Blockchain is the financial industry latest disruptor. Many startups are using the digital-currency technology to tackle financial companies’ slow, antiquated back-office operations. For banks, the blockchain has the potential to become a technology model for a low-cost and transparent transaction infrastructure.But not only startups are embracing the revolutionary potential of the blockchain and other digital innovations, so are regulators like ESMA. They’ve just started a call to hear from all those involved, from existing financial institutions to startups and investors. Pretty cool.
It’s that time of year again (or another year has flown by more like it).Last week Mary Meeker presented once again her deep dive into tech trends. A whooping 197 slides this year, here are my main takeaways about the state of the internet world in 2015:
- 39% of the world population (or 2.8 billion people) are now on the internet. Getting the remaining 5 billion people connected is a huge business opportunity. We have seen Facebook (Internet.org) and Google (Project Loon) make inroads. Of course their hope is by giving people in developing countries access to the web, they will become loyal customers.
- Not really new news: the top internet companies are actually platforms. Think Apple, Google, Alibaba, Facebook and Amazon.
- Whereas we have already seen massive transformation in the consumer space, great potential for new business opportunities lie in healthcare, education and government.
- If you live in the US and are an adult, then you spend over 5.6 hours a day on the internet and that mostly via your mobile device. In Europe we are seeing a similar trend. And of course as our attention span gets shorter, we prefer shorter, bite-sized content.
- And very important for us marketers: while consumers spend most of their time on mobile, ad spend on this medium is not on par. Another huge revenue opening.
- Video viewing is growing. 9.9 hours a day in the US. And interesting to see that more people watch video vertically than horizontally (think Snapchat, WhatsApp, Instagram…) – so for content creators this means rethinking how they shoot their videos.
- Messaging is KING! 6 of the 10 top apps by usage are messaging apps. Another potential opportunity for businesses by offering additional services like taxi, payment or food delivery services (similar to what WeChat is already doing in China). New messaging apps will have a hard time penetrating the market as it will become hard convincing people to join a new network their friends and family are not on.
- Generation Z is shifting from text to visual social media. Facebook and Twitter are being used less, Snapchat and Instagram more.
- With technology we are moving more to “just in time” products and services. Think grocery or food delivery, driver services, package pickups. Traditional businesses will become more and more disrupted unless they can find a way to compete with convenience. But online market places as well as on demand services are creating “part time jobs”. AirBnB, Uber or Etsy allow for supplemental incomes to people’s “regular” jobs. A trend that will continue to grow no doubt.
- Drones are the new cameras. Fact: There has been 167% year-over year increase in consumer drone sales. But we also need to consider their commercial use. They have the ability to save money for businesses by replacing planes amongst others and worse case could replace human jobs.
- And finally – millennials are starting to drive the economy. Not only are they an important consumer group that marketers need to consider in their strategies, but also employers. Millennials have grown up connected to the internet and expect their working experience to offer that same flexibility.
Of course working a lot with clients in the financial industry, what is missing for me is more insight into how the finance and banking sector is and will continue to be affected by the internet. Think peer to peer lending, crowdsourcing, Bitcoin or even just simply how millennials will want to bank in the future.
Maybe Mary Meeker will include a slide in next year’s report.
Bank of England’s Andrew Haldane caused quite a stir with his speech “Growing Fast and Slow” where he talked about the forces that underpin economic development. It is not about neoclassical growth theory or the role of education in the industrial revolution – rather he talks about how the internet and social media may be hindering economic growth. Is technology really undermining one of the key psychological prerequisites for economic growth: patience, and the willingness to put off current gratification for future gains? It is an interesting argument but one of which I am not completely convinced of yet. You can read the whole speech here.