In the video he uses an analogy that illustrates the difference between a symbiotic and a potentially parasitic relationship. You can watch it here.
I believe his illustration also relates to other forms of third-party business arrangements. For example, indirect auto lending is an important source of auto loan volume for many credit unions. The challenge is who is the credit union’s customer? The dealership or the borrowing car buyer? Can it be both?
Take a look. Note his observation that not all Fintech relationships are the same.