I had the opportunity to speak recently at The American Chamber of Commerce in Singapore where I found myself using a simple analogy.

The banks run the highway. It is a utility that we all need and trust.

The government makes sure that there are no potholes on the highway. They ensure the trust.

We simply engage in commerce along that highway. Goods. Services. Priced accordingly.

So what is FinTech?

Are “payments” new, or simply another form of delivery on that highway?

Is the same true for P2P debt?

Or, what about wealth management?

Is any of FinTech truly new?

Or, as I would posit:

Are we simply witnessing an explicit irreversible deflationary shift in our economy?

The institutions will survive. The highway will continue. Potholes will be monitored.  Trust will be maintained.

Commerce however is occurring faster and cheaper. Cheaper to the point of FREE.

The institutions will survive…the resources and human capital to support them are what are truly at risk.

QUOTE of the week:  Disclaimer alert.  I am stealing this from a Google employee who chooses to remain anonymous:  "The revolution in payments wasn't mobile.  The revolution was removing the payment experience completely (a-la-Uber)."  Borrow this at your leisure!