6 In contrast, the study noted that only seven new banks were formed from 2009 to 2013. The 2014 Board study  Michelle W. Bowman, “Creating a New Model for the Future of Supervision” (speech at the Community Banking in the 21st Century Research and Policy Conference, Federal Reserve Bank of St. Louis, September 28, 2021), https://www.federalreserve.gov/newsevents/speech/bowman20210928a.htm.
This is demonstrated in the payments and financial intermediation that connect various entities, such as senders/receivers and lenders/borrowers. In this sense, such activities must always be supported by people's “trust.” Since FinTech is illustrated as a technologically advanced form of financial services, the importance of trust also applies to FinTech.