Late last year Viacom’s Scratch published the results of a 3 year study on the habits of millennials…the aggregated survey is particularly damning for an already unloved industry – retail banking. If we take the predicts at face value – the MDI – that’s the Millennial Disruption Index to you and me – suggests change and fragmentation on the horizon.
Always worried about causation and correlation (like any good LSE student), I tiptoed into FinTech this week determined to try to understand the what behind the revolution. FinTech hosted a great panel called ‘It’s the Technology, Stupid’ – a self-described forum to bypass Bitcoin and look at the disruptive power of the underlying technology – the Blockchain (think giant anonymous digital ledger).
I emerged a few hours later dizzy with thoughts of ‘trust-less’ transactions but still left wondering – does Blockchain + MDI equal a brave new world of distributive banking, or will the rage fade into a reshuffle of the usual suspects – new services and the same old transaction rents? If it were only so simple, I’d have my dissertation topic.