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Having spent a significant part of my career in the financial industry, I've seen firsthand how the approach to technology adoption has evolved. What once started as a rush driven by FOMO – Fear of Missing Out – has now shifted to a more cautious approach I call FOMU or Fear of Messing Up. This shift marks a significant change in how financial institutions navigate fintech adoption and the need to balance innovation with risk.
This shift in mindset takes me back to the lessons from some of the great coaches I worked with during my NFL days. John Harbaugh, head coach of the Baltimore Ravens, often recited a piece of advice from his father, Jack Harbaugh: “Attack today with an enthusiasm unknown to mankind.” This isn’t just about sports; it’s about how you approach any challenge, including those that come with adopting new technologies. If you approach these challenges with enthusiasm and a willingness to learn, you’ll find that the risks become more manageable.
The Early Days of ‘Fintech FOMO’
There was a palpable sense of urgency when financial technologies started gaining traction. Financial institutions, eager to keep up with the latest innovations, dove headfirst into adopting new technologies. Mobile apps and digital banking solutions were being rolled out at a breakneck pace. The underlying fear was clear: If you weren’t adopting these new tools, you were going to fall behind. This was FOMO in its purest form.
I’ve witnessed this rush up close, and while it was exciting, it also led to some hasty decisions. The industry was so focused on not missing out that sometimes the fundamentals – like whether the technology truly served the members or whether the institution was ready for such a change – were overlooked.
The Shift From FOMO to FOMU
As the dust began to settle, the industry started to realize that while adopting new technologies was necessary, it wasn’t without risk. That’s when FOMO started to evolve into something else – FOMU. The Fear of Messing Up became more pronounced as institutions recognized the complexity and potential pitfalls of implementing new technologies.
Encapsulating this shift is an interaction I had at Money 20/20 with a financial institution executive who, due to generational differences, was resistant to change. This resistance isn’t uncommon; many in the industry are now more hesitant, clawing back from the rush of the previous decade. The risks – whether they be long and costly implementation processes or the potential for failure – have become more apparent. Even regulators are taking a closer look at fintech partnerships.
But here’s the thing: Everything we do involves risk. Whether it’s adopting a new technology or sticking with the old ways, there’s always a chance something could go wrong. I’ve seen financial institutions hesitate, not because they don’t see the value in new technologies, but because they fear the consequences of making a wrong move. This FOMU can be paralyzing if not managed properly.
Overcoming FOMU With a Learning Mindset
One of the most important ways to overcome FOMU is by fostering a culture of learning within the organization. You need a culture where people aren’t afraid to experiment, and where taking calculated risks is encouraged. For me, this culture starts at the top. Leaders must be willing to embrace change, to encourage their teams to learn, adapt and even fail – because that’s how growth happens.
Comedic legend Jim Carrey once shared a story about his father that resonated deeply with me. Carrey's father had the talent to be a great comedian, but he chose the "safe" route of becoming an accountant, believing it was the more secure option. However, when Carrey was just 12 years old, his father was unexpectedly let go from that supposedly stable job, leaving the family to struggle and adapt to survive. This story serves as a powerful reminder that playing it safe doesn’t eliminate risk – it simply changes its form. Standing still isn’t an option. Members are drawn to institutions that continuously innovate and offer fresh solutions. If you're not evolving and adapting, you risk falling behind.
The key is to embrace change thoughtfully. Start small by testing new technologies, identify what resonates with your members, and be ready to pivot when needed. It's not about getting everything perfect on the first try; it's about committing to continuous improvement and staying ahead of the curve.
Finding Balance and Moving Forward
As we move forward, finding the right balance between FOMO and FOMU will be crucial. Credit unions need to adopt new technologies to stay competitive but also need to do it in a way that is thoughtful and strategic. This means thorough testing, careful planning, and an openness to learning from both successes and failures.
Returning to Harbaugh’s words, the key is to "attack today with an enthusiasm unknown to mankind." By embracing change with energy and a willingness to learn, financial institutions can turn FOMU into an opportunity rather than a barrier. It's all about showing up every day with enthusiasm and an open mind. That's how we'll succeed in our forever-changing industry.
Unique opportunities are being presented right now. We can use technology to create more inclusive, accessible financial systems. But to do that, we need to move past our fears – whether it’s the fear of missing out or the fear of messing up – and focus on the positive impact these technologies can have.
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