The risks facing financial institutions have evolved over the past couple of years. As well as the typical risks that financial services firms face, such as investment, regulatory, operational and economic risks, they are also confronting a genuine existential threat from new entrants that possess a much deeper understanding of how innovative technologies could be used to simplify the lives of clients, and at a fraction of the cost. These players are able to apply new business models to old industries – such as generating revenues from advertisers rather than clients – and are aggressively disruptive. There is no reason to think they will treat our industry differently.