Rapid technology innovation is generally positive for most money holders and will provide an opportunity to differentiate for intermediaries and money managers.  Technology, and specifically the internet, will drive greater transparency, ease of use, and efficiency, while creating new opportunities for funds looking to generate alpha. But technology is neither a panacea nor fault-free, e.g., the 2015 Flash Crash and Bank of New York Mellon’s mutual fund settlement problems. Overall, technology will both raise assets and reduce fees, but it will not be a competitive differentiator on its own.  Some startups will target upgrading institutions’ investing process: consider Earnest Research, which analyzes transaction data and other non-traditional data sets for investment research, and AcordIQ, a platform that institutional investors can use to gain better control and governance of funds they are invested in.  Other will target individuals: Long Game is turning gamblers into investors.