Technology plays a dual role in the financial services industry. Within existing institutions, it contributes to overcoming challenges as a powerful enabler of operational efficiency and service innovation. Simultaneously it sets new challenges for those same institutions, by lowering barriers to entry for new and more agile competitors. The most recent new competitor profile is the rapidly proliferating FinTech companies.


In this edition of the Journal, we consider these two critical aspects of financial technology. We look at the ways in which operational improvements are being delivered through technological advances. And we examine the transformations newcomers are achieving and the tools they have available, including blockchain.