New Technology provides entry route for new entrants in financial services. Explain.

New technology has significantly reshaped the financial services industry, offering opportunities for new entrants to access the market and challenge traditional financial institutions. The rise of innovative technologies has lowered entry barriers, democratizing access to financial services and enabling non-traditional players to establish themselves in what was once a highly regulated and capital-intensive sector.

One of the primary ways technology has facilitated entry into the financial services market is by enabling digital platforms. Online banking, mobile payments, and fintech apps have emerged as key alternatives to traditional brick-and-mortar financial services. These digital platforms allow new entrants to offer banking, lending, insurance, wealth management, and other services without the need for expensive infrastructure. Through mobile apps or online platforms, customers can access services conveniently, often with lower fees and more attractive terms than those offered by established financial institutions.

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