Progress over perfection is becoming the new normal in banking transformation
The pursuit of perfection often paralyzes progress. Extensive piloting, prolonged testing and bureaucratic gatekeeping derail the speed required to keep pace with change. So how can banks and credit unions balance innovation velocity and quality? By embracing iterative improvements, modular architectures, and 'minimum viable' products.
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.
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 digital solutions falling behind customer expectations and market trends. Lengthy requirements, extensive piloting and prolonged testing cycles delay implementation. Meanwhile, customers miss out on the enhanced functionality that fintech firms and technology leaders bring to market daily.
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