"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.
CUNA President/CEO Jim Nussle said Thursday that the field-of-membership rule changes proposed by the National Credit Union Administration at its open board meeting will provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.