Summarize please. After revising and reorganizing the relevant sections below, revisit the summary. Integrate the price and performance factors into an overall assessment of these elements. And include explicit assessments of impacts on the threat of substitutes and the impact on focal industry profitability. Consistently practice the thought process.

Non-bank lenders are a financial institution that lends money to borrowers without a full operating banking license and is not overseen by the national banking regulatory agency. Unlike banks, they operate without full banking licenses and are not subject to national banking regulations. Nonbank lenders, such as insurance, brokerage, and investment advisory firms, aim to cater to specific customer preferences. They are more inclined to lend to high-risk individuals with less favorable credit scores due to their flexible requirements. However, this willingness to take on higher-risk loans and generate higher margins leads to higher interest rates compared to commercial banks. Nonbank financial institutions are more willing to lend money to high-risk individuals with less favorable credit scores since these companies have more flexible eligbibity requirements. This customer segment represents a substantial market, but it also poses a significant risk. While these borrowers may find success securing loans from nonbank financial institutions, they will encounter higher costs in the form of elevated interest rates and shorter loan terms, resulting in a more expensive borrowing experience.

LinkedIn's article contrasts FinTech companies and traditional commercial banks. FinTech firms generally charge lower fees due to reduced overheads since they primarily operate online, eliminating brick-and-mortar expenses. Their online model facilitates competitive rates, particularly evident in mortgage apps which offer multiple lender rate comparisons. Diverse revenue streams, from subscriptions to software sales, enable FinTechs to undercut commercial banks. Notably, apps like Venmo charge 1.75% for instant transfers, while Robinhood offers fee-free stock investing. However, while FinTech is cost-effective, it doesn't replicate all commercial bank services. Performance-wise, FinTech boasts efficient, automated processes, catering to underserved areas without physical bank branches. Yet, commercial banks provide tailored services, especially in wealth and investment management, something FinTech is yet to match comprehensively. FinTech platforms prioritize user-friendliness, with apps like Rocket Mortgage and Robinhood simplifying complex processes. While they champion efficiency, commercial banks provide a personalized, trustworthy experience, often seen as more reliable due to their longevity and established reputation. Consumers might be wary of newer industries like FinTech, reflecting a broader hesitance towards embracing new technologies. FinTech companies, operating primarily online, offer services often cheaper than traditional banks due to lower overhead costs and diverse revenue streams. They emphasize efficiency and accessibility, particularly benefiting areas without physical bank branches. However, while they streamline many processes and are user-friendly, they can't fully replicate the tailored services of commercial banks, especially in wealth management. Despite FinTech's advantages, the trust and personalized touch offered by longstanding commercial banks make them a preferred choice for many, especially for larger transactions and services requiring in-depth personal information. This hesitancy mirrors a broader reluctance to embrace newer technologies in various sectors.