Cheer leading the fiaters

We argue that FinTech companies enhance competition in financial markets, provide services that traditional financial institutions do (albeit more efficiently), and widen the pool of users of such services. In most cases, FinTech companies provide a more efficient way to do the same old things that banks did for centuries. But it is unlikely that FinTech will fully replace traditional financial intermediaries in most of their key functions, because banks are also well placed to adopt technological innovations and themselves perform old functions in new ways.

After we get prequal working:

Once regulatory arbitrage is ruled out and the same regulatory framework is imposed on all institutions based on the functions they perform, the playing field is levelled. Then the only competitive advantage is the one granted by technology and the organisation of activities. The framework becomes one of pure competition with technological innovation. 

Good begin and end; the middle they muddle.  Fiaters gonna learn robotic power of attorney and pipeline control and S&L and escrow routing and notary business. And the Fed research staff gonna get of butt and make it so.