Policymakers struggle to keep up with the rapid pace of technology innovation. There are new business models that could make it easier and cheaper to meet the financial goals that can be hampered by outdated regulations, according to a report by the Information Technology and Innovation Foundation.

Information technology innovation has allowed financial organizations to score easy wins to improve labor productivity, like automating data gathering and reducing the burden on credit union tellers. However, “the next wave of IT-based financial-services productivity will depend on significantly different business and service models,” most notably by supplanting firms that acted as intermediaries between the consumer and the service provider.

“Fintech is poised to radically improve how consumers and businesses transfer money, make payments, save and invest, borrow, and insure themselves against risk,” Daniel Castro, ITIF vice president and co-author of the report, said. “These companies are experimenting with new business models that improve quality, reduce costs and expand access to financial services for people who have been underserved in the past.”