How to disrupt banking in two sentences, by Jack Ma
Jack Ma says a lot of interesting things but in this short read of notes by Chris Skinner from a conference, he pretty much outlines how his platform will reinvent financial services:
“In the age of data, we can no longer have this idea of controlling everything. A monopoly is the idea of the industrial era. We just want to help people, not be a monopoly. We want to connect everyone.”
Which is totally disruptive when applied to banking. Particularly when followed up by this comment — where in essence he is outlining the customer value a platform like his provides:
“Fintech is there to empower the financial sector. I want to do that for consumers so they have equal access to finance. I don’t want people to be waiting for money or for pity. I want to empower them through access and inclusion, and get things to people a lot faster and easier”
Which, to my mind, is where the future of financial services lies — creating new value from data and delivering it via a platform approach.
Here are the full notes from Chris