"When trying to achieve success, we tend to rely on logic," says Frans Johansson, author and CEO of The Medici Group. "But logic doesn't give you a competitive advantage. If you rely on logic, you and all your competitors will end up in the same place."
Through his study of innovation and transformative ideas, Johansson concludes that "success is often random and serendipitous—it happens at 'the click moment.' If success is so unpredictable, can we really plan for success?
"The purpose of strategy is not to figure out the right answer," Johansson says. "The purpose of strategy is to convince ourselves to act."
Johansson gave conference attendees this to-do list:
Borrow an idea from another industry. "All new ideas are combinations of existing ideas."
Try far more ideas than others, a recipe for people who change the world. "Your job is to bring down the cost of those trials."
Make sure you're adequately staffed for innovation.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
Oral arguments in the lawsuit against the Federal Communications Commission regarding its Telephone Consumer Protection Act will begin Oct. 19. CUNA filed an amicus brief last year asking for the ruling to be vacated.
The NCUA board voted Thursday to adopt the agency’s strategic plan for 2017-21 that includes updating the agency’s goals for examinations. While this change does not immediately credit unions' exam cycle, it sets the stage for later improvements.