Devie MOHAN speaks for the good side of the debate. She works at Thomson Reuters and is a FinTech Market Strategist. She is ranked #12 on the FinTech100 global list.
"FinTech by definition came about as an industry forced by the economic crisis as a way of bridging the gap between banks and consumers. Consumers want one thing: they want an easier way of dealing with banks or any financial service and they want an intuitive experience of doing that. Banks were not able offer it, primarily because of the economic crisis - they had complex issues to deal with, new kinds of regulations coming in, they had to cut costs, the margins were literally not there. That is how the FinTech industry really came about, as a way of bridging that gap."
The three main things FinTech brands have done in terms of good:
(1) Developing new business models.
(2) Opening to new markets - FinTechs let anybody open an account.
(3) Opening to different geographies and using different kinds of big data