Has the fintech threat to the big banks evaporated? You would think so listening to the way the industry talks these days. Fintech has failed to pose “a serious competitive threat” to established companies in their core businesses, according to a February report by the Financial Stability Board, the global watchdog.

A more important challenge is coming from Big Tech companies with huge customer bases, the FSB said. Yet even here institutions like Goldman Sachs seem to think that providing a financial service to Big Tech customers as a quasi-utility may not be such a bad business, as shown by the bank’s credit card deal with Apple.