Banking is necessary, banks are not – how to deal with disruptive technologies and uberification of everything

Disruption means a fundamentally better alternative for solving a customer problem, in a cheaper, quicker and more convenient way with technology playing an essential, enabling role. It does not mean evolutionary change, but it is radical in the way it influences businesses and societies (Girn, 2014). It creates a new market and value network to eventually disrupt existing ones and displace established leaders (Bower, Christensen, 1995).

Disruption in few words is what Uber did to taxi drivers, how Spotify has changed the music business and how Airbnb diminishes the incomes of hotels all over the world. (more…)