Fintech insurgents are moving
Fintech insurgents are moving and growing quickly, they must overcome big challenges of their own before reshaping the industry. They are still relatively small and niche players in the sprawling retail banking business. They are not deposit-taking institutions, where consumer savings are insured by the government.
They also lack the legal and regulatory apparatus that traditional banks have built over many decades. Already, some of the new services are facing regulatory scrutiny. In November, Apple, Google, Amazon, PayPal and Intuit formed a Washington-based advocacy group, Financial Innovation Now, to promote policies to "foster greater innovation in financial services."