These are all good points. I also feel like this scenario (start ups, etc.) is nothing new. We've seen it before in financial services, for example in 1999-2000, the time of the dot-com boom. New and innovative technologies, whether internet, mobile, big data or whatever -- spur more innovation and also a bandwagon effect. Some succeed and grow, some have a kernel of success but can't sustain growth and end up being acquired by a bigger and more established player, and some flame out -- sometimes unfairly, sometimes deservedly. For banks and FS firms that place the right bets, the payoff (financially and also in terms of reputation) is great. Make the wrong bet, and you lose not only $$$ but also momentum, respect and the will to innovate.