The Myth of "Fast Follow": Why Playing it Safe Won't Lead to Industry-Leading Growth

There's a term that has gained popularity in recent years: "fast follow." The idea behind it is simple—wait for someone else to innovate, see if it works, and then quickly replicate their success. On the surface, it sounds like a safe bet. You get to avoid the risks of being a pioneer while still moving quickly enough to stay relevant. But when you dig deeper, you realize that this approach is inherently flawed.

The problem with "fast follow" is that it fundamentally misses the point of what it takes to lead an industry. By definition, following means you're always a step behind. You're chasing after someone else's success instead of creating your own. And in today's rapidly evolving landscape, where technology and consumer expectations are changing at lightning speed, being a step behind often means missing out on the biggest opportunities.

Take the recent developments in Generative AI as an example. While many companies had been quietly working on this technology for years, it was OpenAI's ChatGPT that truly captured the public's imagination. They weren't necessarily the first to explore AI, but they were the first to bring it to market in a way that resonated with a broad audience. The result? A massive surge in interest, investment, and momentum that left many "fast followers" struggling to catch up.

Financial institutions should take note. If you're aiming for significant gains in customers, deposits, loans, and overall growth, playing it safe with a "fast follow" strategy isn't going to cut it. The biggest jumps forward come from big ideas that push the industry forward. Yes, there's risk involved in being first, but there's also the potential for unparalleled rewards.

Innovation isn't just about being quick; it's about being bold. It's about recognizing that true leadership requires more than just speed—it requires vision, courage, and the willingness to take risks. So, the next time you're tempted to play it safe and follow someone else's lead, remember that the real opportunities lie in blazing your own trail.

In the end, the term "fast follow" might sound like a strategy for success, but in reality, it's a strategy for mediocrity. To achieve industry-leading growth, you have to be willing to lead, not follow.