Technological transformation is particularly evident when it comes to wealth management, retail banking, payments, and lending ( Metha et al., 2019). The financial technologies (FinTech) adaptation is a key strategic advantage on its way to being successful ( Jung et al., 2018) 1. Following the financial crisis of 2007, increased regulatory burdens on incumbents and wide adaptations of new technologies led to the emergence of a new structure, where some of the areas are dominated by smaller, more efficient start-ups that use internet, blockchain, and social media to create new products for consumers. Over the last decade, the financial industry experienced some radical changes.