Trellance just concluded its annual conference, IMMERSION19, where ideas and strategies took the shape of keynote presentations, breakouts and networking among credit union professionals. As in past years, there were many key takeaways. Here are the top 10 takeaways from the keynote presentations.
60% of all data analytics endeavors fail.
Tom Davis, President & CEO of Trellance, shared a warning in his opening keynote that many data analytics efforts within organizations fail more than they succeed—and cost more money than expected. Tom urged credit unions to consider partnerships to advance their moves into big data.
Take big data and make it small.
Credit unions have more data about some of their members than what Amazon knows about its customers, according to Erik Qualman, an author recognized by Forbes and Fortune as one of the Top 100 Digital Influencers. Credit unions need to be using their collective data to customize the member experience according to each member’s unique needs. That’s taking big data and making it small.
Digital leaders are made, not born.
Eric Qualman also spoke about how, with advanced technologies, everyone can exert more direct and indirect influence than ever before and become an effective digital leader — anywhere at any time.
Disrupt or die.
Former IBM Chief Innovation Officer and best-selling author Linda Bernardi gave several examples of companies that didn’t see changes coming. Nokia, Motorola, Kodak, Blackberry, Toys R Us, were just some corporations that were blindsided by changes in consumer preferences and changes in technology. Linda suggested that companies have two choices – be the innovator or get pushed out of the way.
If someone is going to eat your lunch, it might as well be you.
Eric Qualman also shared the same cautionary message as Linda Bernardi regarding companies that need to innovate or be left behind. His perspective, though, was to not be afraid to disrupt your own organization. He gave the example that Netflix used to be in the business of mailing out discs; at its peak in 2002 Netflix was mailing around 190,000 discs per day. But the company also saw that streaming content was about to take off, so it created a streaming video product that cannibalized its own video-by-mail business, and upended Blockbuster’s market.
Process over outcome.
Jeffrey Ma, a member of the card-counting MIT blackjack team which was the inspiration for the movie “21” spoke about trusting in the process, rather than focusing on the outcome. He gave his casino gambling example where he bet his hand according to the rules but lost $70,000 when the dealer turned a blackjack. “Sometimes the outcome is not what you expected, that doesn’t mean it was a bad decision”. Every move in blackjack has one correct decision. It’s just about understanding basic strategy and implementing it, Jeffrey told the attendees.
Loss aversion keeps us from winning.
Loss aversion is a bias that keeps us from winning, explained Jeffrey. We as humans love to win as much as we hate to lose. In fact, we may hate losing more – so much so that we want to avoid failure more than we want to achieve success. Loss aversion occurs when we’ve already succeeded a little (for example winning a hand in blackjack) and we have the potential to win much more – but we could also lose what we’ve won, so we decide it’s better to not take the risk and walk away, even if the chances of succeeding were still high.
Credit unions should not think of other credit unions as competitors.
President & CEO of CUNA, Jim Nussle, said he cannot understand how credit unions could possibly view other credit unions as competitors. “We’ve got credit unions that are actually competing with other credit unions,” Nussle said. “It makes no sense.”
Collaboration is credit unions' secret weapon.
Doubling down on his aversion to credit unions competing against each other, Jim added that ‘cooperative superpowers’ are at the heart of the credit union movement. “I think sometimes we forget how big of a deal, how motivating, how instrumental the credit union difference is and what is at the foundation of what we do and how we do it and how that works in such an amazing superpower sort of way.” “It’s our best asset, and it’s our competitive advantage. No one else has this.”
Find a new way to do the old job.
The conference ended with an inspirational talk by two-time Superbowl-winning quarterback, Peyton Manning together on stage with his father, two-time pro bowl quarterback, Archie Manning. Peyton answered the question “what was one of the hardest things you had to do?” At the start of the 2012 season, Manning was with a new organization (the Broncos) after 14 years with the Indianapolis Colts. He was also returning to the NFL after a year off necessitated by four neck surgeries. "My passes were not the same as before my injuries," he said. He had to find new ways to do the old job: score points. He became more proficient as a thrower of shorter routes timed with precision. He learned to get rid of the ball more quickly, so his linemen wouldn't have to hold their blocks as long. The work paid off: In 2013, at age 37, he set single-season records for touchdown passes and passing yardage. It was the quarterback equivalent of finding a new way to deliver what a customer wants. Manning could no longer compete based on arm strength the way he did when he was young. So, he became more efficient. The job is scoring touchdowns. A touchdown is still worth six points, whether Manning achieved it through a single 60-yard bomb or several shorter throws.
A big THANK YOU to our keynote speakers for bringing insightful presentations to the IMMERSION19 stage.
Want more? Join us to continue the learning - June 9-12 at the 6th annual Analytics and Financial Innovation (AXFI) Conference, taking place in Minneapolis, MN. Learn more and register at http://www.axficonference.com/.