I was attending a business event the other day and the topic of smart phones came up. I was asked if I preferred Blackberry or iPhone. Of course my answer was that I carry both. I have a great answer why - I carry a Blackberry for business and iPhone for personal. Who would have thought 10 years ago that I would have been debating the relative merits of the safari mobile browser versus the secure interface and better keyboard of the Blackberry. The world is beginning to become divided between Apple users (of which I am a fanatic) and all of the others. Where at one time one's identity was defined by possibly your career, hobby or sport, it now is becoming defined by the technology you choose. Has my life become so complicated and digital that constant contact is necessary? I sometimes think that we have made our lives too complicated. I was reading a blog I follow called The Positivity Blog and liked the thoughts he had and I thought I would add my own on how I would like to further simplify things:
Is this useful? Often when I undertake an activity for work it appears useful at the beginning as there is motion and action involved. I need to continue to press if this is the best use of my time.
What is the most important thing I can be doing right now? The most urgent is not always the most important, people should always take precedence over function.
Am I keeping things extremely simple? Humans have the unique ability to complicate things when it is not necessary, there is something in our genetic make-up that makes it essential to create a two pulley system for hanging a bird feeder from the tree in the back yard (guilty).
Is there anybody else on the planet having it worse then me right now? Simple answer, complex thought.
So I decided to simplify my life and now carry only an iPhone. I still have five e-mail addresses along with multiple social media platforms, but a least I am only carrying one device. I have a long way to go with the rest of what I do, however identifying the need is a great start.
Friday, December 30, 2011
Monday, November 7, 2011
The importance and value of social enterprise
This time of year reminds me of the importance that non-governmental agencies and charities play in our society. This year, more then most years charities seem to be struggling with raising sufficient money to support their stakeholders. In my local community, the food bank missed their Thanksgiving collection goals and has been working extra hard ever since to ensure they have enough food for those who need it for Christmas. This is a concerning trend and I believe it is a combination of increased needs and a change in the way that we as consumers are willing to support charities.
Most of us are involved in for-profit corporations, however there has been a quick shift over the past few years in the not-for-profit world with more individuals wanting to do social good along with providing a viable business entity. Many of you would have heard of the bigger names in this space such as TOMS Shoes where founder Blake Mycoskie decided after travelling through Argentina that kids there should have shoes to protect their feet. He then started a company that now gives away one pair of new shoes for every pair they sell. The first year in business they delivered 10,000 shoes to Argentina and now had to expand the number of countries they extend to. One for One is their slogan and they have now extended it to eye wear. Check out this YouTube video and see if this makes you want to buy their shoes (sorry for those on company servers who are not able to view).
When one views successes such as this it always seems like it is somebody else who does it, somebody more skilled, more removed and perhaps lucky. We forget that we are surrounded by individuals who have followed this same path even if has not produced a company that will sell 300,000 shoes next year. I have been involved with YMCA's in various capacities in several of the cities I have lived in and this organization is a great example of social enterprise. I was very involved with the Brockville YMCA as a member of their board of directors and was always impressed with this organization's ability to mix financial prudence while filling an important social gap in the community. This is social enterprise on your local level.
I have also been fortunate to live and work in many different cities in Ontario. Along with this geographic movement has given me the good fortune to meet some great people. When I think of social purpose with an expanding reach, I think of two families in particular. The first is Christian and Christine Fortin in North Bay who started the Patrick 4 Life organization a group dedicated to educating youth about HIV and AIDS. They do this through a combination of fund raising, building awareness and education. As with all great social enterprises, Patrick 4 Life was formed for personal reasons. I could explain it here, however Patrick's Story is best told on their website.
More recently I have had the pleasure of getting to know Gayle, Jessica and Michael Grass and their company Iris The Dragon Inc., a company dedicated to educating people on mental health issues through the creation of children's books. I should also let you know that I am a director of the company and therefore do have a personal bias on the importance of their message. This is another great example of how social enterprise can positively impact change. Through Gayle's passion for research, writing and mental health issues, they have created a company that is helping to both remove the stigma of mental health and educate children and their parents on solutions. The book series has been tremendously successful with each new edition being both a wealth of knowledge and a joy to read, our family looks forward to each of Iris's next adventures. Iris is now moving into the classroom with a classroom Units of Study option available for teachers. Mental health is an important social issue that is largely vacant from the classroom and Iris hopes to change this.
Today I am asking you to use the power of social media to help these social enterprises. In particular Iris The Dragon is looking for teachers and schools who will use the classroom units to help educate their students about children's mental health. Please help spread the word through tweeting, sharing on Facebook, Linkedin or Google+. This is a way we can each use our social network to increase the visibility and reach of a few individuals who are doing a great deal of good for their community.
Happy Holidays.
Most of us are involved in for-profit corporations, however there has been a quick shift over the past few years in the not-for-profit world with more individuals wanting to do social good along with providing a viable business entity. Many of you would have heard of the bigger names in this space such as TOMS Shoes where founder Blake Mycoskie decided after travelling through Argentina that kids there should have shoes to protect their feet. He then started a company that now gives away one pair of new shoes for every pair they sell. The first year in business they delivered 10,000 shoes to Argentina and now had to expand the number of countries they extend to. One for One is their slogan and they have now extended it to eye wear. Check out this YouTube video and see if this makes you want to buy their shoes (sorry for those on company servers who are not able to view).
When one views successes such as this it always seems like it is somebody else who does it, somebody more skilled, more removed and perhaps lucky. We forget that we are surrounded by individuals who have followed this same path even if has not produced a company that will sell 300,000 shoes next year. I have been involved with YMCA's in various capacities in several of the cities I have lived in and this organization is a great example of social enterprise. I was very involved with the Brockville YMCA as a member of their board of directors and was always impressed with this organization's ability to mix financial prudence while filling an important social gap in the community. This is social enterprise on your local level.
