Innovation Driven Growth David L. Peterson

 Once your business is committed to innovation, the next step is focusing on the problems that require innovative solutions. This should involve picking a trending or pertinent problem in your industry and engaging your new innovation-driven workforce. Gather data, brainstorm and explore even the craziest of ideas before preparing the final strategic recommendations and putting them into action. Implement your new ideas, overcome obstacles and boldly move forward with success! 
Show Notes:💲 To understand the story, you need to know the OD background: how will your institution tackle this issue? 01:08📊 Data gathering -  assign somebody in your organization to be the repository of gathering all the information. 06:06☑️ Be sure to check out the competitive intelligence. 06:31💵 Brainstorm OD changes and revenue replacement. 07:20🤡 Explore truly crazy ideas: you must not only encourage these crazy ideas but ensure that they will not be ridiculed, even inadvertently. 10:22✍️ Prepare a strategic recommendation for senior leadership and the board. 11:24▶️ Whether you take on the overdraft issue or any other significant change in your service offerings, you can use the template provided above as a high-level methodology for the last step: action. 12:21
 
 Links:
 The Death of Overdraft Fees: www.bankers-bank.com/the-death-of-overdraft-fees
 About OD: Overdraft and Offsetting the Gap
 Email David: david@davidpeterson.com  
 Connect with David: www.linkedin.com/in/dlpspeaks
 Learn more about David: www.davidpeterson.com
 Consult with David: www.i7strategies.com
 Sail with David: www.i7sailing.com 

 Implementing an innovation mindset into your business is crucial for its future success. Building the foundation for this may be a harrowing task, but the steps in this quick start guide are a great place to begin. There must be a desire and commitment to building a culture of innovation from all levels of leadership that is backed by actionable processes. Integrate these values into regular communications within the workplace and support innovative ideas with encouraging facilitation and incentives. Make innovation a mission-critical value in your business and transform your workforce into inspired problem-solvers! 
Timestamps:👔 David summarizes the talk he held at the FNBB Summer Conference. 01:12👉 The precursors of the four steps to making innovation a reality. 02:16🩸 No#1 Desire: innovation must be significant enough for you to put blood and treasure on the line. 04:21💪 No#2 Action: focus on education and modelling behavior. 06:21🏅 No#3 Support: motivation and incentives are key. 09:15🛑 No#4 Remove barriers: stop limiting innovation and ideas. 10:29🏦 FNBB has made great strides in how they view innovation. 14:01📋 A quick start guide to start with innovation: figure out how to change your organization into one driven by innovation growth. 15:12
 
 Links:
 Email David: david@davidpeterson.com  
 Connect with David: www.linkedin.com/in/dlpspeaks
 Learn more about David: www.davidpeterson.com
 Consult with David: www.i7strategies.com
 Sail with David: www.i7sailing.com 

Converting an unused space into a “Thinking Room” will add great value to your business. This is an inexpensive strategy for increasing innovation and creativity in your workplace. Create a functional safe space that promotes innovative thinking and get the ideas flowing!
🥳 The Thinking Room is an unused space converted into a place where thinking and creativity can flourish. 01:06🤩 Check out the Thinking Room David created in FNBB. 02:16❗ Innovation occurs if failure is an option. 03:44❔ What's stopping you from creating a similar thinking room in your organization? 04:47🤗 People need to have a safe space to ideate. 05:35
Links:
 The Thinking Room: www.bankers-bank.com/the-thinking-room-is-ready-for-ideas
 Email David: david@davidpeterson.com  
 Connect with David: www.linkedin.com/in/dlpspeaks
 Learn more about David: www.davidpeterson.com
 Consult with David: www.i7strategies.com
 Sail with David: www.i7sailing.com

