Larky just returned from the annual Money20/20 conference where “DISRUPTIVE” was the word used over and over to explain the relentless, rapid innovation happening in the financial services ecosystem. The number of new companies, products, and services was both daunting and inspiring.
What struck me most about all of these new options was that they laid bare the commodity aspect of financial services. Larger companies (like Apple, Google, Facebook, Wal-Mart) and lesser known companies (like LoopPay, Remitly, Wealthfront, Thanks Again, and Points.com) are all offering financial services that were once restricted to the domain of old-line banks and credit unions. To compete, big banks are heaping huge investments into mobile and online technologies.
With all of those players taking a piece of the pie, will there be any pie left for your community-focused bank or credit union? What is a community bank or credit union to do?