Banking is one of those mature industries that has historically enjoyed a slower pace of change. Universal, societal adoption of newer technology is forcing financial institutions to pick up the pace. This industry-wide quickening is always accompanied by the trend-watchers and salesmen that peddle seemingly guaranteed success if you adopt their newest technology offering (or insist impending disaster awaits if you don’t). “You need AI now or you will fall behind,” “All your questions will be answered with our interactive CRM/KYC metrics modelling.” This oversimplifies the executive decision to two answers: “Yes Now” or “No.” The real decision options should be “Yes,” “No,” or “Not Yet.” Here’s why…
I used to work downtown, which was approximately a 15-mile drive. Traversing the same route day after day, I soon discovered the length of time to take the trip was less about my driving choices and more about timing. Missing one green light resulted in missing the rest for the next eight miles. Leaving five minutes later resulted in hitting rush hour traffic and every red light. This got me thinking about the impact of timing on our company goals and objectives, so I did a little research and came across Bill Gross. Bill is a respected billionaire that has started/sold over 125 successful companies. He estimates that the success of any company’s service or product launch is 42% dependent on timing. “Balderdash,” you say, “fortune favors perspiration!” But what if it’s true?
History supports his position. In 1876, Western Union passed on purchasing the telephone patent from Alexander Graham Bell (the telephone didn’t take off for another 2 full years). Kodak developed the first digital camera in 1975, but there was no real consumer market for it until the late 90s, over 20 years later. Sony was unsuccessful with BetaMax in 1975 yet enjoyed tremendous success with Blu-Ray that launched in 2003. Apple flopped with Newton in 1993, and General Magic introduced the first phablet in 1994 (Sony MagicLink), yet smartphones were not popular until 2007 when the iPhone was introduced. Google Glass launched in 2013, relaunched in 2017, but has yet to find success. The public just isn’t ready to embrace it yet.
Your idea or product could be novel, differentiated in the market with competitive moats built around it. Your team could be crack experts, efficient and adaptable. Your business model might have a clear path to generating revenue. You might have solid funding to fuel marketing and growth plans; however, if you don’t start with asking, “is this a good time?” – you have a 42% chance of failing. Your vision for the future can drive you forward. Awareness and objective understanding of the state of your market will reinforce your critical decisions with proper timing.
Good surfers always check the weather reports before heading into the water. Great surfers watch the cadence of the waves. Paddle too early, and you are exhausted by the time the wave reaches you. Start too late, and the wave rolls right under you, passing you by. Balance and skill are important, but timing is everything.
About Automated Systems, Inc.
Since 1981, Automated Systems, Inc. has been a leader in providing innovative core banking, digital banking, and data processing solutions to community banks nationwide. An array of integrated applications provide partnered banks with tailored, cost-effective, competitive choices. ASI delivers industry-leading technology backed by unparalleled in-house conversion, training and support teams; paving the way for progressive, top-notch customer service. ASI corporate headquarters are located at 1201 Libra Drive, Lincoln, NE 68512, 1.800.279.7312. For more information about banking solutions from ASI, visit www.asiweb.com.
About Insite Data Services
IDS data application hosting services combines secure and cost-effective core banking applications, enterprise-class servers and storage, and proven virtualization technology. IDS hosts all of the bank’s servers in secure data centers that use state of the art security systems including identity verification and biometric scanning. Insite Data Services also offers IDS On-Time, a full-service solution dedicated to back-office bank processing. These operations experts allow partnered banks to focus on their most important asset, their customers. For more information visit www.insitedataservices.com.