Transcript
Now, if you pay attention to the FinTech space chances are that you’ve heard words decentralised and democratised a lot. FinTech experts of all varieties love throwing around these terms but what do they really mean in a FinTech context?
Well, many see FinTech development as a natural process of technical advancement, much like the locomotive surpassing the stagecoach. Others see FinTech as a direct result of, and possibly even fighting against, traditional centres of financial power. Some believe the power to control banking, currency, and even our own identity, has been held by the elite few and that the control of finance has not been transparent or democratic.
Whether as a result of the natural evolution of technology or as a direct backlash against existing power structures, the reality is that FinTech is seen by many as having the potential to completely change, and possibly even destroy, existing financial power structures. And it’s important to understand both these motivations and possible outcomes.
Discussion Questions
- Do you think that FinTech advancements are a natural evolution of technology or a direct result from the mistrust of institutional power?
