Disruptive Innovation in Financial Services: Are We at a Digital Inflection Point?
Thursday, May 12, 2016
7:00 AM to 9:00 AM
Since the financial crisis, a rapidly growing category of venture capital investing has focused on fueling disruptive innovation in the retail financial services sector. Over the past 12 months the so-called FinTech (i.e. “financial technology”) start-ups have attracted nearly $20 billion in venture funding. A number of the leading FinTech firms have achieved “unicorn” status (i.e. valuation greater than $1 billion) and a few, such as Lending Club, have gone public.
At our May 12th SBSA event, John Lass (an HBS alum) will describe how FinTech disruptors are challenging incumbent banks, credit unions and insurance companies across virtually every product category of financial services, including lending, wealth management, payments and insurance. John will examine how these early-stage companies are threatening to provide better financial products and services at lower cost and with greater convenience by utilizing digital distribution channels, and in particular the mobile phone, to meet consumers’ financial needs.
Benson Porter, CEO of Tukwila-based BECU, will describe how BECU, as the fourth largest credit union in the U.S. with $14 billion in assets and more than one million members, is planning to stay one step ahead of the FinTech disruptors by incorporating the latest in digital channel distribution and data analysis to further enhance BECU’s position as the number one market share leader among banks and credit unions in the Puget Sound region.
Benson Porter has been CEO of BECU since May 2012. Previously he served as CEO of FirstTech Credit Union based in Beaverton, OR and Palo Alto, CA. He also served as Chief Administrative Officer for Washington Mutual. He sits on the boards of the Federal Home Loan Bank, COOP Financial Services, and Whitman College. Benson received a BA in economics from Whitman College and a J.D. from Seattle University.
John Lass is President of Lass Advisory Services, a Seattle-based strategy consulting firm. Previously, John served as SVP Strategy and Business Development for CUNA Mutual Group, a $3 billion financial services firm based in Madison, WI. Also, John was a consultant with Boston Consulting Group. John received a BA from the University of Washington and an MBA from Harvard Business School.
The Rainier Club
820 4th Avenue
Seattle, WA 98104
Map and Direction
7:00 AM Registration
7:30 AM Breakfast/Program
There are numerous conveniently-located parking locations for events held at The Rainier Club. Please refer to the map below for lot locations.