Investing in new technology is a complicated process that requires expert strategy. No matter what industry you are in, investing in new technological systems can be a time-consuming and overwhelming experience. With so many vendors competing for your business, it’s important to do a full review of their products to see exactly how they will work for your needs. Remember that strategy is key, and these investments will be impacting your business for years to come, so spend your money with specific growth and expectations in mind. Inertia is not a strategy, so review your business’s tech needs today!
🏦 FNBB was in the final stages of deciding on its primary core accounting system: David shares the decision-making technologies they used. 00:56📋 Practical summarized steps for making the decision: months and months were needed to evaluate different core vendors. 02:08⚠️ The issues that FIs face when they make tech purchases. 04:34✅ Set realistic expectations, prioritize proven integrations and ease of configuration, beef up your internal IT capabilities & tie your FinTech spending to expected outcomes. 07:34📱 If you want more mobile users, invest in a better mobile platform. 10:41💸 Create a way to monitor the tech roadmap each quarter, don't just buy it and forget it. 11:43❗ Just because many of the newer technologies are not fully baked or standardized is not a reason to avoid them. 12:42🤝 David has a recommendation for bringing in additional resources that can help you sort everything out. 14:06
 Links:
 It’s Dreadful Being a Buyer of Bank Technology: the Cornerstone article by Steve Williams
 Contact for Profit Resources, Inc: Dave Koto at dkoto@profitresources.com 
 Email David: david@davidpeterson.com  
 Connect with David: www.linkedin.com/in/dlpspeaks
 Learn more about David: www.davidpeterson.com
 Consult with David: www.i7strategies.com
 Sail with David: www.i7sailing.com

Employ modern digital marketing techniques to ensure your advertising budget reaches your target audience. Banking is a highly competitive industry, so banks must aggressively pursue new customers with great precision. 

It’s time to revisit your marketing budgets and allocate funds toward targeting the new generation of prospective customers in the digital world. Utilizing services and marketing strategies that find and target new customers with engaging story-based media and curated articles is the key to modern advertising.

Spend your money wisely in the places your future customers are reading and listening!
🏦 Today's financial institutions are in a very competitive environment, but is your marketing money being targeted adequately? 00:52📻 Many FI’s do advertising through “advocacy”: the typical nonadvocacy advertising activities are billboards, bus stops, benches, or other types of signage - newspaper, radio, television, direct mail, email, and social media. 02:30📱 Digital tools access data and target information to those most likely to seek it. 04:14🙂 Curated articles and storytelling evoke a strong response: Millennials and Gen Z are motivated by emotion. 06:15✅ You can hire professional writers that work across various areas of expertise: the response rate is significantly higher than traditional advertising. 09:01🎯 Spend advertising dollars on the specific areas where potential clients will be reading and listening. 11:11
Links:
 Email David: david@davidpeterson.com   
 Connect with David: www.linkedin.com/in/dlpspeaks 
 Learn more about David: www.davidpeterson.com 
 Consult with David: www.i7strategies.com 
 Sail with David: www.i7sailing.com 

It’s time to change public opinion on the role of a banker. It’s no secret that the role of bankers is largely underappreciated and seen as an unexciting career. The truth is that bankers perform an essential service for people and their businesses. We can work to shift the paradigm by highlighting the importance of banking in our business language and shamelessly recognizing ourselves as facilitators of hopes and dreams. Emphasize your value and help change the narrative on banking!
🏦 The general public doesn't appreciate bankers: a little thought exercise for bankers or similarly undervalued positions. 00:57🔶 Financial institutions can change a stale narrative: bankers assist with achieving people's goals and dreams. 03:41✅ Behind each & every transaction is a goal or a dream: there are numerous ways that bankers assist consumers, businesses, and nonprofits in the area they serve. 06:46💡 What if your Facebook posts start to highlight stories of customers who achieved a goal or a dream with the assistance of your organization? 09:18🎉 Over time, we can have more informational and interesting conversations at parties. 10:33
Links:
 Email David: david@davidpeterson.com   
 Connect with David: www.linkedin.com/in/dlpspeaks 
 Learn more about David: www.davidpeterson.com 
 Consult with David: www.i7strategies.com 
 Sail with David: www.i7sailing.com