The annual letter to shareholders can be a soul-searching exercise for CEOs. In the shareholder letter that Jamie Dimon of J.P. Morgan Chase released last April, he was sober and fretful about the future of big banks. Rightfully so. “The growing competition to banks from each other, shadow banks, fintechs and large technology companies is intensifying and clearly contributing to the diminishing role of banks and public companies…” Dimon writes.

He sees the threat of demise from all sides. Walmart
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is getting into consumer banking, leveraging 200 million customer store visits per week, he says. Tech giants like Apple
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, Facebook, and Amazon
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are moving into credit cards, payments, and personal finance. Fintech companies raked in $140 billion in venture funding in 2021, and around $75B in 2022.

Jamie Dimon avoids a key point: in some ways, the existential threat facing banks today is their own fault. They overlooked and underserved small businesses, the backbone of job growth in the U.S. economy. Two weeks ago Wall Street Journal reporter Dion Rabouin wrote that, since February 2020, small businesses (under 250 employees) have hired 3.7 million more people than they have laid off. Compared with a net reduction of 800,000 jobs by bigger businesses in the same period, this may be a fortuitous time for fintech startups to continue snagging corporate talent and underserved clients. This and the fact that the Biden administration is now looking to incorporate fintech startup options in SBA loan programs are cause for optimism.

And yet Chase and all the other giant banks are too busy serving other goliaths to help small businesses thrive. The American taxpayer saved Too Big to Fail Banks in the meltdown of 2008, and today the banks turn a cold shoulder to Small and Medium-Sized Businesses (SMBs). These giants fail to share the wealth with their depositors, paying paltry interest rates, less than 0.02%, on “Business Premier Savings Accounts” even after the Fed has raised rates more than 13-fold in less than a year (see Dreading the Fed). I recently appeared on a panel at the Consumer Electronics Show (CES) in Las Vegas and made this point, rather bluntly, many times.

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This stinginess by J.P. Morgan Chase and the rest of the giants is a $17 trillion dollar opportunity for smaller, aggressive fintech startups. These firms, though they are a fraction of the size of Chase, are rolling out FDIC-insured bank accounts that offer a 4.00% yield on deposits; for a startup with $10 million in cash that’s $400K, enough to fund three or four jobs. Alternately, with a Chase checking account they would be lucky to earn more than 0.02%.

The new wave of fintech rivals figure all businesses, regardless of size, should be able to benefit from rising rates in the same way that large companies can. But big banks are intentionally obtuse about what rates and which services are available, and a startup or SMB has to pound the table to get anything above 0.02%. It is like never being sure, at the car dealer, whether you are getting the best price.

Fintechs emerged to provide competitive loans and deposit accounts, for the smaller players, banks abandoned long ago. Traditional banks are offline, analog, saddled with legacy technology, and lack the incentive to innovate. Fintechs are digitally native and leverage technology to deliver faster, better decision-making and business insights; for example, approving new accounts in 10 minutes, instead of 10 days or longer.

While these smaller, newer competitors take aim at banks from underneath, the banks also face potent new competition from vastly larger tech rivals. Apple’s market cap, at $2.5 trillion, is six times that of JPM. Apple has more than half a billion users on Apple Pay, plus 6.5 million customers for its newish credit card (meanwhile Goldman Sachs is picking up the tab). Now Apple is getting into buy-now-pay-later, payment processing, credit risk assessment, and person-to-person payments. The result has been traditional banking’s steady and unrelenting decline.

Look for fintech’s foray into the core of the banking industry to continue, as the nation’s biggest banks struggle to innovate and accelerate their efforts to hold on to business. The fintech sector is down sharply in the public markets, falling alongside the FAANGs and other Big Tech stocks. Yet, this is merely temporary turbulence in a long-term upward trend. Watch out, Jamie, the fintechs are coming for you.