Citibank, for one, formed Citi Fintech in November 2015, a division consisting of a number of employees from tech companies such as Amazon and PayPal. Its first mission: an upgraded app that uses voice and facial recognition to eliminate the need for passwords. Although Citibank won't disclose any of the details, a spokesperson there did confirm the app is on point to roll out before the end of the year, is partnering with a number of fintech start-ups and was testing its voice recognition feature using Amazon's "Alexa" program. 

Their approach is to embrace the latest financial technology, not fight it. "We talk to fintech's all the time," said the Citibank spokesperson