Fintech may be one of the few industries looking back fondly at what happened to Wall Street after 2008.
The chaos and disruption of the credit crisis instilled lack of trust in existing banks and brought on new regulations and the rise of technologies that would allow scrappy Silicon Valley start-ups to reshape consumer finance.
These new financial technology companies have made serious competitive inroads in areas banks have backed away from, and billions of dollars in venture capital money has followed.
A key reason fintech companies have flourished, analysts say, is a lingering distrust in banks.
Ten years ago the first wave of the millennial generation was settling into early adulthood just as the economy dipped into the Great Recession. Memories of foreclosed homes and savings lost in a Wall Street-fueled crisis continue to influence where they put their money.
"What that underscored for people is that banks can't be trusted, and your money is only as safe as the government allows you to believe," said Fundstrat founder and managing partner Tom Lee, who worked at J.P. Morgan in 2008. "That's why millennials today have so little trust in banks, because of what their parents went through."
More than half the world's population is under 30 right now, according to the World Economic Forum, and 10 years after the crisis, they're still wary of banks. Last year, 45.3 percent of respondents to WEF's Global Shapers Survey said they "disagree" with the statement that they trust banks to be fair and honest. Only 28 percent of the more than 30,000 millennials surveyed said they agree.
The skepticism isn't reserved for young people. Shareholders and regulators still want to see that the banks are in check, and questions of solvency and compliance come up consistently on bank earnings conference calls.
"Every quarter, every year for a decade banks have to earn back the trust that was lost from the financial crisis," said Mike Mayo, Wells Fargo's head of U.S. large-cap bank research, who worked at Deutsche Bank when Lehman Brothers went under. "The financial crisis was terrible for the industry's reputation of trust."