There are no shortages of futurists that are constantly penning best selling books on future trends. It sure does seem to me that we are finally on the cusp of a paradigm shift from the two dimensional display devices that we have been accustomed to using for the last several decades. It is no secret that I'm very excited about the possibilities of AR technology although we will see many, many years of failure before commercial success.
This post is not about AR, it's about FinTech.
The photo at the top of this post has over 50 names of FinTech companies taken from a segment on 60 Minutes this past weekend. The story highlighted Stripe, but it also called out several others that you've heard of. On the Nascar slide above, I recognize only 11 out of the 50+ companies. There are easily an order of magnitude more that are legitimate and financially backed. For instance, you've likely never heard of Honest Dollar, founded by a buddy here in Austin, that recently sold to Goldman Sachs. From concept to exit took 18 months. Impressive.
How many of these FinTech companies have you heard of or used?
Certainly you've used PayPal at one time or another. Have you used Venmo? Ask your kids. They use it all the time. I'm sure you've used Betterment and/or Wealthfront, right? Even if you don't choose to park your investment with them it is still fun to see the funds they would put you in based on your risk level. Got your own investments and want to track your net worth? Then surely you use Personal Capital. Have you experimented with LendingClub or Peerstreet? Why not? Selling kitty t-shirts online? Integrated with Stripe I guess.
I had the need to use Venmo for the first time this weekend and I got a quick text from my nephew who said, "Saw you used Venmo. Being young this weekend!".
Hey, just because I don't use it doesn't mean I can't or don't understand it. I used to be called a young whippersnapper, now I'm surrounded by them! I'm going to ask Daniel to explain BlockChain next time I see him!
There are many reasons to follow the future of FinTech as it explodes. Your company likely already integrates with some of these services, so it doesn't hurt to have a clue about what they are and how they work. On a personal note, you should be several months into saving that F-You money by now. Put some of these services to good use ... for your own benefit.
As for the futurist pundits, I'm looking forward to Kevin Kelly's new book that comes out in June. I'm also anxiously awaiting Mary Meeker's annual Internet Trends deck that I'm hoping comes out this month. Peak mobile? Maybe, but more like mobile stuck in mediocrity. But that's a post for another time.
The times they are a changing.