When the news hit that Amazon was in talks with several banks to launch a "checking account-like product," naturally everyone feared the worst. But the situation for banks may not be as dire as some seem to think — at least yet. That's according to Maureen Burns, a partner with Bain & Company.

"Banks are in a position where they can catch up, and do it quickly," Burns told Business Insider by phone. "They need to identify where their customer experience lags, and find the right partners to get the experience to the level of a big tech provider."