180-Second Exercise: What Are 15 Ways Your Institution Can Participate in Smart Cities?
August 1, 2019
The term smart city is getting a lot of attention lately as major metropolitan areas focus on using information and communication technology (ICT) to better prepare for the future.
While there is no absolute definition of a smart city, it is often described as a city that brings the community together, and improves working environments, government systems, and overall quality of life through a wide variety of digital and electronic technologies.
Becoming a smart city creates the potential for community-wide benefits; including, more efficient use of energy and utilities, and improvements in transportation. There may also be intangible benefits; such as, fostering a culture of innovation and knowledge.
But with change often comes unforeseen roadblocks, and there is currently no definitive timeline for when, or certainty if, smart cities will be the model of the future.
This is a great topic for leadership teams to do a 180-second strategic thinking exercise. As a reminder, 180-second exercises are a great way to brainstorm and help prepare for an uncertain future. The idea is to be fast and creative – make sure analysis of your ideas doesn’t stifle your imagination.
For smart cities, consider the potential opportunities and roadblocks for credit unions. What is the impact to lending? What are the sizes of the loans, and is microlending playing a bigger role? What does cash look like and how are members conducting transactions? Work to come up with 15 ways your credit union can participate in smart cities.
Sources:
How Japan is using technology for the 2020 Olympics, World Economic Forum, 06/24/19
Toronto Officials Question Alphabet Unit’s Ambition for ‘Smart City’, The Wall Street Journal, 06/24/19
Are Smart Cities The Next Great Disruptor, Forbes, 06/27/19
