Despite the much higher attention by the public on the financial technologies (FinTech) in the past few years, banks used to be active adopters of information and communication technologies during the past 150 years. Indeed, technologies (e.g., wire transfer network, ATM, and electronic and high-frequency trading) have always been important and integrated aspects of banking businesses.

a) How does the FinTech that emerges in recent years differ from the old FinTech?

b) What are the supply and demand factors driving the emergence of new FinTech?

c) Give two examples of new FinTech and briefly discuss how they disrupt the traditional banking services.