Fintech was supposed to disrupt the financial services industry. It still might, but so far, the disruption has been less than some thought. Why? The answer is not that folks are satisfied with traditional financial services. With a few exceptions, they are less than warm and fuzzy investor friends.
So what is wrong? Perhaps it is that Fintech thought that making financial services social, they would do an end run about financial service advisory services. This has not worked and here is an interesting post on why not.
We start off with the proposition that not all network based financial services providers have failed. Bloomberg is thriving. Why?
For social to find a place in finance, it needs to learn from Bloomberg. People don’t need a new way to communicate with each other or share investment ideas. They need a way to come up with new ideas and validate them with the people they trust.
That word validation is interesting. I have not seen it sued that often. So how can we disrupt validation services?