Five Ways to Disrupt the Disruptors

(Original source The Innovation Resource) 

“At FIS’s banking conference in Orlando last month, the talk was of digital disruption. As if Dodd-Frank financial regulations and blockchain technology weren’t enough to contend with, here comes the “two guys from Ireland” to eat their lunch. Brothers Patrick and John Collison grew up in a remote part of Ireland and didn’t have internet access until they were teens. But they created Stripe, which is being heralded as “a far simpler method of processing payments” that could wipe out banks’ credit card processing business. Stripe was recently valued at $5 billion, and the brothers have relocated to Silicon Valley.

The Collisons are part of a new breed of digital disruptors sending shudders through the banking sector. With names like Stripe, Square, AimLoans, Zopa, Mint, and Wonga, they are targeting every revenue category that banks rely upon for profits: home loans, consumer credit, asset management, deposits, and credit cards. Accenture expects disruptive business models to gobble up 32 percent of banks’ revenue stream by 2020. And banks are hardly alone. Here are five ways to disrupt the disruptors in your market:”

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