"I AM FASCINATED BY THE ROLE THAT INNOVATION AND NEW TECHNOLOGY PLAY IN THE WORLD".- TIM SCHAR, PRESIDENT – TAMPA MARKET, TRUIST
Innovation is a mindset that is often born out of necessity to change the status quo. Innovators tend to look at the current situation and think about ways to improve it. Innovators can range from a tinkerer who creates makeshift solutions in his or her basement, to a scientist attempting experiment number 100,000 in an effort to determine the most effective solution.
I am fascinated by the role that innovation and new technology play in the world. Before the industrial revolution, workloads were manual with “one man, one load” mentality. Use of resources was crude and inefficient. Large workloads required a linear increase of labor. With the innovation of machines (steam-driven machines at the time), workloads were shifted to a level beyond human capacity. The use of machines allowed us to decouple productivity from linear resources, and “bend the cost curve” as
The future of innovation is no different, but the machines have changed. The digital revolution has accelerated information loads beyond human capacity. Before computers, computation required rooms full of human “calculators”. With the advent of computers, computation became instantaneous and highly reliable. Parallel processing and automated cloud resource management has exponentially accelerated workloads. In the future, machine learning will drive innovation beyond human capacity by
automating the scientific process.
In finance and banking, consumer technology has dramatically changed customer preferences and expectations. In the future, banking must be mobile, available in real-time, highly secure and accessible through multiple access points. Real-time user data will inform credit decisions, services and advice. Financial institutions will be forced to reimagine the back-office, compliance systems and customer service.
For innovators it is important to expand your network beyond your geographic or personal connections. Reach out to founders, graduate students and university professors to seek help and inspiration. Build an advisory board of people with different skills than you have to supplement your capabilities, and try new tools and methods to push your own limitations.