The growing market for financial technologies is greatly improving efficiencies for institutions. Mark Carney, governor of the Bank of England and chair of the Financial Stability Board, notes that new entrants such as peer-to-peer lenders, payment service providers, and innovative trading platforms are bringing new technologies to reinforce economies of scale. Carney discusses the risks that come with new underwriting models causing a change to credit quality and macroeconomic dynamics. Fintech is able to capture new types of data. For example, as customers rely more and more on machines, they are able to gain the best rates possible. The new technologies are used to improve credit underwriting, create better matches between products and customers, and grow peer-to-peer lending. Of course with the increase in technology comes an increase in privacy issues and the handling of customer information.
https://www.cryptocoinsnews.com/bank-of-england-governor-fintech-brings-great-promise-and-risks/
I agree that when Fintech brings people convenience, it has risks at the same time. It challenges the traditional solutions and give people a hard time to adjust to the new technology, too. There should be a balance between Fintech and traditional solutions for a better transaction.