Payments are the area where tech giants could bring most disruption to financial institutions, according to a fresh analysis, but only in the longer term.
"Although these firms are not posing any meaningful short-term pressure on fee income, we believe that they could leverage their strong customer bases and networks to potentially constrain traditional banks' payment services revenues in the longer term," the analysts' report found.
"We currently do not see competition from tech titans as posing a short-term risk to our bank ratings," it added.
The ratings agency also said it believes regulation will limit the reach of "tech titans" into customer deposits, and they will likely focus on niche lending, such as providing working capital for small businesses, that aligns with their own brand.
"We generally consider them as unwilling to fulfil the large number of technical standards and regulatory burdens in conjunction with providing banking services on a larger scale," the research said.
It concluded: "Some financial services traditionally offered by banks may remain out of scope for tech titans. However, other more lucrative activities with lower barriers to entry – such as transaction services – may be at risk of long-term disruption."
It comes as the UK and rest of Europe introduces new rules designed to shake up the way people bank through Open Banking and PSD2 regulation.