I have also been fortunate to live and work in many different cities in Ontario. Along with this geographic movement has given me the good fortune to meet some great people. When I think of social purpose with an expanding reach, I think of two families in particular. The first is Christian and Christine Fortin in North Bay who started the Patrick 4 Life organization a group dedicated to educating youth about HIV and AIDS. They do this through a combination of fund raising, building awareness and education. As with all great social enterprises, Patrick 4 Life was formed for personal reasons. I could explain it here, however Patrick's Story is best told on their website.
More recently I have had the pleasure of getting to know Gayle, Jessica and Michael Grass and their company Iris The Dragon Inc., a company dedicated to educating people on mental health issues through the creation of children's books. I should also let you know that I am a director of the company and therefore do have a personal bias on the importance of their message. This is another great example of how social enterprise can positively impact change. Through Gayle's passion for research, writing and mental health issues, they have created a company that is helping to both remove the stigma of mental health and educate children and their parents on solutions. The book series has been tremendously successful with each new edition being both a wealth of knowledge and a joy to read, our family looks forward to each of Iris's next adventures. Iris is now moving into the classroom with a classroom Units of Study option available for teachers. Mental health is an important social issue that is largely vacant from the classroom and Iris hopes to change this.
Today I am asking you to use the power of social media to help these social enterprises. In particular Iris The Dragon is looking for teachers and schools who will use the classroom units to help educate their students about children's mental health. Please help spread the word through tweeting, sharing on Facebook, Linkedin or Google+. This is a way we can each use our social network to increase the visibility and reach of a few individuals who are doing a great deal of good for their community.
Happy Holidays.
Tuesday, October 25, 2011
The Art of Questioning and Being Wrong
With the passing of Steve Jobs on October 5th it is an appropriate time to reflect on how we each approach innovation in our business. It has already been speculated that Mr. Jobs will be equated in history with inventors such as DaVinci, Edison, Tesla etc, Mr. Jobs was well known for his attention to detail and in fact being a very difficult person to work for. There is a story that has now entered into Apple folklore and while probably embellished it does emphasis his attention to detail. Apparently Steve called his top designer/programmer on Sunday morning at church with a message to immediately come back to the office due to an emergency. The individual left church immediately and upon meeting with Steve at the Apple head office in Cupertino found that the urgent issue was within a project that the company was working on with Google. The urgent issue apparently was with the Google logo, the colour of yellow was slightly off and Steve wanted it fixed immediately. Hard to imagine a top programmer not questioning why he was being called into work on a Sunday, however this exemplifies the fastidious attention to detail that Jobs had, something I can appreciate as I am typing on my MacBook Pro with the keys that seem to float under my fingers.
There is a 'however' to this message, in this age of hyper-competition and concerns about the economy have we forgotten how to question decisions, directions and provide feedback that we are often in the best position to provide. Along with this, as leaders have we forgotten that we are often wrong when we do not solicit these opinions. In his note "Please Complain" Seth Godin feels that there are several reasons we do not solicit complaints from customers and by extension employees:
There is a 'however' to this message, in this age of hyper-competition and concerns about the economy have we forgotten how to question decisions, directions and provide feedback that we are often in the best position to provide. Along with this, as leaders have we forgotten that we are often wrong when we do not solicit these opinions. In his note "Please Complain" Seth Godin feels that there are several reasons we do not solicit complaints from customers and by extension employees:
- You might believe that inviting disgruntled customers to call or write to someone who will actually take action will encourage them to become more disgruntled. If no one is listening, the thinking goes, then perhaps the annoyed will quietly go away.
- You might believe that it's expensive to listen to squeaky wheels, particularly if you have someone in authority (as opposed to a low-paid clerk) actually listening and responding.
- You might believe that the noisy minority don't share the objectives of the rest of your audience, particularly the higher-paying and silent majority.
Have we allowed our fear of customer complaints to extend to our own teams. Most companies today that exist in mature industries still stick to fairly rigid corporate hierarchies that are excellent at managing information flows from the top down, they are not set-up to allow for feedback from the 'bottom-up'. In his article The Danger of Deference Ron Ashkenhas states that deference to authority along with following a hierarchy is deep rooted in society and very difficult for us to overcome. The difficulty is in our 'new economy' we need everybody in the organization contributing new ideas and improvements. As leaders we need to express confidence in our teams and to our boss we need to let them know that this deference is happening (in private).
Along with this reduced solicitation of questioning we have also lost our ability to articulate our concerns and questions in a way that is non-threatening and constructive. As leaders, we are typicaly focused on coaching, strategy and implementation with less time for information gathering. As followers we are focused on implementation and often survival with little time for constructive reflection. This often has us in the vicious circle of complaining rather then providing feedback to either correct the strategy or implementation.
As leaders we have an opportunity to understand that our decisions are much better when our team's contribute to the information gathering, analysis and decision making. My ask for this week is if you are a leader, actively solicit feedback from those around you. As well all of us should let our boss know areas where deference is possibly holding back individuals from providing feedback and making better organizational decisions.
Along with this reduced solicitation of questioning we have also lost our ability to articulate our concerns and questions in a way that is non-threatening and constructive. As leaders, we are typicaly focused on coaching, strategy and implementation with less time for information gathering. As followers we are focused on implementation and often survival with little time for constructive reflection. This often has us in the vicious circle of complaining rather then providing feedback to either correct the strategy or implementation.
As leaders we have an opportunity to understand that our decisions are much better when our team's contribute to the information gathering, analysis and decision making. My ask for this week is if you are a leader, actively solicit feedback from those around you. As well all of us should let our boss know areas where deference is possibly holding back individuals from providing feedback and making better organizational decisions.
Monday, October 3, 2011
How will our children (or grandchildren) do their job?
For many of us it has been back to school time for the past several weeks. I know in the Adamcryck household the first day of school was a very sad event. Amanda packed up all of our son's 'stay at school' clothing and packed him and two backpacks off to the first day of school. I would imagine she looked like Tenzing Norgay accompanying Sir Edmund Hillary up the slope of Everest dragging along our son with all of his 'gear'. The expectation was a child sad to leave his mother after several summer months at home. Of course he was so excited to get back to school that he ran into the classroom without saying good bye.
Back to school time has me wondering if we are preparing our kids properly for their career.
