The banking and financial industry are not immune to disruption and this was the focus on this week’s The Disruptors, on BNN.
The show focused mainly on three companies: Payso, a company looking to disrupt your wallet; Grouplend, which crowdsources loans; and Financeit, a company attempting to change financing through technology.
But what does all this disruption mean for traditional banks and financial institutions?
There seemed to be a consensus with co-hosts Bruce Croxon and Amber Kanwar that the big banks will always be valued for their security and stability, and regulations will always influence change. But there’s no doubt that technology will ultimately change behaviours — especially with the proliferation of mobile- and cloud-based technology.
“What we’re seeing is that (with the emergence of) cloud and mobile, the new consumer wants to be treated differently, and the companies that can give them what (consumers) need are going to be the companies that are going to be successful,” said Financeit CEO Michael Garrity on the show.
Ultimately, it may be the consumer with the last word on this as consumers further embrace technology.
Bruce Croxon summed up the entire show by stating, “it’s an unbelievable time to be a consumer.”
— Bruce Croxon (@bruce_croxon) May 22, 2015