Join John as he reviews his Top 5 Fintech Tips to help your organization succeed in its digital transformation
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Top 5 Greatest Tips: A Look-Back
Introducing the Top 5 Greatest Fintech Tips from John Best, the CEO of Best Innovation Group (BIG) and author of the book Breaking Digital Gridlock.
#5: Failure Versus Incompetence
Don’t confuse failure with incompetence. Many financial institutions have very little tolerance for failure. Failure of any sort is unacceptable. Failure is not the opposite of success. It’s the path to success. Unfortunately, if you conflate failure and incompetence, the message you’re sending your staff is, don’t try anything.
#4: Phase 2 Syndrome
Feel a cough coming on? Have you checked it out?
Do you even know what Phase 2 Syndrome is? It’s not cancer, but it’s close. Phase 2 Syndrome. It could happen to you. Phase 2 Syndrome is simple. If you’ve ever done something where there was a Phase 1 in the process, and then Phase 2 is supposed to happen, but it never did? You have Phase 2 Syndrome.
For instance, let’s say you installed a new product, and that product had features A, B, and C, and D, and E, and F, but for the sake of time, you agree to only install A, B, and C, in the first phase, with a promise of getting D, E, and F in Phase 2. But things happened, and Phase 2 never came around. This is the essence of Phase 2 Syndrome.
#3: Guarding Against Hackers
People tend to freak out when things crash. I often hear people say, “I’m worried that hackers are causing this disruption somehow.” Me? I’m more worried when things are going well. You see, hackers? They’re not interested in drawing attention to themselves, and the last thing they want to do is crash something and have some system admin come sniffing around looking to see what’s wrong.
#2: The Cloud
Unless you’ve been living under a rock, you’ve probably heard someone refer to the cloud, usually in a negative way, like, “Gosh darn cloud! It deleted all my files!” Or, “The cloud was the greatest thing that ever happened to us, because it changed the way that we do business in Information Technology. So, which is it?
#1 The Zombie Apocalypse
Data analytics and the zombie apocalypse. How do those two things fit together? You know, I’m a huge Walking Dead fan. I’ve been watching The Walking Dead for a long, long time. And from watching Walking Dead, I kind of saw some similarities in sort of the landscape of what I’m seeing in the banking world and sort of this post-apocalyptic landscape that we’re seeing on television or on the big screen about the zombies. So, what does a financial zombie apocalypse look like?
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