I was speaking to a group the other day and they asked me what a leader of the future would look like. I am asked this often so I provided my thoughts:
Upon reflection I realized that I was talking about leaders within the next five years as well as within traditional organizations. I now realize that I could not define what leaders will need over the next twenty years.
This had me wondering what I will need to do to set my son up for success as he hopefully enters the post school work force in 15 - 20 years from now. Also what should I be demanding from our educational system to help us prepare the next few generations for how the world of work will change during that period. We have seen the most rapid change in work since the industrial revolution with jobs constantly being created that did not previously exist and there is no end to this change in sight. When I was in university we would have never dreamed that social networking would create an entire industry, now this is making people billionaires.
It is hard to believe, but our 'modern' education system was not originally designed to provide students with an education. In 1918 the compulsory education system was put in place as adults were concerned about child labour taking away from adult work. The adult workers successfully petitioned politicians and business owners to send children to school. The argument was that the classroom would make children more compliant and able to take instruction better. Straight rows and putting one's hand up in the classroom were not originally meant to provide higher learning. For more on this topic please read Seth Godin's Blog
I also read an interesting blog on what the future will look like for kids and it is interesting where the author sees it moving towards. One of the items discussed is how to use games to promote education and develop individuals. This makes sense as we see more people each generation playing electronic games and socializing within those games as well. In a posting on How We Prepare Our Kids For The Future there is a great discussion on alternative methods for teaching our children.
This thinking extends to our graduate and post-graduate learning environment. When we think about what is learned in traditional business schools does this really set-up our leaders of the future for the types of decisions they need to make? Our business schools teach our graduates to utilize frameworks and heuristics such as Internal Rates of Return, Porter's Five Forces and the use of spreadsheets. If we then compare to some of the recent success business success stories such as Facebook, Linkedin does our traditional education system really prepare students to create or work within these environments where disruptive innovation becomes the norm rather then the exception.
There are several established, however non-traditional methods of teaching such as Montesorri and Waldorf that have managed to create more innovative thinkers. How can we now develop our public systems to adapt to the changing requirements of our world of work? Do we continue to attempt to develop non-traditional thinkers through traditional means or do we need some other means to create the next generation of leaders?
Social Networking
In an effort to move myself into the digital age, I am now attempting to establish a greater online profile. If you would like to join either my Google + Circle or Linkedin, please send me an e-mail at michael.adamcryck@gmail.com.
Back to school time has me wondering if we are preparing our kids properly for their career.
I was speaking to a group the other day and they asked me what a leader of the future would look like. I am asked this often so I provided my thoughts:
- High level emotional quotient
- Ability to lead through uncertainty
- Ability to lead across business lines
- Technologically capable
- Innovative
- Strong communicator
- Ability to lead without formal authority
- Global mindset
Upon reflection I realized that I was talking about leaders within the next five years as well as within traditional organizations. I now realize that I could not define what leaders will need over the next twenty years.
This had me wondering what I will need to do to set my son up for success as he hopefully enters the post school work force in 15 - 20 years from now. Also what should I be demanding from our educational system to help us prepare the next few generations for how the world of work will change during that period. We have seen the most rapid change in work since the industrial revolution with jobs constantly being created that did not previously exist and there is no end to this change in sight. When I was in university we would have never dreamed that social networking would create an entire industry, now this is making people billionaires.
It is hard to believe, but our 'modern' education system was not originally designed to provide students with an education. In 1918 the compulsory education system was put in place as adults were concerned about child labour taking away from adult work. The adult workers successfully petitioned politicians and business owners to send children to school. The argument was that the classroom would make children more compliant and able to take instruction better. Straight rows and putting one's hand up in the classroom were not originally meant to provide higher learning. For more on this topic please read Seth Godin's Blog
I also read an interesting blog on what the future will look like for kids and it is interesting where the author sees it moving towards. One of the items discussed is how to use games to promote education and develop individuals. This makes sense as we see more people each generation playing electronic games and socializing within those games as well. In a posting on How We Prepare Our Kids For The Future there is a great discussion on alternative methods for teaching our children.
This thinking extends to our graduate and post-graduate learning environment. When we think about what is learned in traditional business schools does this really set-up our leaders of the future for the types of decisions they need to make? Our business schools teach our graduates to utilize frameworks and heuristics such as Internal Rates of Return, Porter's Five Forces and the use of spreadsheets. If we then compare to some of the recent success business success stories such as Facebook, Linkedin does our traditional education system really prepare students to create or work within these environments where disruptive innovation becomes the norm rather then the exception.
There are several established, however non-traditional methods of teaching such as Montesorri and Waldorf that have managed to create more innovative thinkers. How can we now develop our public systems to adapt to the changing requirements of our world of work? Do we continue to attempt to develop non-traditional thinkers through traditional means or do we need some other means to create the next generation of leaders?
Social Networking
In an effort to move myself into the digital age, I am now attempting to establish a greater online profile. If you would like to join either my Google + Circle or Linkedin, please send me an e-mail at michael.adamcryck@gmail.com.
Wednesday, August 24, 2011
How will technology impact banking?
Many of you have heard me say that the leader of the future needs to be comfortable with technology and change. This does not mean that we need to know how to write code, rather we need to be comfortable with the pace of change that we are seeing in technology and understand how this will impact the way we do our jobs. In the world of financial services, change has far reaching implications from how we handle transactions to how we communicate with our customers. Not since the industrial revolution has the world of work been impacted so greatly by change, and we are not finished yet. I remember taking classes on Excel and WordPerfect in university, now it is widely expected that everybody has the ability to use spreadsheets and word processing programs without training. Social media is an example of a recent disruptor to how people and companies communicate that we each should strive to understand, if not actively participate in. It is important that we make an attempt to educate ourselves on the changes that are occurring and how we can adapt and embrace these changes.
To understand what is top of mind for others I looked at an internal Wiki Site dedicated to industry trends and technology foresight. I took the ten most visited posts for the past few days and copied all of the text into the Wordle web site to create the following picture. Wordle allocates the size of the word based on the relative frequency it was used. This not scientific by any means, however it does give you an indication of what the posters thought was important over the past few days.
