More than two thirds (68 per cent) of millennials (those aged 18-34) believe in five years’ time the way we use money will be totally different with 33 per cent claiming we won’t need a bank at all according to the findings of the Millenial Disruption Index.
With the financial sector found to be the sector at the highest risk of digital disruption according to numerous reports independent creative agency Rufus Leonard has kicked off a week-long event in which global talent from as far afield as Brazil, the US, Canada, Norway and Spain will come together to reinvent the future of finance over the course of five days.
'Rufus Reinvents Money' is aiming to engage the skills of the very audience it is trying to reach – millennials – and sees the agency working with digital strategy consultancy Evolver to source creative and entrepreneurial millennial talent.
Commencing today (Monday 3 November) with a series of afternoon talks at Rufus Leonard’s Farringdon offices with speakers from Warner Music, Adaptive Labs and Beautiful Corporations will discuss a number of topics with BBC media veteran and inventor of the iPlayer, Tony Ageh, delivering a keynote. Rufus Leonard clients including Lloyds Bank, O2, British Gas, Royal Mail and Bounty will also be in attendance.
Neil Svensen, CEO, co-founder and chief creative officer at Rufus Leonard, said the agency’s experience with “probably every type of financial institution possible including Amex, Visa, Deutsche Bank, Citi Group, Morgan Stanley and Lloyds” had left Rufus Leonard feeling “well-placed to do this”.
During the week teams of five will be incubated to work on their ideas, receiving guidance from experts as well as attending bespoke master classes. Ideas, which can range from a digital solution to a tangible product or service, will then be pitched to a panel of industry experts from Oracle, Hey Guevara and Lloyds Banking Group in a Dragons’ Den-Style showdown.
Svensen added: “We’re always looking to the future, and so we wanted to do something to help guide this next stage of the financial sector….We wanted to invest all our skills and expertise in digital, as well as bring our clients together with an audience that is notoriously hard-to-reach.
“This is the first event ‘by millennials, for millennials’ where they are actually creating something that could be part of their reality. We’re got some phenomenal talent on board and so we’re really eager to see what these minds come up with.”
The final ideas from the teams – which must be pitched with concept and business cases – should be able to be made into a prototype within four weeks. The teams are made up of a mix of external and internal Rufus talent and were introduced each other last week via Google Hangout.
The Drum's Day Before Tomorrow video series, launching this week, also looks at how the worlds of health, education, smart cities, retail, entertainment and money are being disrupted.