Business Game Changers Radio with Sarah Westall: Are you ready for total disruption to Banking and Wall street?

The financial services industry is facing a wave of digital disruption that is starting to reshape the sector. In general, this industry is facing the same upheaval that most other industries are facing, that is massive automation and data integration resulting in fundamental changes in how customers are served and how business is conducted. 

Being that the financial sector needs special attention, they have coined their own termed for IT systems and tech companies servicing their industry as FINTECH. That being said, there are some major changes coming in banking and investing over the next few decades that will, with no doubt, impact all of us. 

For starters, here is one example: What would the world be like without financial advisors helping you invest your nest egg? What if all of this is done with a robo-advisor that helps you invest after understanding your risk level, your age, and your retirement needs. This is happening now and could completely disrupt the financial advisor segment. Where the impact of this could be most immediately felt is amongst lower and lower middle class consumers, the segment that financial advisors shy away from currently anyway due to the low dollar transactions. Basically, imagine a world where almost everyone is investing in Wall Street. Good or Bad? Regardless, it is on its way. 

Another example is crowd-funded loans. The average person could invest their money in a crowd fund that is then used to back a low risk mortgage or any other low risk loan (and potentially even risky loans). This gives the average person the power to control their own money and to ensure they are investing in low risk solid investments. It also provides capital for the average consumer to buy things on a regular basis without relying on a traditional bank. Whether you like it or not, it is here now and it will be growing… and it has the potential to fundamentally change banking and how loans are funded. 

If you want to hear more about this and other disruptions that are coming, listen to my current episode of Business Game Changers where I interview Marlon Weems, founder of Hillcrest Strategies, a consulting and financial advisory firm focused on the capital markets, financial technology (fintech) and innovation. 

You can reach Marlon Weems on his company website at http://www.hillcreststrategies.com