The question of technological innovation and the expected impact on the financial services industry is one I am often asked. This was highlighted at a few sessions we held last week where employees asked what the next big change would be in banking and how mobility will impact our workforce over the next few years. Both are topics worthy of their own posting so today I will stick to highlighting a few innovations I have spotted that may impact the financial industry and discuss workplace mobility in a later blog.
Near Field Communications ("NFC")
In the fall of 2011 most of the new smart phones sold will have a chip inside them allowing users to beam and receive information at a distance of up to 4 inches. This provides the potential for every new cell phone to be a mobile personal payment system as the NFC technology can be used at point of sale for consumer purchases. There are some thoughts that Apple may be able to utilize their already vast user information (iTunes) to allow for payments through an iPhone or iPad, providing direct competition for Visa, Mastercard and Paypal. For an interesting article on the potential for this technology, please check out this Bloomberg report. It is a little dated as it is from January of this year, however it does provide some insight into how the $2.6 trillion dollar payment industry might be impacted by NFC. Just imagine using your cell phone to pay for back to school clothing directly from your iTunes account or Google wallet, bypassing the traditional payment stream. This can be made even more efficient if all of clothes have a RFD tag in them so that they would be automatically totalled as you walked past a RFid reader.
Bitcoin P2P Virtual Currency
For those of us in the banking industry this one is a little difficult to believe it will actually work, but it is gaining traction in the online community. Bitcoin is a peer to peer currency system with no central authority issuing money or tracking transactions. The entire Bitcoin monetary system works in a virtual world where individuals trade Bitcoins among themselves with a system based on Satoshi Nakamoto's paper Bitcoin: A Peer-to-Peer Electronic Cash System. This is a system that eliminates the third party requirement to monitor the potential for double spending and completely by-passes the traditional monetary settlement system. This network was initially designed for peer-to-peer transactions only, now we have seen the introduction of the first virtual bank. Flexcoin is the world's first Bitcoin bank and will allow Bitcoins to be accessed from any mobile web accessible device (i.e., smart phone). This has now spawned a new virtual entrepreneur in Bitcoin Mining. There is some good information on the Bitcoin Wikipedia Site if you would like to learn more.
Credit Card Innovation
Citi Bank has already invested in a credit card that allows the user to input a PIN to change what the card would be used for. Imagine if a client only needed to carry one card that they could change from a debit card, to a Visa card to a Mastercard all by entering a PIN on the actual plastic card. Here is a video of the creator of this card being interviewed on CNBC last year
Transactional Innovation - Remote Deposit Capture
Many banking clients still deposit cheques, especially clients who own/operate small and medium enterprises (SME) and the trip to the bank is both time consuming and expensive. There have been some pilots in the U.S. with credit unions on utilizing Remote Deposit Capture (RDC) technology to allow both consumers and business clients to make deposits from either their home or place of business with immediate credit to their account. There are a variety of methods including processing the transaction in an online environment and then mailing the deposit to the bank for processing or even scanning the cheques and processing the transaction entirely electronically. So far this has not expanded past the domain of the credit unions, likely due to the transactional risk associated with the process, however there are several technological solutions being worked on to increase the efficiency of the customer's time to make paper based deposits. For further information on RDC, please read the Federal Reserve Bank of Atlanta's White Paper on Retail Payment Risk.
Video Banking
The world of personal communication changed several years ago with products such as Skype, FaceTime and other instant messaging platforms allowing for easy streaming of real time audio and video. Hand held devices such as iPod's allow consumers to utilize video conferencing in a way that is reminiscent of Star Trek shows from the 70's. Many banks have looked at this as the next way to serve customers in various ways such as allowing bank employees to meet with client's via video conferencing from their home, the use of Telepresence Units in branches to allow for conversations with experts off site and many other video applications. One credit union in the U.S. has even taken this further to install virtual client service representatives in their branches. This Face-to-Face Banking with a Video Twist has allowed the Maine, U.S.A. based Five County Credit Union to open in more locations due to a smaller footprint and centralized staffing requirements. The UGenius Video Banking System allows a client service representative to meet with the client via branch located video terminals. These units allow the service representative to cash cheques, take deposits and many of the other same service activities normally completed by a representative who is physically in the branch. Just imagine how this could assist when a branch has that sudden surge of clients, there would be the ability to add more client representatives instantly if there were video terminals present.
These are just a few of the innovations that are currently being made public in the financial industry. The typical competitor to a large bank is changing as a result of technological innovation, Google, Apple and Facebook have strong balance sheets and an innovative consumer focus that looks like it is extending to at least the world of payments if not banking in general. The next large market disrupter to traditional banking likely is being considered somewhere but not being made public yet, with the speed to commercialization being quicker then ever. Just think about how long it took to get the consumer to adopt online banking and contrast this to the consumer uptake on banking through an App on their smart phone.
I would love to hear what you think innovation in banking will look like and where it will come from, please use this discussion thread to let me know your thoughts.
To understand what is top of mind for others I looked at an internal Wiki Site dedicated to industry trends and technology foresight. I took the ten most visited posts for the past few days and copied all of the text into the Wordle web site to create the following picture. Wordle allocates the size of the word based on the relative frequency it was used. This not scientific by any means, however it does give you an indication of what the posters thought was important over the past few days.
The question of technological innovation and the expected impact on the financial services industry is one I am often asked. This was highlighted at a few sessions we held last week where employees asked what the next big change would be in banking and how mobility will impact our workforce over the next few years. Both are topics worthy of their own posting so today I will stick to highlighting a few innovations I have spotted that may impact the financial industry and discuss workplace mobility in a later blog.
