There are a lot of fintech companies which are a wrapper of varying thickness over an underlying provider which was willing to do a smart bizdev deal but wasn't capable of shipping their own modern mobile/web experience.
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The sophisticated way to look at it is that no, this is simply a channel strategy, and all parts of the channel have survived with differentiated players for generation, so a startup playing at a particular level of the stack is not a competitive threat to other parts of stack.
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The galaxy brain version to look at it is the unsophisticated way of looking at it is basically entirely right but they expect the transition to happen too quickly.
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Or the fintech company gets acquired by a financial services firm to simply replace some other existing internal software, and the broader public ecosystem resets.
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