Some industries are still ripe for disruption through technology. Financial services and banking tops the list. In 30 years, banks as we know them won’t exist. Consumer confidence in banking is at an all-time low. Major banks like Wells Fargo bend rules and throw ethics out the window to stay competitive. More than 138 million Americans are “underserved” by financial services or “underbanked” which means they cannot access traditional financial services or simply do not have a bank account. Millennials are bucking traditional credit systems by using debit cards and paying cash in lieu of beginning a cycle of debt they watched ruin their families in the Great Recession.
During our first half-dozen years in business, we developed a solid base of clients across the country. But like so many professional services businesses, our core business remained close to home. For us, like so many professionals, the answer was clear: Open a branch office in another city and build a fresh book of local business. The answer may have been clear, but the execution took a while before we got it right. Here’s what we learned.
Apple, Microsoft and a host of other technology companies have announced or will be announcing new smart watches, smart phones and other electronic gadgets that will connect to other smart gadgets and to the Internet of Things (IoT). I am not sure this will make anyone smarter, but as you dive into how technology advancements are contributing to our health, security and convenience, it is apparent that the trajectory is towards solutions for human inefficiencies, inadequacies and discomfiture.