In digital banking transformation, many organizations tend to hold out for perfection when launching a new process, product or service. Yet grasping tightly to the ideal of perfection can be a barrier to creativity and growth when banks and credit unions are trying to introduce the next new idea. Beyond that, perfectionism can also interfere with factors that lie at the foundation of the most successful companies — innovation, efficient decision-making, and the ability to pivot and learn from mistakes. Experimentation, iteration and continuous learning are actually parts of a more effective means of making ideas move forward. In fact, the industry’s consistent winners embrace progress over perfection. Experiencing mistakes can actually help you and your organization develop flexibility and resiliency, which are important during times of increasingly rapid change. Read More: Fear of Failure Hurts Innovation in Banking — What to Do About It The Need for Speed in Banking Innovation Striving for perfection often results in “paralysis by analysis” – a situation where overthinking and excessive planning impede progress. This can lead to protracted development timelines, with the bank’s digital solutions falling behind customer expectations and market trends. Lengthy requirements gathering, extensive piloting and prolonged testing cycles […]
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