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The business value of rogue monkeys

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What value do monkeys have for investment managers? More than you think.

speak in Citywire Global New Ideas 2022 At an event in Copenhagen on Friday (September 9), performance improvement psychologist Jamil Qureshi (whose coach’s resume has two number one golfers in the world, The Royal Bank of Scotland and Lloyd’s Banking Group ) told what he believed was the single biggest inhibitor. human performance.

It’s about two monkeys caged with a bunch of bananas on a staircase. The monkey can’t reach the banana without an electric shock and a cold shower.

Monkeys quickly learn to avoid bananas and teach all incoming monkeys to do so as well. Even with the original her two monkeys, electric plate and shower removed, the new generation of monkeys continues to avoid bananas. That, or the “as usual” type cage.

“This is the story of a belief system,” says Qureshi. “We remove all information that comes in, distort it, and filter it according to what we believe to be true.

“I don’t see the value of a rogue monkey in your organization. A monkey who chose not to trust others and simply climbed the stairs and started eating bananas. Feed them and show them their natural behavior.

value of being different

“Immigrants always see what citizens are blinded to,” said Qureshi, an advocate of diversity of thought. “Everything worth having on this planet comes from a rogue monkey.” It was done,” he said.

He pointed to immunization programs, renewable energy and pop group Pussycat Dolls, as well as financial innovation.

“Banks work by trading metrics such as market share margin, revenue, income, product changes, product distribution, and future growth. Perhaps that is why PayPal was not invented by banks.

“How funny? The curse of the incumbent. Customers had to be financially served by someone other than financial services.”

“Skype? It wasn’t invented by anyone in the telecommunications company, someone outside the sector provides us with future relevance and future literacy. Spotify? It wasn’t invented by anyone in the music industry. There is none.

Qureshi tells an audience of fund buyers that somewhere on this planet, at this very moment, there is a similar rogue ape entrepreneur “forging bullets in your company’s name.” I warned you.

“Companies are good at getting better,” he said. “They don’t like being different.

think, feel and act

But simply telling fund managers to be more disruptive doesn’t turn them into rogue monkeys. ‘People always tell me How can we get them to do that?” said Qureshi.

“We always say differently: ‘Come on guys, you should be more supportive.’ does it work? No. “You should be more innovative. Come on, you have half an hour. Some innovation? Anything wrong?” No.

“We tell ourselves we should drink less. We should smoke less. We should eat healthier. We should exercise more. Will it work? You?” Look at the people next to No, it’s not.

“I don’t think wise leaders who drive change in the people they manage will tell them to change their behavior. , which causes different behavior.