In the aftermath of the 2008 financial crisis new companies have emerged that offer the type of financial services banks do. Fintech players often specialize in a given area (e.g. payments), arguably allowing them to produce a good service at a lower cost. In addition, non-bank lenders have gained market share relative to bank lenders.

In light of these developments, do you think banks will continue to play a meaningful role going forward? Discuss. Also, relate your answer to bank profitability and regulation.