The (Unfilled) Fintech Potential

Part I explores the idea that technology has the utopian potential to significantly improve the way individuals make financial decisions. Part II discusses some existing market failures, while presenting the potential of technological innovation in resolving such failures. Part III presents the realized potential of such innovative products, analyzing the design of credit card comparison websites, financial management tools, and mobile wallets. I will demonstrate the significant benefits of such products, and yet the limited realization of the potential advantages of such services. Part IV presents several explanations for why such potential is not being fully realized. These explanations may also shed light on what may hinder such solutions from coming about in the future, highlighting the point that markets and technological innovation may not be expected to resolve many of the problems in existing financial markets. Part V discusses several solutions for such problems, including regulatory intervention and market-based solutions