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What do you do if your innovative banking ideas aren't getting through to stakeholders?

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When you're passionate about your innovative banking ideas but they're not resonating with stakeholders, it can be disheartening. You know these ideas could revolutionize your institution's operations, enhance customer satisfaction, and drive growth. But without stakeholder buy-in, these concepts are at risk of remaining unrealized potential. It's crucial to understand that convincing stakeholders often requires more than just a good idea; it involves strategy, communication, and sometimes, a bit of patience.

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Leonat Muskollari

Resourcing the World | Business Development Manager at Veolia | Senior Expert in Water, Sanitation, and Waste |…

1 Assess Feedback

If your banking ideas are hitting a wall, take a step back and assess the feedback you've received. Stakeholders may have valid concerns that you've overlooked. Listen actively to their points, and understand the reasons behind their reluctance. This isn't just about defending your ideas; it's about opening a dialogue that could lead to valuable refinements. Remember, constructive criticism can transform a good idea into a great one that's more likely to gain support.

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Leonat Muskollari

Resourcing the World | Business Development Manager at Veolia | Senior Expert in Water, Sanitation, and Waste | Circular Economy Certified Specialist | Innovation & Digitalization | Sustainable Environment
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One thing I've found helpful in the Albanian banking sector is aligning innovations with local needs and regulations. Tailoring ideas to address market gaps, enhance financial inclusion, and leverage Albania's digital transformation can significantly improve stakeholder reception. Highlighting how your proposals support Albania's financial sector development and digital economy goals can make them more compelling and likely to gain support, bridging the gap between innovation and practical application within the unique Albanian context.

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2 Refine Pitch

Once you've gathered stakeholder feedback, refine your pitch. Focus on how your idea aligns with the bank's goals and address any concerns raised. It's essential to articulate the benefits clearly—how will your idea improve efficiency, reduce costs, or increase revenue? Tailor your message to the interests of your audience; different stakeholders have different priorities. A CFO might be swayed by cost savings, while a customer service manager might value improved client satisfaction.

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Arka Ghosh

Business Excellence Professional | Lean Six Sigma Coach | Author & Speaker
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In my opinion it is imperative to understand the innovation appetite of stakeholders and most importantly flaggers. Oftentimes these flaggers are your compliance folks. Get their perspective beforehand on the theme of your innovation - as in what is within their tolerance? Curate your pitch accordingly even before the first call. This will also mistake-proof you overlooking things.

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3 Build Alliances

Navigating the corporate landscape requires allies. Identify colleagues who share your vision and can help champion your ideas. These individuals can provide support during presentations and may influence others in their departments. Building a coalition of supporters creates a stronger case for your ideas and demonstrates that they have broader appeal within the organization.

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Leonat Muskollari

Resourcing the World | Business Development Manager at Veolia | Senior Expert in Water, Sanitation, and Waste | Circular Economy Certified Specialist | Innovation & Digitalization | Sustainable Environment
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In my experience, building alliances is crucial in the Albanian banking and financial sector, where traditional practices often prevail. Identifying forward-thinking colleagues who understand the importance of innovation and digital transformation can help champion your ideas. By forming a coalition of supporters from various departments, including those in digital banking, IT, and customer service, you create a multidisciplinary team that reflects the comprehensive impact of your proposals. This approach not only strengthens your case by demonstrating broader internal appeal but also showcases how your ideas can contribute to Albania's growing focus on modernizing its financial services and embracing fintech solutions.

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4 Pilot Projects

Propose a small-scale pilot project to demonstrate the practicality and benefits of your idea. A successful pilot can serve as tangible proof of concept, making it easier for stakeholders to visualize the potential outcomes. Make sure to set clear objectives and metrics for success to evaluate the pilot's performance accurately. This approach can help mitigate perceived risks and show your commitment to responsible innovation.

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5 Communicate Value

Communication is key in getting your banking ideas across. Stakeholders need to see the value in what you're proposing, so highlight the tangible outcomes. Whether it's through improved customer experiences, enhanced security features, or better financial performance, make the benefits impossible to ignore. Use compelling stories and data where appropriate to paint a vivid picture of the future with your idea implemented.

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6 Persist Patiently

Persistence is vital when persuading stakeholders to embrace new banking ideas. Don't be discouraged by initial resistance; instead, use it as an opportunity to refine your approach and strengthen your proposal. Show patience and be prepared to revisit your ideas multiple times, with each iteration addressing previous concerns and showcasing improved benefits. Remember, significant changes in banking often require time to be understood and accepted.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your innovative banking ideas aren't getting through to stakeholders?

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1 Assess Feedback

2 Refine Pitch

3 Build Alliances

4 Pilot Projects

5 Communicate Value

6 Persist Patiently

7 Here’s what else to consider

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