I mentioned yesterday that a bank CEO asked me the three things I would do if I were him. My response was, “create the dream, live the dream, deliver the dream.” A bit cheesy, but you need to read the context if you want to know more about the background to this. He responded by saying, “But what if the regulator won’t allow it?” Oh no. Not that old chestnut.
Regulations are far too often used as an excuse to not do something, rather than thinking about what to do. If you come up against a regulatory issue, rather than giving up, my advice is to go and see the regulator. Regulators are human too, and if you really believe in your vision, so will they (if it makes sense). Of course, a regulator won’t sign off on a vision that says we’re going to tackle all of our customer deposits and gamble them on mortgage-backed securities (they’ve learned that lesson!), but they will sign off on a vision that says this is why this will work.
This is a key to digital change: don’t believe in false assumptions. We often believe in false assumptions. We assume the regulators wouldn’t allow such things. We assume the banks’ management team would shoot our ideas down. We assume we will not get the money to make these changes happen. We assume we don’t have the skills to make it happen. We assume too much or, as my old teacher used to say, if you assume it makes an ass out of u and me.
Don’t assume anything, but challenge everything. Challenge the thinking. Shoot down the false assumptions. Get out there and change the world. After all, if you don’t, who will?