Notwithstanding these very recent developments, I would expect firms to hold more cash than has been the norm over the previous few decades due to changes in the economic and geopolitical environment, and a more rigorous legal and regulatory setting.
While it is certainly true that digital applications have promising attributes, it is simply wrong to assume that digital finance is immune to errors. The collective intelligence attributed to crowdfunding platforms is no guarantee that the herd is running in the right direction; nor can it prevent panic from setting in during a future recession.