42. What Should Your Innovative Focus Be? Let’s Start with OD Fees
Episode description
Once your business is committed to innovation, the next step is focusing on the problems that require innovative solutions. This should involve picking a trending or pertinent problem in your industry and engaging your new innovation-driven workforce. Gather data, brainstorm and explore even the craziest of ideas before preparing the final strategic recommendations and putting them into action. Implement your new ideas, overcome obstacles and boldly move forward with success!
Show Notes:
💲 To understand the story, you need to know the OD background: how will your institution tackle this issue? 01:08
📊 Data gathering - assign somebody in your organization to be the repository of gathering all the information. 06:06
☑️ Be sure to check out the competitive intelligence. 06:31
💵 Brainstorm OD changes and revenue replacement. 07:20
🤡 Explore truly crazy ideas: you must not only encourage these crazy ideas but ensure that they will not be ridiculed, even inadvertently. 10:22
✍️ Prepare a strategic recommendation for senior leadership and the board. 11:24
▶️ Whether you take on the overdraft issue or any other significant change in your service offerings, you can use the template provided above as a high-level methodology for the last step: action. 12:21
Links:
The Death of Overdraft Fees: www.bankers-bank.com/the-death-of-overdraft-fees
About OD: Overdraft and Offsetting the Gap
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