Near Field Communications ("NFC")
In the fall of 2011 most of the new smart phones sold will have a chip inside them allowing users to beam and receive information at a distance of up to 4 inches. This provides the potential for every new cell phone to be a mobile personal payment system as the NFC technology can be used at point of sale for consumer purchases. There are some thoughts that Apple may be able to utilize their already vast user information (iTunes) to allow for payments through an iPhone or iPad, providing direct competition for Visa, Mastercard and Paypal. For an interesting article on the potential for this technology, please check out this Bloomberg report. It is a little dated as it is from January of this year, however it does provide some insight into how the $2.6 trillion dollar payment industry might be impacted by NFC. Just imagine using your cell phone to pay for back to school clothing directly from your iTunes account or Google wallet, bypassing the traditional payment stream. This can be made even more efficient if all of clothes have a RFD tag in them so that they would be automatically totalled as you walked past a RFid reader.
Bitcoin P2P Virtual Currency
For those of us in the banking industry this one is a little difficult to believe it will actually work, but it is gaining traction in the online community. Bitcoin is a peer to peer currency system with no central authority issuing money or tracking transactions. The entire Bitcoin monetary system works in a virtual world where individuals trade Bitcoins among themselves with a system based on Satoshi Nakamoto's paper Bitcoin: A Peer-to-Peer Electronic Cash System. This is a system that eliminates the third party requirement to monitor the potential for double spending and completely by-passes the traditional monetary settlement system. This network was initially designed for peer-to-peer transactions only, now we have seen the introduction of the first virtual bank. Flexcoin is the world's first Bitcoin bank and will allow Bitcoins to be accessed from any mobile web accessible device (i.e., smart phone). This has now spawned a new virtual entrepreneur in Bitcoin Mining. There is some good information on the Bitcoin Wikipedia Site if you would like to learn more.
Credit Card Innovation
Citi Bank has already invested in a credit card that allows the user to input a PIN to change what the card would be used for. Imagine if a client only needed to carry one card that they could change from a debit card, to a Visa card to a Mastercard all by entering a PIN on the actual plastic card. Here is a video of the creator of this card being interviewed on CNBC last year
Transactional Innovation - Remote Deposit Capture
Many banking clients still deposit cheques, especially clients who own/operate small and medium enterprises (SME) and the trip to the bank is both time consuming and expensive. There have been some pilots in the U.S. with credit unions on utilizing Remote Deposit Capture (RDC) technology to allow both consumers and business clients to make deposits from either their home or place of business with immediate credit to their account. There are a variety of methods including processing the transaction in an online environment and then mailing the deposit to the bank for processing or even scanning the cheques and processing the transaction entirely electronically. So far this has not expanded past the domain of the credit unions, likely due to the transactional risk associated with the process, however there are several technological solutions being worked on to increase the efficiency of the customer's time to make paper based deposits. For further information on RDC, please read the Federal Reserve Bank of Atlanta's White Paper on Retail Payment Risk.
Video Banking
The world of personal communication changed several years ago with products such as Skype, FaceTime and other instant messaging platforms allowing for easy streaming of real time audio and video. Hand held devices such as iPod's allow consumers to utilize video conferencing in a way that is reminiscent of Star Trek shows from the 70's. Many banks have looked at this as the next way to serve customers in various ways such as allowing bank employees to meet with client's via video conferencing from their home, the use of Telepresence Units in branches to allow for conversations with experts off site and many other video applications. One credit union in the U.S. has even taken this further to install virtual client service representatives in their branches. This Face-to-Face Banking with a Video Twist has allowed the Maine, U.S.A. based Five County Credit Union to open in more locations due to a smaller footprint and centralized staffing requirements. The UGenius Video Banking System allows a client service representative to meet with the client via branch located video terminals. These units allow the service representative to cash cheques, take deposits and many of the other same service activities normally completed by a representative who is physically in the branch. Just imagine how this could assist when a branch has that sudden surge of clients, there would be the ability to add more client representatives instantly if there were video terminals present.
These are just a few of the innovations that are currently being made public in the financial industry. The typical competitor to a large bank is changing as a result of technological innovation, Google, Apple and Facebook have strong balance sheets and an innovative consumer focus that looks like it is extending to at least the world of payments if not banking in general. The next large market disrupter to traditional banking likely is being considered somewhere but not being made public yet, with the speed to commercialization being quicker then ever. Just think about how long it took to get the consumer to adopt online banking and contrast this to the consumer uptake on banking through an App on their smart phone.
I would love to hear what you think innovation in banking will look like and where it will come from, please use this discussion thread to let me know your thoughts.
Tuesday, July 26, 2011
We all need to regenerate....
Sorry that I have not posted for a few weeks, it seems like there are lots of topics just little time.
I mentioned in my last post about my wife's frequent visits to Starbucks and my infatuation with how their stores live their value proposition. The other day she was purchasing her usual and the Barista handed her this note:
Can you imagine writing a note like this to your clients when you are moving on to a new job or location? Within our company our relationship managers will often contact their clients' when moving on, but at Starbucks are talking about a daily purchase of less then $5. Imagine the number of regular customers that he wrote this card to, remembering them by what they purchased, truly an incredible customer experience. Starbucks truly has built a differentiated client and employee experience.
There is no logical way to seaque into the topic I want to discuss today, other then the connection of relaxing at Starbucks.
I want to talk about the importance of regeneration, specifically the importance in taking a break from your everyday routines. We recently held a workshop with our sales people, taking all of them each out of their market for a full day. While I do know that the team was captivated by the speakers, of which I was one :), the real value came from sharing ideas and looking at their business from outside of the walls that usually define our world.
