The “barbell analogy” is traditionally used to describe investment strategies where half a portfolio is anchored in defensive, low-risk assets and the other half is focused on much more aggressive positions, with nothing in between. In a period of industry consolidation or disruption, it is also used to suggest a hollowing out of the centre ground, where a market becomes increasingly dominated by a handful of major players on one side and a larger number of small niche firms on the other, with very few mid-tier providers in between. Can technology help even things out in financial...