{"id":3669,"date":"2016-10-05T14:07:33","date_gmt":"2016-10-05T14:07:33","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/innovation-basics-for-community-banks-and-credit-unions\/"},"modified":"2018-08-14T06:00:02","modified_gmt":"2018-08-14T06:00:02","slug":"innovation-basics-for-community-banks-and-credit-unions","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/innovation-basics-for-community-banks-and-credit-unions\/","title":{"rendered":"Innovation Basics for Community Banks and Credit Unions"},"content":{"rendered":"<p>A popular affirmation among top companies has recently been marked by three important words: We must innovate!\u201d But what does it mean exactly and why innovate? What is this Innovation Thing? These questions are also commonly asked within community banks and credit unions (CU).<\/p>\n<p>Innovation in banking should not take place because everyone else is doing it; neither because it makes the banks look cool. Banks and CUs need to innovate, because otherwise the world is going to keep moving forward and leave them behind. Eventually, so will their customers and members.<\/p>\n<p>For innovation to emerge one has to overcome a number of barriers (such as insecurity that the idea will work, reaching agreement with technology vendors, other priorities or more urgent needs etc.) and identify the key innovation areas that will either provide simpler and more convenient access to more services or will provide safer and more secure access to services.<\/p>\n<p>Innovation is also about the right timing, the right resources and a carefully fitted partnership.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-3669 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='New platform makes financial products easier'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/new-platform-makes-financial-products-easier\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/new-platform-makes-financial-products-easier-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12919\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12919'>\n\t\t\t\tNew platform makes financial products easier\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Nordea Bank introduces artificial intelligence'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/nordea-bank-introduces-artificial-intelligence\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/01\/chatbot-e1501792996887-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8019\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8019'>\n\t\t\t\tNordea Bank introduces artificial intelligence\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='McKinsey Report Highlights \u201cInevitable Changes\u201d from CBDC Adoption'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/mckinsey-report-highlights-inevitable-changes-from-cbdc-adoption\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/10\/0372bbc8-b4f1-e544-0553-3cb538a5ba3d1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16398\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16398'>\n\t\t\t\tMcKinsey Report Highlights \u201cInevitable Changes\u201d from CBDC Adoption\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A popular affirmation among top companies has recently been marked by three important words: We must innovate!\u201d But what does it mean exactly and why innovate? What is this Innovation Thing? These questions are also commonly asked within community banks and credit unions (CU). Innovation in banking should not take place because everyone else is &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[77,49],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3669"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=3669"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3669\/revisions"}],"predecessor-version":[{"id":7758,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3669\/revisions\/7758"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=3669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=3669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=3669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}