First, smartphones such as the iPhone which was invented in 2007, enhanced the accessibility to various financial services. Then, in 2008 the new technologies of the blockchain and DLT were created. Moreover, artificial intelligence, or AI, and big data analytics have evolved greatly thanks to the dramatic increase in computing power.
In addition, since the global financial crisis, new entrants to financial services have been welcomed, particularly in those countries where public funds were injected to financial institutions. This environment has also supported the development of FinTech. 2  Promising Potential of Financial Innovation Recent financial innovation, symbolized by the word "FinTech," has huge potential to change the structure of financial services.