“We expect that at least one-third of the global workforce could be hired online by 2020 — we’re witnessing an incredible change take hold: In the future, we will all be managers” 
Gary Stewart (CEO Odesk) begins to paint a dynamic – and somewhat frightening – picture of the potential rapid changes to the future global workforces over the next decade. With over 63% of the world’s GDP delivered by services – the impact will no doubt be profound and far-reaching.
Many of the largest professional services firm – like KPMG – saw the same potential for an improved delivery models (including Knowledge Process Outsource) over the past 5 years. New consulting and advisory models have recently emerged into mainstream brands – including Eden McCallum (UK), Business Talent Group (US) and Evisors (US) – which re-configure the value proposition of consulting and professional services. Deloitte’s Centre for the Edge continues to push the exciting boundaries of professional services – especially crowdsourcing, talent management and enhancing performance .
Within the US$1+ trillion global professional services industry, the finance sector has recently looked susceptible to a growing chorus of start-ups looking to strategically rethink finance’s core business models and value propositions. Internet entrepreneurs over the past few years have embarked on a journey to challenge financial services giants in providing consumers with a greater range of choices in money management.
Following in the successful footsteps of the Mint, new emerging leaders – like Wealthfront, LearnVest, Check24 and Wonga (the last three conspicuously backed by Accel Partners) – have helped recalibrate the expectations of “personalised finance” by tailoring their business models, engagement methods and success strategies to specific target socio-demographic, psychographic and cultural niches.
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Why Web 2.0 will find Financial modeling next
A recent piece in the National Journal by Tankersley and Hirsh, “Neo-Voodoo Economics”, encouraging American’s to think more boldly about new growth and markets, rather than simplistic rethreads, prompted me to think about a few new opportunities in this space. A plethora of industries have been radically transformed and reconfigured by the emergence of new business models made possible by web 2.0. Netizens (a term commonly used to describe people actively involved in online communities) have rocked the foundations, processes and relationships (and wallets) upon which they were built over the past 25 years – learning, working, media and everything in between. Inroads have begun into even the most sacred of sectors – such as religion, politics, property and professional services.
However, often these seismic transformations are as subtle, as they are gradual. A compelling case could be mounted that the financial modeling industry – part of the 700,000 firms in the $1 trillion+ professional services industry – may be next to be transformed by Web 2.0.
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