The lifespan of fintech as an industry has become significant enough that many have split it up into “waves,” with the first wave being disruption, then collaboration, and a new third wave, which is the cause of argument, but generally about maturity. After the global financial crisis is when fintech startups began disrupting the industry, creating the first wave, introducing products to the market that had never been seen, and while success in this wave is difficult, it represents the first time the public is introduced to fintech as a concept and incumbents definitely had to take note. Currently, I feel we are in the second wave, as many blog posts we cover involve fintech companies and big banks working together recently and integrating/collaborating for both their benefits. We are now at a time nearing the end of this second wave where there is much debate on whether fintech will be absorbed by the incumbents or fintech companies themselves will start looking more like traditional institutions. I think in reality we will see a little of both sides, some strong companies like Zopa and Number 26 have already applied for their own full banking licenses, while other smaller companies that still have novel ideas may be acquired by existing banks.
Link to article: https://www.crowdfundinsider.com/2017/03/96935-surfing-fintech-reached-third-wave/
I believe that the Fintech is during its second stage, too. Take banks for example, I think most of them are still during transaction from traditional system to Fintech one. In addition, United States does not have well-develop regulations for Fintech, either. I would not say it reaches maturity yet.