Technology has impacted society, human lives, and businesses, and going forward, there will be a higher degree of convergence between cyberspace and physical space, creating more value for individuals.
The accumulation of profits in a particular economy was essentially from the manufacturing or industrial sector, but now the role of the financial sector determines the role of that particular economy in the global landscape of business.
Technology is enabling the financial industry to lower its cost of service, hence generating intense competition for the banks.
Blockchain technologies, distributive ledgers among others, create an array of P2P credit products, enabling financial inclusion across the globe.
While financial inclusivity is a necessity, the financial institutions/ sector should make sure that it is able to protect the interest of its users.