[FoRK] Disruptive innovation

Adam L Beberg beberg at mithral.com
Thu Dec 29 11:29:41 PST 2011

Jeff Bone wrote on 12/29/2011 8:21 AM:
> Amazon Flow,  Walgreen's iPhone "scan to refill" app, and similar product-recognizing cloud services --- where "the cloud" has millions of eyes all over the place and can recognize and recall millions of products, and eventually people, locations, situations, etc. --- are game-changers.

I deposited a check with my E*Trade iPhone app last week. That was the 
only reason I've needed a physical bank in the last 10 years, and the 
only reason we kept other accounts at Wells/BoA. Every other function, 
from student loans to credit cards to home loans, is already an online 
form. In fact if you go into a branch, they often pointed you to a phone 
in the corner.

Banks are done. With 1-4 on every street corner in America, that should 
be fairly disruptive. Banks with branches won't be able to compete. BLS 
says that's about 1.8M jobs... I give them about 2 years.

It's getting to be that other than food/supplies from the local grocery 
store, there is no reason to shop in the physical world anymore. Unless 
I really feel like getting ripped off royally by crazy markups. That's 
another 4.5M or so people running retail cash registers.

But this is what technology does, ho hum, more of the same. I've always 
destroyed far more jobs with automation then I have created by hiring 
people - who then also destroyed more jobs.

Adam L. Beberg

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