LAS VEGAS — Innovation clearly involves risks and can be costly but knowing where to innovate is more important that figuring how to innovate, one expert said today during a keynote session at NACUSO's annual conference here.
Nicholas Carr, former executive editor of the Harvard Business Review and author of the 2004 book Does IT Matter? Information Technology and the Corrorison of the Competitive Advantage, shared his perspective on "The Prudent Innovator."
"Where we should innovate gets overlooked but it is the critical question," Carr said, adding innovation "can be a stab in the dark" because there is the risk of bringing something to market that customers are not ready to adapt to."
Recommended For You
With their willingness to collaborate, credit unions are among the "early movers" in their networking efforts, Carr said. Forming CUSOs has helped to expand scale, temper risk and enter new areas such as in business lending and investments. Carr said some important considerations credit unions and others might want to consider going forward are identifying where bridges can be built to serve members, finding out what really distinguishes credit unions from their competitors and in what areas can the industry further collaborate.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
