The report describes how many banks are working to partner more effectively with fintech start-ups, while most start-ups "do not feel half as warmly towards their incumbent rivals".

This acrimony is described as: "One [start-up] dismisses [banks] as 'the Kodaks of the 21st century,' another as 'financial vacuum-tube makers in the age of the transistor'.

They see banks as tomorrow's telephone copper wires, vestiges of an earlier age, and believe that, in essence, banks cannot adapt. 

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