The growing fintech industry is providing more competition for traditional banks, but banks will retain a place at the center of the industry, according to a new report by Moody's. Companies like JPMorgan (JPM) , Bank of America (BAC) and Wells Fargo (WFC) are building up their mobile offerings and benefit from their large amount of customers, according to Robard Williams, Sr. VP of Moody's. He added that the latest developments with LendingTree (TREE) also show that regulation will increasingly be a factor for fintech companies. TheStreet's Rhonda Schaffler has details from Wall Street.
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