FS Innovation:: better without the painful pricks – a lesson from healthcare


The Financial Services sector would rather indulge in (other people’s) blood letting, whilst trying to tackle today’s problems with yesterday’s tools,  than recognise the societal benefits of exaptive behaviour!

I “understand” that the thought of meaningful change is uncomfortable for many people but, surely, we can no longer afford that to be the case in a sector that continues to profit from inflicting financial suffering across the globe – with all the implications for society and the planet.

WE need to learn from THEIR mistakes, even if they have not: they have no known cure! The theories and tools, with which the highly complex financial systems of modernity were created, are no longer sufficient to contend with the level of complexity that sustains them.

Deep cultural change cannot begin until the practices of using correlations in data from our past to attempt to predict our future are recognised as nothing more than guesswork given credibility by the highly paid and highly qualified, individuals who build the risk models.

Healthcare, moreso than any other sector, has shown us how we can, more effectively, PREVENT &/or CURE the ills that afflict  COMPLEX SYSTEMS…and systems don’t get more complex than that which enables us to diagnose and treat ourselves!!!

“When we see the need for deep change, we usually see it as something that needs to take place in someone else. In our roles of authority, such as parent, teacher, or boss, we are particularly quick to direct others to change. Such directives often fail, and we respond to the resistance by increasing our efforts. The power struggle that follows seldom results in change or brings about excellence. One of the most important insights about the need to bring about deep change in others has to do with where deep change actually starts.”

Robert E. Quinn

2 Responses to FS Innovation:: better without the painful pricks – a lesson from healthcare

  1. David, once again you hit the nail on the head: CORRELATION IS NOT CAUSATION!

    DO you know why this rubbish about predictive analytics continues to thrive? Max

    • Thanks Max.

      I am constantly amazed at the blinkered perspective of so called “experts” who persist with looking, only, for familiar patterns as if risk and uncertainty are the same thing. A mentality I can only “understand” in terms of their fear of massive disruption to faux certainty, based upon what THEY know, rather than acceptance of uncertainty and the benefits that extending the risk horizon – to cultivate innovation – to help people and organisations that have a huge need.

      David

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