The title of my article is not supposed to be evocative, in the “Occupy Martin Place” vein, but what I am suggesting is that we are on the cusp of the next industrial revolution, one that is being driven by anybody with access to the internet and some rapidly changing technologies.
Not since the mechanical revolution of the 1850s with the advent of the steam engine have we seen such disruption in the market and the evolution and adoption of not only technologies, but shifting social ideologies.
It is the interconnectedness created by the internet that has suddenly awoken our creative minds, tapped into our social conscience and given rise to confidence in our own abilities to shape the world how we want it shaped.
The purpose of this featured section of our newsletter is to showcase how this consumer revolution is playing out in our everyday existence and perhaps, give insights into the ride we are all embarking on.
Each fortnight will be about how technology is playing a part in all this, namely the move away from intermediaries such as banks, media companies, travel organisations to dealing directly with each other…what is being coined “peer to peer” businesses; also how current incumbents are utilising this and other technologies to differentiate themselves.
We are seeing it already with very successful companies such as reddit, twitter and tumblr in the media space, Uber in the taxi industry, AirBnB in the hotel game and Zopa and Prosper in the credit lending space. With it brings a sense of idealism that we are “looking out for each other” (yes, profit is still a large precursor and motivator to most of these businesses), but accountability and a better way is also a large motivator for these innovators.
The fallout and change in psychology that flowed from what is now termed the Great Financial Crisis in 2007-2009 shone a light on the need for change in the financial advice space.
The development of the collaborative economy is showing us just one of the ways in which the consumer revolution is playing out. As with any revolution the process is far from clear or controllable. But we believe with the advent of Adviser Ratings in some small way we can be part of the future and not just the past.