratingly low.
Despite so much exciting tech at our fingertips, our industry has regressed in getting new ideas off the launchpad. Why?
Alex Castro, Founder of ReM Score and author of Measure, Execute, Win, has an answer.
“We are behaving in 1994 models of operating while thinking in 2020s strategy,” he told us.
Since the mid-2000s, overall productivity has declined. Instead of empowering our innovation, we’ve allowed technology to enslave us.
“We have not seen productivity increases because we have not changed the model for how we approach and deliver ideas,” Alex said.
What could possibly compel a business to continue operating with such an outdated mindset? The answer is simple.
“Because change is scary,” Alex said. “Doing things differently is scary. You have to go and convince people, “We’re going to do this instead.’”
For true digital transformation to take hold in the age of AI, we all have to face change head-on.
Key Insights and Takeaways
- How strategic expectations can fall short in execution (6:43)
- The innovation falloff rate in decision-making biases (15:08)
- Why data is so crucial to execution (25:25)