The banking industry has been and is a massive machine providing comprehensive financial services. Any bank nowadays can serve any financial need for the eligible population. The word ‘eligible’ plays a vital role here. One of the core differences in approach to financial services between banks and fintech lies in democratization. While banks have always been looking to control the financial services industry, with the rise of fintech, the situation has changed drastically. Now banks are looking to collaborate with fintech so as to not to lose the links in the value chains that make them so powerful.