With competition emanating not only from fintechs but also leading technology companies, it has become extremely difficult to grow or even maintain margins. The banks have the advantage that they have the customer base, however the advancement in technology is reducing the barriers to offer different financial products by fintechs and technology companies. We have already seen the proliferation of a variety of players in the payments space offering digital wallets, merchant services, payments rails, for example. PayPal, Square, Stripe, etc. The same is happening within the credit space with buy now pay later firms popping up, technology companies like Apple offering cards and even retailers offering their own credit facilities, thereby eating into the margins of the banks. Even Google has plans to introduce checking and savings accounts in tie-ups with banks. Smaller banks, at times are further disadvantaged especially in terms of funding available to invest in technology and innovation.