Finovate Spring was back in San Francisco this year, with key themes being partnerships, analytics, automation and efficiency, and customer experience. The long-touted battle between fintechs and incumbents is over; heritage players simply have too many advantages – brand, customers, data, and regulatory expertise – for most fintechs to overcome. The smaller companies with clever new ideas are instead focusing on selling to those incumbents, as evidenced by the prevalence of WhiteLabel and B2B2C in my word cloud below. There are clearly a few challengers brave enough to take on the bigs on their own, but they’re fewer and farther between than ever.