Those of you who know me, know that I hate the word channel and any adjunct that goes with it. This is because channel shows a lack of digital depth, as it’s just sticking something on top of the old architecture or lipstick on a pig if you prefer. It doesn’t work. I have other words I hate just as much, but top of the list these days is disruption. Every conference I go to either has a theme of digital disruption or a panel talking about how X is disrupting finance and banking.
- How the blockchain is disrupting finance and banking
- How Fintech is disrupting finance and banking
- How mobile apps are disrupting finance and banking
- How APIs are disrupting finance and banking
Blah, blah, blah.
I fruiting hate it.
I guess my main loathing for the word disruption is because I define it in a particular way based upon Clayton Christensen’s Innovator’s Dilemma:
Disruptive innovation describes a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competitors
That’s why I hate the word disruption, because I don’t believe Fintech, mobile apps, APIs and blockchain will displace the existing providers of banking and finance. I think it might augment, assist, adapt, innovate and fundamentally change banking and finance. That’s a given. But will it wipe out the existing providers? Will banks disappear? Absolutely not.
So can we please stop saying disrupt and talk about adaptive or innovative tech please, as I do not see any disruptive change out there today, in the definition above.