I would like to extend this thought to the importance of taking a break from work, specifically vacations. The world of defining vacation time is rapidly changing in both large and small organizations. Within our company we have an ever increasing number of people who are either mobile workers or primarily work from home. The use of mobile computers and Blackberry's continues to blur the lines between personal time and work time. Due to this companies need to change some of their work/vacation definitions. Look at a company like Netflix who define the work environment by the tasks that need to be accomplished rather then when and where it is done. As a result, Netflix has designed a new holiday policy - they do not have one. Salaried staff decide how many days off they need each year, the thought is that they do not keep track of when they respond to e-mails on the weekend or the extra time they work so why should they keep track of their time off? How would your attitude towards work change if you were given control over the number of days off you took each year? Remember we still have a retail operation to run and the client impact must be taken into consideration, but anything is possible with colloboration. Netflix is an interesting company with a unique management philosophy not all of which I agree with, however these types of policies certainly prompt thought and discussion. The attached presentation has made the rounds of the internet over the past while and outlines some of their thoughts. This is a long presentation, I would suggest skipping ahead and looking at slides 65 - 71 for the Netflix vacation policy:
I started this post discussing the need for personal renewal and how we should accomplish this. In many professions, such as education, the sabbatical is often a central part of personal development. While very few people possess the personal resources to take a full year off of work (my wife has actually forbid me to stay away from work for 365 straight days, but we can discuss that later), however there are still some things we can learn from a sabatical. All time away from work should be viewed as a time to recharge. We work harder and longer hours then previous generations with multiple demands on our time along with 24/7 communication. Our need to constantly be plugged in does not allow us time to simply think. A vacation or day off should not be consumed with thoughts of work, while work does invade our personal lives it should not consume them. How many times have you heard one of your peers say that they did not start enjoying their time off until the second week when they finally forgot about work. Start treating your time off as a sabattical, still accomplishing something, but make it an adventure. I was introduced to Stefan Sagmiester when a friend mentioned a TED video he had seen. Stefan talks about how he feels that a sabattical is important enough for him that he is willing to extend his expected retirement date so that he can take a year off every few years. When you have a chance, please have a look at this video. Is this something we should each be considering as part of our individual career development?
I mentioned in my last post about my wife's frequent visits to Starbucks and my infatuation with how their stores live their value proposition. The other day she was purchasing her usual and the Barista handed her this note:
Can you imagine writing a note like this to your clients when you are moving on to a new job or location? Within our company our relationship managers will often contact their clients' when moving on, but at Starbucks are talking about a daily purchase of less then $5. Imagine the number of regular customers that he wrote this card to, remembering them by what they purchased, truly an incredible customer experience. Starbucks truly has built a differentiated client and employee experience.
There is no logical way to seaque into the topic I want to discuss today, other then the connection of relaxing at Starbucks.
I want to talk about the importance of regeneration, specifically the importance in taking a break from your everyday routines. We recently held a workshop with our sales people, taking all of them each out of their market for a full day. While I do know that the team was captivated by the speakers, of which I was one :), the real value came from sharing ideas and looking at their business from outside of the walls that usually define our world.
I would like to extend this thought to the importance of taking a break from work, specifically vacations. The world of defining vacation time is rapidly changing in both large and small organizations. Within our company we have an ever increasing number of people who are either mobile workers or primarily work from home. The use of mobile computers and Blackberry's continues to blur the lines between personal time and work time. Due to this companies need to change some of their work/vacation definitions. Look at a company like Netflix who define the work environment by the tasks that need to be accomplished rather then when and where it is done. As a result, Netflix has designed a new holiday policy - they do not have one. Salaried staff decide how many days off they need each year, the thought is that they do not keep track of when they respond to e-mails on the weekend or the extra time they work so why should they keep track of their time off? How would your attitude towards work change if you were given control over the number of days off you took each year? Remember we still have a retail operation to run and the client impact must be taken into consideration, but anything is possible with colloboration. Netflix is an interesting company with a unique management philosophy not all of which I agree with, however these types of policies certainly prompt thought and discussion. The attached presentation has made the rounds of the internet over the past while and outlines some of their thoughts. This is a long presentation, I would suggest skipping ahead and looking at slides 65 - 71 for the Netflix vacation policy:
I started this post discussing the need for personal renewal and how we should accomplish this. In many professions, such as education, the sabbatical is often a central part of personal development. While very few people possess the personal resources to take a full year off of work (my wife has actually forbid me to stay away from work for 365 straight days, but we can discuss that later), however there are still some things we can learn from a sabatical. All time away from work should be viewed as a time to recharge. We work harder and longer hours then previous generations with multiple demands on our time along with 24/7 communication. Our need to constantly be plugged in does not allow us time to simply think. A vacation or day off should not be consumed with thoughts of work, while work does invade our personal lives it should not consume them. How many times have you heard one of your peers say that they did not start enjoying their time off until the second week when they finally forgot about work. Start treating your time off as a sabattical, still accomplishing something, but make it an adventure. I was introduced to Stefan Sagmiester when a friend mentioned a TED video he had seen. Stefan talks about how he feels that a sabattical is important enough for him that he is willing to extend his expected retirement date so that he can take a year off every few years. When you have a chance, please have a look at this video. Is this something we should each be considering as part of our individual career development?
Tuesday, June 28, 2011
Image Matters
One of the many things you likely do not know about me is that I am a voracious reader. This is something that has come to be a real advantage in both my job and social life. I read at least two newspapers everyday cover to cover, 3 other newspapers skimmed on line, three news sites online and in the evening I read through a news aggregate called Flipboard (if you have an Ipad I highly recommend this app, sometime I might devote a blog to my favourite apps). However I did not start writing this with the intention of discussing my reading habits, rather I wanted to talk about a book I recently finished.
My wife is a (frequent) consumer of Starbucks coffee and the other week while paying for her Iced Non-Fat Latte I noticed the book that the founder Howard Shultz had written titled "Onward - how Starbucks fought for its Life without Losing Its Soul". I have always been impressed with the business model that Starbucks has, essentially selling the experience rather then simply a cup of caffeine, so this book intrigued me. I immediately went to my Kobo app on my phone and purchased the book (thank-you to the the wonderful world of e-readers and mobile technology). This was a fascinating read on the turnaround of the company thorough returning to the value proposition that Starbucks stands for.
Schultz states:
Schultz is so obsessed with the atmosphere of his stores that he actually cancelled one of the best product launches that Starbucks ever had -- the breakfast sandwich -- for the simple reason that he occasionally smelled burnt cheese when he entered a store. This was an experience he felt was not consistent with the image or value proposition he wants Starbucks to project.
Image is everything in retailing, the way that you display both the physical layout of the store and the way that the people appear, provides a deep message with respect to the value proposition you are presenting. In the case of Starbucks they definitely are not presenting the image of a quick cup of coffee to inject one with sufficient caffeine to get you through the morning and every sight, sound and smell in their stores is connected to the image that is connected to their brand.
