From isolation to integration

Vol 3 #9

In the world of core banking, where running, changing, and innovating are all essential, it’s not uncommon to see innovation left out in the cold—or, as illustrated in our cartoon “Innovators in the Basement,” literally left in the basement. Here, innovation is present but disconnected from the bank’s core activities, often given a budget but sidelined from day-to-day strategic conversations. It’s an all-too-familiar scenario: innovation teams with great ideas but no platform to share them, no resources to execute them, and little integration into the bank’s broader mission.

Contrast this with “The All-Hands Update”, where the Run, Change, and Innovate teams gather for a dynamic session. Updates are shared openly, progress is visualized on a large screen, and everyone’s voice contributes to a unified goal. This setting values each team’s contributions, connects their updates to the larger strategy, and fosters a sense of shared purpose. Let’s explore how banks can shift from neglected innovation to a connected, integrated environment where every team’s progress is valued and aligned.

 

Innovators in the Basement: When Innovation is Left Out

“Innovators in the Basement” humorously but poignantly depicts the reality for many innovation teams. Often, they’re given resources—budget, time, or talent—but not the visibility or platform to align with the bank’s strategy. In one scene, a well-equipped team sits idle, lamenting the lack of support to turn ideas into reality. In another, they’re relegated to the basement, out of sight and out of mind.

 

Why is Innovation Sidelined?

• Focus on Immediate Needs: Banking is inherently risk-averse, prioritizing stability and daily operations over long-term innovation.
• Siloed Departments: When departments are disconnected, innovation struggles to find a place in day-to-day operations.
• Lack of Strategic Integration: Without a clear connection to the bank’s core mission, innovation is seen as secondary or, worse, irrelevant.

I’ve seen this play out in real life—innovation teams with brilliant ideas for future growth but no platform to share them. They may have the budget but lack the support to transform ideas into meaningful projects. When innovation is treated as an afterthought, the entire organization misses out on its potential.

 

The All-Hands Update: Valuing Every Team’s Progress

Now imagine a different approach. In “The All-Hands Update”, the Run, Change, and Innovate teams gather for a regular session where everyone shares their progress and future goals. It’s an inclusive meeting where each team’s updates are valued and connected to the bank’s overarching mission. A large screen visually displays updates, fostering transparency, and an environment of open dialogue encourages feedback.

 

How Inclusive Updates Create Alignment

Inclusive updates aren’t just about sharing progress—they’re about integrating every team’s efforts into the bank’s strategic vision. Here’s how they work:

• Transparency Across Teams: Regular updates ensure that all departments know each other’s goals, creating a shared understanding of the bank’s priorities.
• Collective Accountability: When each team’s updates are visible, it fosters a sense of responsibility and motivation to contribute to the bank’s success.
• Cross-Functional Feedback: By opening the floor for questions and feedback, innovation teams can align their ideas with operational goals, creating a culture where every voice is heard.

When teams come together like this, it creates a powerful sense of purpose. Everyone understands how their work contributes to the bank’s mission, and innovation isn’t isolated but woven into the very fabric of the organization.

 

From Isolation to Integration: Steps to Elevate Innovation with Connected Updates

Shifting from an isolated approach to one where each team’s progress is valued and connected requires a cultural and structural change. Here’s how banks can start moving toward a more inclusive, connected environment.

1. Schedule Regular All-Hands Updates

Regular, scheduled all-hands meetings ensure that every team has a platform to share its progress and connect with the bank’s broader mission. Make these meetings a priority, with each team given equal time to present its updates.

• Example: Host a monthly “Progress and Innovation” meeting where the Run, Change, and Innovate teams present their updates and align their efforts.

2. Use Visual Tools for Transparency

Invest in visual tools, such as large screens or digital dashboards, to display each team’s progress in real-time. Seeing each team’s work visually reinforces transparency and makes it easy for everyone to follow along.

• Example: Use a shared digital dashboard that displays live updates, showing each team’s status, recent achievements, and upcoming goals. This can be particularly useful for remote teams who need an accessible, up-to-date resource.

3. Foster a Culture of Open Dialogue

Encourage feedback and questions during these updates. Allowing time for Q&A and comments promotes cross-functional learning and helps teams understand each other’s needs and goals better.

• Example: Dedicate time at the end of each update for team members to ask questions, share insights, or suggest improvements. This open dialogue ensures that every department is connected and heard.

4. Highlight How Innovation Supports Core Operations

Regularly emphasize the connection between innovation and the bank’s operational goals. This builds buy-in from teams focused on day-to-day operations and ensures that innovation isn’t viewed as a side project but as essential to the bank’s future success.

• Example: Have the innovation team present specific projects that address known operational challenges, demonstrating their practical value to the bank’s core activities.

5. Celebrate Collective Wins

Recognize and celebrate achievements that result from cross-departmental collaboration. Highlighting these collective wins reinforces the value of working together and shows that innovation is part of the bank’s broader success story.

• Example: When a new innovation is successfully implemented, hold a small celebration or send a team-wide message acknowledging the contributions of each department involved.

 

Why Inclusive Updates Lead to Greater Success

By fostering a culture where each team’s updates are valued and connected, banks can transform innovation from a sidelined function to an integral part of their strategy. The benefits of these inclusive updates go beyond better communication—they build a more resilient and adaptive organization.

 

Increased Morale and Engagement

When teams feel heard and valued, morale improves. Inclusive updates create an environment where employees feel that their work matters, leading to higher engagement.

 

Greater Strategic Alignment

Regular updates help align each team’s efforts with the bank’s overall mission. When innovation is part of these updates, it’s seen as essential rather than optional, fostering alignment across departments.

 

Enhanced Collaboration and Efficiency

When each team knows what the others are working on, it reduces redundancy and fosters collaboration. Cross-functional updates encourage teams to build on each other’s progress, enhancing overall efficiency.

 

Embracing a Culture of Connected Progress

In core banking, success depends on more than just running, changing, or innovating—it requires integrating each of these elements into a cohesive strategy. “Innovators in the Basement” and “The All-Hands Update” illustrate two very different approaches: one where innovation is sidelined, and one where each team’s progress is connected to the bank’s mission.

The question to ask is simple: Are we keeping innovation out of sight, or are we making it an integral part of our strategic updates? By valuing and connecting each team’s contributions, we create an environment where everyone’s work supports the bank’s future. Moving from isolation to integration not only boosts morale but also strengthens the bank’s adaptability, positioning it for long-term success.

#CoreBankingTransformation #RunChangeInnovateTheBank