Wall Street banks' defence system against a growing onslaught of start-ups is working, according to a Moody's report, which says that while banks may lose some market share to financial technology competitors, industry incumbents will survive.

Banks have two big things that most fintech companies do not: enormous user bases, and sizable credit underwriting capabilities. While more start-ups may partner with big Wall Street firms, the Moody's report said it is highly unlikely they will ever overtake the big banks.

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