The Churchill Club’s annual Top 10 Tech Trends dinner. 5 prominent VCs are asked to present two predictions apiece that are not yet overwhelmingly obvious but will have massive impact within the next three to five years.
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5 x VC's, 5 x Trends, 5 Yrs: Digital disintermediation of banks is #2
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2. Digital disintermediation of banks, by Rebecca Lynn. With Bitcoin, Robinhood, Lending Club and other fintech startups attacking the financial services sector, banks can’t survive, said Lynn. “They’re too big to fail, and frankly, they’re just too big to compete.” While they won’t go away entirely, “what I see banks becoming is just a completely commoditized product. They’re at the end of the value chain. Maples: “I don’t think they’ll go away, but they’ll be around the way mainframes are today — they’ll be important, but not that important.”
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