If you only count startups that offer payments - and little else - as fintechs, then yeah, they're not displacing banks. If you count private credit funds like

If you only count startups that offer payments - and little else - as fintechs, then yeah, they're not displacing banks. If you count private credit funds like Apollo Global Management, the story is very different: private credit is seriously encroaching on the balance sheets of banks. Not very tech, but very fin. In investments, ETFs and podshops are both fin and tech, and crushing it.