Mohamed A. El-Erian writes suggestively about the impact of technological innovation on finance.  Noting that journalism, the media and entertainment have been revolutionized by technology, he looks at some areas that may be dramatically changed by technology.

Bitcoins have “attracted attention from specialists, regulators, and, slowly but surely, the public. But the crypto-currency phenomenon is far from the only example, and it is certainly not the most consequential one. Its impact, both actual and potential, is relatively limited when compared to ongoing attempts to enhance and democratize lending, borrowing, investing, and payments and settlements.”

El-Erian points to technology entrepreneurs who understand the power of online/social media innovation to disrupt components of traditional finance, and are now leading efforts that include behavioral scientists and finance experts.

Think:  Internet driven lending clubs,  peer-to-peer initiatives in consuer financial services, digital wallets and mobile transfers.