Technology is similarly just a catalyst at times for fundamental forces already present.
Even some of the greatest technology-led revolutions, or allegedly technology-led, really were only made possible because of trends already present.
Fifty years ago wealth was stored and transmitted physically through gold bars, stock certificates, bank notes, and coins.
A whole generation of Americans will retire in poverty instead of prosperity, because they simply are not preparing for retirement now.
We're still in the first minutes of the first day of the Internet revolution.
So I think instead of focusing on the competition, focus on the customer.
Before 1980, it was basically illegal for U.S. banks to invent new products.