For most of the past decade, the fintech sector seemed to have nothing but blue skies ahead. But over the last 12 months, warnings that first signaled in 2016 have been flashing brighter.

CEO scandals, pulled IPOs and sinking stock prices, have taken the luster off previously high-flying brands. Big banks have finally woken up to the opportunities in fintech, giving startups more reason to worry – financial services giants don’t have to partner with or acquire services they can duplicate in-house. Whether it’s Goldman Sachs building on its success with Marcus by stating its intention to get into cash management and payments, or Bank of America announcing it will invest $75 million per quarter in fintech through the end of the year, it’s clear that any first-mover advantage once enjoyed by fintech startups is gone.

A recent Google survey of 500 consumers conducted by my firm, Prosek Partners, found that 75% of people prefer using apps from large financial institutions over those from fintech startups. The biggest reason: security. Sixty-one percent of people are very concerned about giving their financial data to a startup versus 47% who are very concerned about giving it to a large financial institution.

Given the natural advantages large institutions enjoy, how can fintechs compete in this new era? The good news is that our research showed there is still plenty of white space.

While those of us in the industry have our phones and tablets loaded up with tools to help us manage our financial lives, it’s important to remember that we are the exception, not the rule. Two-thirds of consumers reported using zero financial apps or just one. Many people still need to be educated, but that education needs to be less about why your app is better than your competitors’. Instead, you need to explain to consumers why they need any financial app at all.

When asked about what’s most important to people in evaluating whether to sign up with a fintech company, the top answer was security, followed by getting useful financial advice. Yet, in my experience, few fintechs lead with these topics. Instead, they focus on convenience, speed, and ease of use. These things are important, to be sure, but they’re not enough on their own.

In fact, many fintechs I’ve consulted with are afraid to highlight their security measures out of fear that it will make them a target for hackers. This is not unfounded, but there are ways to showcase security efforts without beating your chest in a way that hackers interpret as a bat signal. A simple explanation of certifications, endorsements and proof points outlining the steps you take to keep your customers’ data safe can go a long way.

Next, showcase how your tool will improve people’s lives. Helping people do things faster is great, but who would put their financial information at risk just to save a few seconds on a transaction? Instead, think about how you can help people better understand their finances, achieve their goals, and solve specific problems.

We’re rapidly moving from Fintech 1.0 to a new world where competition gets more intense and VC money doesn’t flow so freely. The survivors will be the ones who first assuage customer fears, then appeal to their dreams.

Hal Bienstock is a Managing Director at strategic communications firm Prosek Partners