It’s estimated that almost 70% of adults in the United States own a smartphone. This marvelous piece of technology that can fit in the palm of our hands has the power to disrupt entire sectors of the US ecosystem.
Digital disruption is upon us, and it’s completely changing (perhaps disrupting) the way we live our everyday lives.
With the advent of mobile health apps, wearable technology and the always-connected generation of smartphones and young people, the way we approach healthcare is being disrupted by digital trends.
No longer do we have to be attached to our televisions to actually watch TV. Streaming services like Netflix or Hulu have completely revolutionized the game of home media. And live TV, thought at a time to remain an undisrupted technology, is changing with streaming services that allow us to watch Monday Night Football from our phones wherever we are.
Now, digital disruption is coming to banking and finance.
The idea of walking into a bank is a thing of the past–you can make account transfers, check your balance and even deposit checks from your mobile phone. Brick and mortar banks could theoretically go the way of Blockbuster–phasing out in favor of virtual banks to cut back on costs and reduce overhead. With banking going mobile, the effect of digital disruption on banking could be palpable within a few years.
New payment technology also affects how we use our money in real time. No longer do we have to stop by an ATM to withdraw a $20, find someone to break that bill, then pay our friend $6.50 for the sandwich he bought you last week. With a few taps of your screen on an app like Venmo, your friend is paid back, in full, without having to leave your couch.
It’s an unfortunate fact that investing is considered an old man’s game. A startlingly low number of millennials are investing in the stock market due to a number of reasons (check my blog post on JeremieSaintVil.com for more on this trend).
It’s time, then, for digital disruption to make its way into the fintech investing industry. Like Venmo or Netflix, apps, websites and streaming services have the potential to revolutionize the way we invest in the stock market. Apps like the upcoming VERB app are poised to do just that–change the way we invest from top to bottom. One of the strongest facets of the potential for digital disruption technologies to, well, disrupt, is social capabilities. The further you’re able to share, interact and even compete within apps and other technologies, the easier it is to market the product.
Digital disruption is on us in almost every facet of life–and fintech is no exception.