It also allows for the democratisation of communication and information, and thus for the transfer of power to the end user. Countries and institutions were previously the main controllers of communication and information due to high barriers to entry, such as information asymmetries and the large capital investment that was required to facilitate access. This has fundamentally changed.
Powerful and super-fast processors, cheaper computing power, wide availability of access devices, and the roll-out of high-speed broadband have created an environment primed for a burst of innovation and ideas. Due to these rapid advances in technology, there has been an increasing effort to take advantage of these developments in service offerings, including within the financial services sector.