The purpose of this article is to address two questions that will aid researchers in understanding FinTech’s inception, development, and potential impact on the stability of the financial system. First, it explains why financial technology is a current phenomenon. While many of the underlying technology for FinTech breakthroughs have been around for some time, it is only recently that financial institutions and entrepreneurs have begun to apply them to financial goods and services. Supply and demand factors in "conventional" financial innovation have been studied, and they have been found to converge, leading to a high rate of innovation. And second, this article explains why FinTech is being covered in greater depth than other types of innovation. This study introduces the concept of "depth" of innovation as a means of answering this question. The more fundamental the innovation, the more it will affect the financial sector. In this paper, we demonstrate that many recent developments in the field of financial technology (FinTech) are truly revolutionary advances, with far-reaching implications for the financial services industry. In addition to the benefits of more adaptability, higher transformational potential might bring increased risk to economic security.