Disruption!

My new opinion piece in Forbes crystallizes my belief that everything is about to change for financial consumers, the industry that serves them, and the government officials trying to protect them.

I think consumer financial services face the same kind of disruption that has transformed whole business sectors in recent years, ranging from how Amazon and online shopping changed  retail stores, to the breaking and rebuilding of business models in music, publishing, video, travel, taxis, and many more.  For financial services, the drivers are innovative technology, shifts in regulation, and changing demographics and lifestyles.

The risks and potential benefits for consumers are unlike anything we have seen in our lifetimes.  The industry will change radically, leaving a very different and dynamic competitive map.  As my Forbes piece argues, our regulatory system will need to be completely rethought.  It is simply not designed to meet the challenges ahead.

The My Forbes op-ed coincided with release of the I-Phone 6.  Apple Pay is going to supercharge financial change.  Think about this:  the I-Phone arrived in 2007, the same year the financial crisis hit.  Ever since, the industry and regulators have been busy with crisis-related work, while an even bigger challenge has been building up, in plain sight but not clearly seen.

Please read the Forbes piece linked above, tell me what you think, and come often to my blog as we explore this uncharted frontier.

I'll soon be offering podcasts and video briefings on these critical challenges, for boards, executive teams, business leaders, risk and compliance people, regulators, policymakers, advocates, and consumers.  I promise they will be unlike anything you'll find elsewhere.

Meanwhile, please follow me on Twitter and connect with me on LinkedIn.

Let's prepare for creative destruction!