I’ve been doing a lot of work in the financial services industry recently, and it’s an area that has been facing a lot of disruption recently.
Of course, there’s the Financial Services Royal Commission, which is due to deliver an interim report at the end of this month. But even if you ignore that, the industry is facing competitive pressures from a purely commercial viewpoint.
And let’s not worry about blockchain and cryptocurrencies just yet. Too much hype for my liking, and not enough solid, practical evidence behind it.
Even putting aside these two headline-grabbing disruptors, the industry is still facing many others. One of the most dramatic illustrations of this is KPMG’s infographic showing the myriad fintech companies jostling with each other to displace established businesses in the industry.
The infographic shows disruptors in lending, crowdfunding, back office, data & analytics, insurance, personal finance, and more. It looks like this:
If you’re working in any area of financial services, it would be smart to understand some of these disruptors! They aren’t all risks or threats to your business; some of them could be the best opportunities.