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Banking on Digital Growth Podcast

Lessons from a Digitally-Disrupted Music Industry

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Brief Summary of Episode #18

Some of you are old enough to remember CDs, right?

You know, those $15 frisbees we used to get music on?

Well, your financial brand can learn a lot from their decline. 

In today’s By the Book episode, I take a look at digital disruption and how to find opportunities in the chaos.

When we look at where the music industry at the end of the 90s…

It’s a lot like where financial brands are today — and the disruption is only being accelerated by COVID-19.

Just like music: 

First, the format is made obsolete as the function moves to the digital realm (dematerialization). 

Just take a look at the paper check for proof.

Then, the power of choice is handed to the consumer (democratization).

No cash or checks? No problem with apps like Venmo.

Finally, consumer expectations change as the function becomes cheaper — or even free (demonetization).

These are the 3 Ds of digital disruption. 

And I also have a confession: 

As Napster hammered the final nails into the music industry’s coffin…

I was downloading as much music on early broadband, burning CDs and selling them at school. 

I’m not proud of my youthful indiscretions — but I am proof that disruption also comes with opportunities. 

You just need to find them. 

Key Insights and Takeaways

  • What we can learn from the disruption in the music and film industries.
  • How my youthful indiscretions prove there are always opportunities in times of technological upheaval
  • How to position your financial brand to take advantage of these opportunities