The financial services industry had their fair “fun” so far with Fintechs. While they show up at all events and participate at any panel you can find, launch/support incubators or marketing does innovation shows, they were not really serious.
Now time is running out. Big Tech is moving in. Apple, Facebook, Google, I am sure Amazon as well are not just at the gate but enter it. Btw, don’t forget Tesla who offers their own auto insurance now.
Deja vu. Same we saw in the car industry. Tony Seba, disruption expert from Stanford University, would know the reasons why incumbents behave like that. What chance do they still have? Will wealth management rescue them?
IMHO: They must embrace high-tech and new business models and need outside support as it is impossible to do on their own. Take a look at our own initiative if you are one of them: