Arvind Sankaran, an advisor on FinTech, argues: “We are witnessing the creative destruction of financial services, rearranging itself around the consumer.
Who does this in the most relevant, exciting way, using data and digital, wins!” To paraphrase the famous Austrian-born economist Joseph Schumpter: it is the process of industrial mutation that revolutionises the economic structure within, incessantly destroying the old one, incessantly creating a new one, a prominent feature of capitalism – which he further describes as the ‘perennial gale of creative destruction’.