I have dragged Starbucks advertisement on long enough, I know you are asking yourself what does this have to do with financial services? Bank branches are becoming more like retail stores everyday with consumers having a larger number of choices in both brands and distribution channel. While banks do not provide a physical product to sell, the experience that clients are looking for is that of a high end retailer. When you look around the branch you work in, do the sights, sounds and smells help sell the value proposition that we are conveying through our advertising and through and advice to the clients? Does your office and even the way you dress help provide the client with the confidence that you can deliver on the value proposition that brought them into your store? The most successful retailers have proven that the connection between appearance and value proposition is strong.
One of the ways that I am in most control of my company's and my personal image is through the way I dress. This is not the beginning of a strict dress code as I am not necessarily a fan of dictating what people wear, however we each need to remember what the value proposition is for our company and how our personal image impacts it. As an organization we do need to allow expressions of individuality and how one dresses reflects the individual. Dress codes can be taken too far and UBS's (United Bank of Switzerland) dress code has gone viral due to the severe restrictions they apparently place on appearance. If you have time, have look at their policy UBS Dress Code and let me know what you think. To contrast with UBS's strict dress code you could compare it with the Huffington Post article describing the Government of Japan's newSuper Cool Biz dress code. Japan is attempting to reduce energy consumption by 15% by moving thermostats to 28 degrees Celsius, making their traditional office garb a little too warm and they are now encouraging Aloha shirts at work - this will not likely catch on in that culture.
I took the opportunity to discuss how important professionalism is with one of our career sales force Sales Mangers, Ann Gow. Please have a look at this quick video to hear her comments:
First Impression Matters from Michael Adamcryck on Vimeo.
The next morning you are trying to decide whether to wear a shirt and tie today or simply a golf shirt, think about how this controllable activity connects to the value proposition you are delivering.
Schultz states:
At the very heart of being a merchant is a desire to tell a story by making sensory, emotional connections. Once, twice or 16,000 times. Ideally, every Starbucks store should tell a story about coffee and what we as an organization believe in. That story should unfold via the taste and presentation of our products as well as the sights, sounds, and smells that surround our customers.
Schultz is so obsessed with the atmosphere of his stores that he actually cancelled one of the best product launches that Starbucks ever had -- the breakfast sandwich -- for the simple reason that he occasionally smelled burnt cheese when he entered a store. This was an experience he felt was not consistent with the image or value proposition he wants Starbucks to project.
Image is everything in retailing, the way that you display both the physical layout of the store and the way that the people appear, provides a deep message with respect to the value proposition you are presenting. In the case of Starbucks they definitely are not presenting the image of a quick cup of coffee to inject one with sufficient caffeine to get you through the morning and every sight, sound and smell in their stores is connected to the image that is connected to their brand.
I have dragged Starbucks advertisement on long enough, I know you are asking yourself what does this have to do with financial services? Bank branches are becoming more like retail stores everyday with consumers having a larger number of choices in both brands and distribution channel. While banks do not provide a physical product to sell, the experience that clients are looking for is that of a high end retailer. When you look around the branch you work in, do the sights, sounds and smells help sell the value proposition that we are conveying through our advertising and through and advice to the clients? Does your office and even the way you dress help provide the client with the confidence that you can deliver on the value proposition that brought them into your store? The most successful retailers have proven that the connection between appearance and value proposition is strong.
I took the opportunity to discuss how important professionalism is with one of our career sales force Sales Mangers, Ann Gow. Please have a look at this quick video to hear her comments:
First Impression Matters from Michael Adamcryck on Vimeo.
The next morning you are trying to decide whether to wear a shirt and tie today or simply a golf shirt, think about how this controllable activity connects to the value proposition you are delivering.
Tuesday, June 14, 2011
Recognition
Our company recently celebrated our Employee Appreciation Day and I had the pleasure of spending my day meeting with most of our employees in the region thanking them for what they do every day. My experiences last week forced me to reflect that Employee Day is a lot like Mother's Day, we all make a big mistake by only celebrating it for 1/365 of the year. We need to do something about this, more on that in a moment.
The satisfaction I get from recognising people for doing great things reminds me of a conversation I had with Peter Hart, CEO Rideau Recognition. Peter's company is dedicated to helping corporations reward and recognize their employees more effectively as well as conducting ground breaking research into recognition programs. At the meeting Peter was facilitating he informed us that good recognition programs create a healthier workplace, I thought to myself of course it does that simply means more fun at work. Afterwards I spoke with him and he repeated this. I said of course everybody feels better when they are told they are doing a good job. Peter told me that their research shows that it goes even deeper then feeling good, a number of studies have indicated that a stressful work place increases cortisol levels in the body that leads to decreased functioning of the immune system and increased risk of heart attack. A company that properly recognizes their employees for their contribution can reduce the stress in the workplace. Recognition in the work place can actually make both the giver and receiver healthier, reducing the risk of illness along with increasing job satisfaction - incredible.
One of the most effective ways of reducing stress in the workplace is through recognizing employees. This does not mean simply presenting somebody with a 25 year pin for service in the company. Real recognition must be:
If we miss any one of these in our recognition we have missed an excellent opportunity to recognize somebody for the great work they do. It is not only management's responsibility to recognize great people, everybody plays a role in creating a great place to work and using Real recognition every day.
We have several ways of recognizing great work in several different medias such as paper, electronic and of course in person each having different impacts. Recongnition takes a conscious effort and most importantly recognition begins with the individuals name and it must be Real. As Roy Sanderson from Rideau Recognition's Management Institute states "it's not just about how you feel it is about how the recipient feels". For more interesting information on recognition read Peter Hart's Blog
I started out this post by mentioning Employee Appreciation Day, the energy I saw in each of the stores was incredible with the enthusiasm transfering to our clients. This day and the response has had me asking our leadership team why we do not have that atmosphere every day, or at least once per week? We cannot find a single answer, however recognition plays a role in this and needs to play a role sustaining this atmosphere. I would ask you to help us understand how we can recreate this more often through posting comments on this site or sending me an e-mail.
