First, I would like to say that it is actually quite difficult to understand what fintech really is. Fintech covers a lot of different fields and aspects of the financial industry, both traditional and new innovative technologies. But there is one thing that all fintech has in common: it can be described as technology driven innovation in finance.

Technology driven innovation is a recurring theme in the history of finance, as well as every other industry. The financial sector – like any other one – has been and will be subject to technological changes.

The financial industry has always been subject to technological changes, but in the past they have mostly occurred at a much slower pace. There were periods of relative stability when people could rest on their laurels and use previous technologies for a long time without having to worry about competition.