In the longer term, the danger for banks is not so much that fintech companies will overtake them. “Unless we all move to bitcoin, there will still be a chunk of people who will use traditional bank channels,” says Enrico Camerinelli, a senior banking analyst at research house Aite Group. It is more likely Big Tech will pick off the profitable niches. “We don’t just compete with BBVA and Bankia,” says Mr Belinky. “We compete with Amazon and Facebook and Uber, and whoever on your phone is taking time in your life.”

https://www.ft.com/content/da0a4438-bb04-11e7-8c12-5661783e5589