The AFR interviewed Alex Vynokur from BetaShares on financial disruption. Vynokur said: Finance has not had its Spotify moment yet, industries like media and telecommunications have gone through years of innovation and disruption that have improved outcomes for consumers but made incumbents uncomfortable. I think the financial services sector is on the cusp of significant disruption that will be partly enabled by technology, which is making consumer decisions more informed, and partly by regulatory reforms that level the playing field. The banks' battle is no longer just with their peers. (They have) dozens of nimble competitors chipping away at different parts of the value chain - whether it's peer-to-peer lending, foreign exchange, innovations in the payments system like those wrought by Pocketbook and Paypal, or new direct-to-consumer platforms that disintermediate banks. We couldn't agree more.