The article explores how past techonology enabled disruptors, such as Uber and Airbnb, have targeted highly regulated industries and fought them head on---to the point where new laws have been written to fight, or allow, them. Now, the financial services industry must rise to the challenge of disruptive technology and consumer's expectations of a digital experience to remain competitive as the primary consumer interface for banking services.
While there may not be a single large disruptor, traditional banks and credit unions are being targeted from many sides, and as each profitable business gets disrupted, it becomes harder for a bank, insurer, or investment firm to sell more products to each consumer. In fact, this may be the biggest challenge to the financial industry. As customers use more and more of these disrupter apps and services, their expectations of their bank or insurer (and every other type of service they use) changes rapidly. They want powerful services, delivered at the swipe of a smartphone screen, wherever and whenever they happen to be. And as more of their financial services are delivered in this way, it will be easier and easier for them to step away from the inertia of their traditional bank, insurer or investment firm.