Fintech and Blockchain based Innovation: "Uberization" of Banks, in the context of Financial Intermediaries Theory

Both Fintech and Blockchain are very topical subjects nowadays, and they are of a major importance in the context of the development of new technologies for financial services. The spread of the so-called disruptive technologies, with reference to the prior set-up framework, is radically changing the connotations of financial markets, as the new technologies gain success. The concepts to the base of this type of innovation, despite appearances, are few and quite simple. That is not the first time that information technology and the engineering of procedures populate the world of finance. This time, however, the process follows new channels and pursues different objectives. The spread of structured finance that followed the former applications of ICT, has shown all its limits with the lack of information (asymmetric information) derived from a poorly intelligible innovation. The paper explores the differences between the first digital revolution and the present one, within the context of Financial Intermediaries theory. It also focuses on the analogies with other so-called «disruptive technologies» now well established, from mobility and lodging sectors (Uber and Airbnb being best examples), in order to emphasize some huge differences, and trying to guess future scenarios. Regulation, and new frontiers of Fintech being experienced right now, like tokenomics, are also dealt with. We conclude that the term disruption is inappropriate, as the experience from the sharing economy does prove that the new technologies are now complementing and transforming financial industry, more than disrupting it. And that «uberization» of banks is for financial intermediaries more a matter of embedding, and exploiting new technologies, than being crowded out.