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It's not black or white, but the threat of disruption clearly exists. Industry execs admit first hand they feel the pain, which is one of the many reasons they send their troops to Barcelona. My point is, speak to those who are disrupting and not necessarily those whose interest it is to maintain the status quo.

Here's my take on the subject - the Spanish banking crisis has already eroded 25,000 bank jobs and shut down 6,000 branches. Another 30,000 bank employees will be let go in 2013 together with the closing of 5,000 branches. And I would say we are just at the foot of the Pyrenees (no pun intended) in terms of disruption in financial services. Historically the mecca of innovation in financial services, there is a plethora of talent available in Spain with subject-matter expertise in financial services and technology. With the proper start-up ecosystem in place we can expect to see disruptive business models being brought to life in the very near future, most of which will creat jobs for some of the 55,000 individuals who have been put on the street since the crisis began in 2008. Disruption rocks!