Financial technology is proving less of a battleground than feared

IN JUNE 2007 a banker, or anyone else with $499 to spare, could try a novel distraction from work: Apple’s first iPhone had just gone on sale. In October 2008, after Lehman’s fall, another technological innovation was more quietly unveiled. A paper published online under the name of Satoshi Nakamoto described and advocated a form of electronic cash which people could send to one another without going through discredited banks. It was called bitcoin.

As banks have adapted to the crisis and its aftermath with varying degrees of success, the rest of the world has not stood still.

Source: The Economist