Is Fazil looking to compete with a bank?

Roundly NO. According to the data, only 20% of fintechs compete with traditional banks. According to a study by the Financial Digitization Observatory, 48% of the 300 state 'Fintech' are complementary to banks, 32% are collaborative and 20% are competitors. 

The financial sector is immersed in a process of digital transformation and innovation in which fintech companies are "key allies" with which to complement and actively collaborate. Traditional banking improves its innovation with this intellectual competition, gains in agility and response times, its time to market is much faster...

It has access to a new market niche that is difficult for it to access by offering a new financial service model that is more transparent, agile and focused on the needs of increasingly digital customers.

Fazil has been designed as a complement to traditional banking to which users can spend money from your other account and perform the daily expenses with the mobile.