No, you are not wrong, in my opinion. I agree that the word threat should better be replaced with competition because it sounds more polite this way.
I think that there may be some other subtle differences too, but I am not good enough to express them. Or maybe it's only in my head.
However, just for fun, consider the following. Imagine a woman saying to her sister about another woman, she just found out her husband is chatting with: "I don't see her as a threat. Rather, she's just a competition."
L.M.A.O. !
I mean, we, all of us, we are married to banks, in a way. And they are very sensitive about our loyalty.
I beg to differ. At least in my country they don't move a finger to help you in order to gain you as customer, nor care much if you stay or leave. At least if you are a small fish.
So it's usually your (first) employer that will be the one choosing the bank for you (and only because of the employer the bank may offer some benefits/special packages over time).
This is what what I've been thinking for quite a while. They(government officials) can be stupid themselves but they can hire smart advisers. And that's what they are doing already, because those of them who aren't, have small chances of surviving in the long run. 
