These capital flows have resulted in a surge of liquidity in advanced economies leading to low interest rates. Both the short term as well as the long term real interest rates remained too low for a too long period. Low interest rates forced the investors to hunt for yield which sowed the seeds for asset inflation.
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.