Will there be any banks left in 25 years? Will social media to disrupt financial services?

Today back to corporate strategy :-)

Please do read this interesting article from World Economic Forum website (reading time ca. 6 min) about how social media is shaping financial services.

While I don’t totally disagree with what is said there, my feeling is that we are not going to see a smooth transition of today’s traditional financial services into ones taking into account social media. We are going to see a new breed of financial services companies, just built using social media, or — even more likely — by social media companies, like Facebook. If not Facebook and the likes themselves, then with their co-operation. I don’t expect to see many traditional banks to survive the next, let’s say 25 years. It’s just the agility issue — with so many disruptive, agile young companies it is difficult for me to believe that such heavily regulated, formalized and traditional industry could survive.

Let’s start a discussion…