the creative destruction of finance
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We're living in the future. Why are banks stuck in the past?TRANSCRIPT
The Creative Destruction of Finance
Jeff DeChambeau
1996
$55,000,000
$499
2006
1996 2006 Today
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*not a real book, yet
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*not a real book, yet
Should you take these
competitors seriously?
(What’s going on here?)
We will make electricity so cheap that only the rich will burn candles.
RoadsMoneyWritingReadingPrinting
AnimalsRailwaysPlanesEngineFactories
1. Invention2. Expansion3.
ExplorationWe are here.
A revolution in three acts:
> Computing is a> General > Purpose > Technology
PayPal could quite quickly become the largest consumer bank in the world.
You just need to take away the reasons that people remove money from the account.
And then it’s like, cool, why not just use it for everything?
…or maybe Square?
Go back to basics.
Musks advice:
What are some things you do?
Deposits & LoansWhat to do when the rules of the game evaporate
Mortgages & InsuranceWhy the future is getting even more futuristic
Payment & TransfersSome thoughts on the thinking of space aliens
Which narrative should you buy?
Banks, in particular, seem beset by boredom, unenthusiastic about actually making commercial loans, as many small and medium sized businesses will attest.
This reluctance is likely to erode banks' franchise permanently, as scores of alternative lending entities are being created to fill the void.
The pace of change is accelerating.
Keep an eye on disruptive new entrants.
Unbundling is the new bundling.
Deposits & LoansWhat to do when the rules of the game evaporate
Mortgages & InsuranceWhy the future is getting even more futuristic
Payment & TransfersSome thoughts on the mentality of space aliens
Mortgages & Big Data
1996 2006 2016 2026?
Insurance & Internet of Things
At home
On the road
On the body
What could you do with all these data?
Discussion question:
People are creating insane amounts of intimate data.
They’ll want those data kept safe and secure.
Banks keep things safe.
Deposits & LoansWhat to do when the rules of the game evaporate
Mortgages & InsuranceWhy the future is getting even more futuristic
Payment & TransfersSome thoughts on the mentality of space aliens
425,000,000
800,000,000
We see our customers as invited guests to a party, and
we are the hosts.
It's our job every day to make every important aspect of the customer
experience a little bit better.
A brand for a company is like a reputation for a person.
You earn reputation by trying to do hard things well.
Your margin is my opportunity.
These guys have completely different psychologies,cultures and shareholders.
And they also have…
$60,000,000,000
$160,000,000,000
$8,600,000,000
+
+
+
What if..
Should you take these
competitors seriously?
(What’s going on here?)
Go back to basics
Focus on the core of what you do for your customers.
Relentlessly question old thinking and assumptions.
Experiment like crazy, collect data, see what sticks.
Dodge disruption
Competition can come from unexpected places.
Keep tabs on up and coming products and companies.
Be especially aware of low cost entrants.
Shoot for the moonObsess over your customers.
Give ‘em something to talking about.
Pick audacious goals. Do them.
Thank [email protected]
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