RE: Crypto Financial Innovation Just Getting Started

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There is little debate about the impact of FinTech upon the traditional banking system.

I would like to refer to this small example, found by me. I have a card from a FinTech that had many more built-in facilities than the card from my bank, ING Bank. After a while I found some of these facilities on the ING card. It's not a big change, but still the bank understood that it must at least keep up with FinTech, with the progress of technology. I say that it is a step towards change that can also come from the classic banking system. Who probably sees where the danger is coming from.

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It is true that FinTech did push banking forward. You see this in ways such as you mentioned.

However, FinTech did a number on the banking industry. In the US, more than half the mortgages originate outside the banking system. FinTech allowed for the establishment of what they call the "shadow banking" system.

It is only growing too.

Crypto will likely add a third element to the equation, one that could even be more disruptive than all of FinTech.

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"shadow banking" system.

Interesting and suggestive name.

However, with my FinTech card called Revolut I can buy shares directly from American companies, I can buy crypto (but I can't send it to another wallet) and I can buy gold. Many facilities over my card from the traditional bank. So FinTech keeps its lead but I don't know how secure the funds are and how I can recover in case of fraud. In this area, the bank card seems safer.

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