Moreover, FinTech firms have begun to partly play the role of what Schumpeter calls a "banker" in recent years. Let me explain in more detail. Taking Advantage of Corporate Payments and Commercial Information As discussed, a range of commercial and financial services are now provided in an integrated manner with smartphones.
Commercial and financial functions are closely linked and inseparable; this has not changed since the olden days. As banks used to provide credit mainly by discounting commercial bills, lending services were essentially incorporated into commercial businesses. That is, banks engaged in payment services with access to commercial information, which enabled them to provide credit efficiently to the economy.