An executive at a regional bank recently confided in me that while his senior leaders all agreed that they wanted to be more innovative, he believed they all had wildly different understandings of what the word “innovation” meant. The IT department was investing in new underwriting technology—was that innovation? Another business unit had made a small equity investment in a local fintech—should they be doing more of that? Then there was a research group studying machine learning applications—did that count as innovation?