Make sure each of your bank's initiatives is explicitly designed to eliminate uncertainties as rapidly as possible so any failures are small, quick and survivable rather than interminable and deadly.
It's a truism among financial institutions that not all revenue is created equal: some revenue costs a lot more to produce. Yet among many organizations, the exact costs related to specific revenue remain a mystery.
If banks apply a standard of parity, they will wind up in a holding pattern because right now and for the foreseeable future, Internet banking is not keeping pace with mobile platforms.
Smartphone capabilities, like instant Internet access, integrated cameras and GPS systems, have given consumers more control over their banking relationship and are forcing financial institutions to adapt.
In the past, bank investment aimed at gaining a proprietary edge through new methods of consumer payment has consistently been poorly rewarded. Expect another repeat.
Know where - and when - your bank's target audience goes online for information and social interaction. It's better to have just two social media channels that are well-supported than five left unattended.
Rather than invest heavily in one big risky project, banks should concentrate on many small innovations, beta test them and invest where customer feedback is positive.
Innovations can fail catastrophically, as was the case for the mortgage and securitization innovations that precipitated the crisis. Valuable innovation profitably and honestly delivers greater perceived value to customers, without incurring disproportionate cost and risk.