I saw so many great people proud to be RBC employees I started asking their history with the company and why they work here, I quickly became overwhelmed with the feedback and finally pulled out my phone and started recording. Here is a two minute summary of what I heard:
http://vimeo.com/25060695 from Michael Adamcryck on Vimeo.
The satisfaction I get from recognising people for doing great things reminds me of a conversation I had with Peter Hart, CEO Rideau Recognition. Peter's company is dedicated to helping corporations reward and recognize their employees more effectively as well as conducting ground breaking research into recognition programs. At the meeting Peter was facilitating he informed us that good recognition programs create a healthier workplace, I thought to myself of course it does that simply means more fun at work. Afterwards I spoke with him and he repeated this. I said of course everybody feels better when they are told they are doing a good job. Peter told me that their research shows that it goes even deeper then feeling good, a number of studies have indicated that a stressful work place increases cortisol levels in the body that leads to decreased functioning of the immune system and increased risk of heart attack. A company that properly recognizes their employees for their contribution can reduce the stress in the workplace. Recognition in the work place can actually make both the giver and receiver healthier, reducing the risk of illness along with increasing job satisfaction - incredible.
One of the most effective ways of reducing stress in the workplace is through recognizing employees. This does not mean simply presenting somebody with a 25 year pin for service in the company. Real recognition must be:
Authentic
Specific
Timely
Personal
If we miss any one of these in our recognition we have missed an excellent opportunity to recognize somebody for the great work they do. It is not only management's responsibility to recognize great people, everybody plays a role in creating a great place to work and using Real recognition every day.
We have several ways of recognizing great work in several different medias such as paper, electronic and of course in person each having different impacts. Recongnition takes a conscious effort and most importantly recognition begins with the individuals name and it must be Real. As Roy Sanderson from Rideau Recognition's Management Institute states "it's not just about how you feel it is about how the recipient feels". For more interesting information on recognition read Peter Hart's Blog
I started out this post by mentioning Employee Appreciation Day, the energy I saw in each of the stores was incredible with the enthusiasm transfering to our clients. This day and the response has had me asking our leadership team why we do not have that atmosphere every day, or at least once per week? We cannot find a single answer, however recognition plays a role in this and needs to play a role sustaining this atmosphere. I would ask you to help us understand how we can recreate this more often through posting comments on this site or sending me an e-mail.
I saw so many great people proud to be RBC employees I started asking their history with the company and why they work here, I quickly became overwhelmed with the feedback and finally pulled out my phone and started recording. Here is a two minute summary of what I heard:
http://vimeo.com/25060695 from Michael Adamcryck on Vimeo.
Friday, May 20, 2011
Welcome
Welcome to my new blog site and the initial posting. This will be a place for me to share various experiences and thoughts. I hope to post pictures and videos from both my personal and business trips along with commentary on the many random thoughts I have during the day. I hope you will follow and comment on what you see.
Within the banking industry we do not often think creativity is a requisite for management, (maybe for some people writing credit applications they do apply creativity) and we do not draw the correlation between creativity and leadership. There are many leaders who now credit their success to their creativity and how they have applied this skill to their job. However we do not need to be the inventor of the next Ipad to utlize creativity in the workplace. Too often as leaders we leave our creative side for our outside of work hobbies rather then applying this skill set to our working environment. I know of many leaders within RBC who paint, draw, play music and create outside of work. Perhaps a sharing of these accomplishments inside the workplace would promote more prevalent use of creativity as part of your company's culture?
As an example many do not realize that I enjoy building and fixing things, with a concentration primarily on woodworking. While I a consider myself moderately creative, I find most of my designs revolve around somebody else's design that I have modified such as this bench, a modification of one I saw designed by a great american craftsman. Throughout my career I have attempted to use creative modifications to adapt my leadership style and actions to the current situation, but does this allow creativity to shine through?
As leaders and managers we are often implementing strategy on behalf of others, and on the surface this does not promote creativity. This is one of the reasons I have always been envious of those who have the creative insight to build something that nobody else has ever thought of, whether that 'something' is the next great symphony or the latest electronic gadgets. One of the great designers in history was Leonardo deVinci who is still considered one of the world's greatest creators. I recently came across this video that was very reminiscent of deVinci and had me admiring the creative process of the inventor. This is as close as I have seen to deVinci's quest to make a perpetual motion machine.
Wind Powered Robots
A mentor of mine once told me that if you need to try to think outside of the box you will always be stuck inside, so today I will just try to be creative.
Within the banking industry we do not often think creativity is a requisite for management, (maybe for some people writing credit applications they do apply creativity) and we do not draw the correlation between creativity and leadership. There are many leaders who now credit their success to their creativity and how they have applied this skill to their job. However we do not need to be the inventor of the next Ipad to utlize creativity in the workplace. Too often as leaders we leave our creative side for our outside of work hobbies rather then applying this skill set to our working environment. I know of many leaders within RBC who paint, draw, play music and create outside of work. Perhaps a sharing of these accomplishments inside the workplace would promote more prevalent use of creativity as part of your company's culture?
As an example many do not realize that I enjoy building and fixing things, with a concentration primarily on woodworking. While I a consider myself moderately creative, I find most of my designs revolve around somebody else's design that I have modified such as this bench, a modification of one I saw designed by a great american craftsman. Throughout my career I have attempted to use creative modifications to adapt my leadership style and actions to the current situation, but does this allow creativity to shine through?As leaders and managers we are often implementing strategy on behalf of others, and on the surface this does not promote creativity. This is one of the reasons I have always been envious of those who have the creative insight to build something that nobody else has ever thought of, whether that 'something' is the next great symphony or the latest electronic gadgets. One of the great designers in history was Leonardo deVinci who is still considered one of the world's greatest creators. I recently came across this video that was very reminiscent of deVinci and had me admiring the creative process of the inventor. This is as close as I have seen to deVinci's quest to make a perpetual motion machine.
Wind Powered Robots
A mentor of mine once told me that if you need to try to think outside of the box you will always be stuck inside, so today I will just try to be creative.
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