Chapter 2: Is Fintech A Red Herring?

Technology is just a means to an end, not the end in itself. Nevertheless, through the history of mankind, technology has changed the life of millions either by increasing efficiency or by pushing the boundaries of what is possible. In doing so has it disrupted innumerable businesses and sometimes entire industries that could not or would not adapt to the new paradigm.

FinTech is not different. The current FinTech wave of innovation has essentially been fueled by two technological breakthroughs that together have changed the way most of us behave and interact with others, be it persons or companies. The first is the general availability of smart phones or other mobile devices and of broadband wireless Internet connections. The second one is the dramatic reduction of the cost of computing power.