It took years to understand Bill Gates’ quote, “Banking is necessary, but banks are not.” He said it in 1994, and it is becoming true. This statement was hard to understand in 1994, when fintech was not popular. However, it is difficult to imagine a world without banks. They have been integrated into our everyday lives. Our everyday lives and businesses could stop without banks. Fintech, technology-based financial services, provides several banking services that can compete with banks. Fintech is also regarded as a disruptor to banking. Some fintech firms have succeeded in acquiring customers. Some banking customers have also migrated from banking to fintech. Yet the capacity of fintech to disrupt banking is limited. Fintech is an infant industry and needs considerable time to prove that its services are as good and secure as those of banks. Regulations limit t...