[Sponsored article] The idea that technology is constantly reshaping the finance sector is not a new one. In the past, the introduction of ATMs, credit cards, online banking and program trading have all led to adjustments in the business models of financial institutions.

While many of the specifics are still coming into focus, the wave of advances grouped under the label of FinTech promise a whole new order of rapid and fundamental change.

Already, new financial services are riding on the momentum of major advances in our ability to amass and analyze big data, in artificial intelligence, in mobile communications technology, and in the widespread application of cryptography. These technologies are making the execution of financial transactions cheaper, faster, simpler, more convenient, and, potentially, even less risky.

Obviously, new opportunities for the existing technology to offer an even broader range of products and services have been created. However, with the cost of entry to the market radically reduced in many areas, the dominant role of incumbents could come under threat from tech-based startups, as well as from internet-native firms who have built relationships with consumers through online channels.