Invited by Laura at Wolters Kluwer to keynote the company's annual summit, held virtually for COVID related reasons and watched by people around the world.
Matthew GriffinFounder, President and Futurist, 311 Institute
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Laura at Wolters Kluwer invited Matthew to keynote the company's annual summit, which for COVID related reasons was held virtually. His subject was the future of the financial services industry, and how it could be disrupted by companies that do not yet think of themselves as being in the same market, even though they already are.
Watched by people around the world, the session took the audience through a series of disruptions. First, banks disrupted by fintechs, which Matthew described as often little more than neo banks with fancy digital interfaces. Then fintechs disrupted by Decentralised Finance (DeFi) players, many of them gaming platforms, and by anyone who fancies spinning up their own bank and their own cryptocurrency.
"As we stare down the barrel of Web 3.0, the only thing that is changing in the world of finance is everything."Matthew Griffin, Virtual, June 2022
With Web 3.0 arriving alongside a suite of enabling technologies, from blockchain and crypto to NFTs and tokens, his view was that the only thing changing in finance is everything.
He ended on how wide that change runs. No corner of the market is safe, as new players from every part of the world try to build their own global payment networks, develop super apps, and monetise new things in new ways using fractional ownership models.
311 Intelligence
What this means for your leadership team
Rivals may not look like rivals.
The session argued that disruption comes from firms that do not yet see themselves in financial services, even though they already compete there. Embedded finance fits this pattern, as retailers, software firms and marketplaces build payments, loans and insurance into their products. A leadership team that tracks only its direct competitors will miss them.
Each wave can be disrupted again.
Banks were disrupted by fintechs, and fintechs now face DeFi players, many of them gaming platforms. DeFi is rebuilding lending and trading as code, and 311 data shows regulators moving in, with wide use expected around 2032. Being the challenger today does not protect a firm from the next one.
New models change what can be sold.
The keynote pointed to fractional ownership as a way to monetise new things in new ways. 311 data shows it letting small investors buy slices of property, art and private assets. Blockchain, a shared online record book first in a product in 2009, is one of the enabling technologies behind this shift.
Three questions for your next leadership meeting
Which non-financial firms already serve our customers' money needs?
Where could a DeFi or gaming platform copy our core product?
Which assets could we offer in fractional form?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
What does this session mean for financial organisations?
It means the market boundary is moving. Challengers from outside the industry, and from every part of the world, are building payment networks, super apps and new ownership models. Organisations should map who is entering their market, not only who is in it today.
How does Decentralised Finance relate to this session?
DeFi is the next layer of disruption after fintech in the keynote. Many of the players are gaming platforms, and anyone can launch their own bank and cryptocurrency. 311 data rates it Explore, with wide use around 2032, and notes that regulators are moving in.
How does blockchain relate to this session?
Blockchain is one of the enabling technologies Matthew named alongside crypto, NFTs and tokens as Web 3.0 arrives. 311 describes it as a shared online record book. It is rated Explore, with wide use around 2032.
How can 311 brief our leadership team on this?
311 offers a private executive briefing or leadership workshop, tailored to your sector. It is delivered in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Whole industries could soon be disrupted in a day.
The Future of Exponential Disruption looks at the forces accelerating global disruption and how close we are to disrupting whole industries in a day. Finance, with its layers of fintech and DeFi challengers, is a clear test case.
