From legacy banks to digital finance: who’s leading the shift

A series of emerging trends indicates that the traditional banking model is coming under intense pressure, while new players are competing for a central role within the financial ecosystem.

First and foremost, so-called neobanks—fully digital banks without physical branches—are no longer minor “challengers” to traditional banks. Instead, they are evolving into fully developed financial institutions with international reach. Companies such as Chime and Nubank are pursuing public listings and full banking licenses, directly vying for the primary relationship with customers. Meanwhile, organizations like Revolut are aggressively expanding into new markets, investing in regulatory compliance and local presence. The result is mounting pressure on the deposits of traditional banks, as consumers increasingly turn to more flexible, digital-first solutions.

At the same time, the “Buy Now, Pay Later” (BNPL) model is evolving beyond a simple checkout option. Firms such as Klarna and Affirm are transforming into comprehensive financial service providers, expanding into deposits, cards, and payment infrastructure. Through partnerships with major technology companies like Apple and Google, they are integrating their services into broader digital transaction ecosystems. This evolution signals a new “battle” among fintech companies to become the primary banking provider for everyday consumer transactions.

Another illustrative example is Robinhood, which is gradually transforming into a financial “super app.” From its origins as an investment platform, it is expanding into banking services, credit, and cryptocurrency infrastructure. Through acquisitions and partnerships, Robinhood aims to create a fully integrated ecosystem covering all user needs—from trading to daily payments. This strategy reflects a broader trend: the convergence of diverse financial functions into unified platforms.

In the cryptocurrency sector, developments are equally rapid. Companies such as Ripple, Coinbase, and Circle are moving beyond alternative solutions to build the next generation of banking services, collaborating with major financial institutions including JPMorgan Chase and Standard Chartered. Leveraging technologies such as stablecoins and tokenization, they aim to create faster, more flexible, and programmable payment systems.

Traditional banks are not standing idle in the face of this challenge. One of their key strategies is the tokenization of deposits—transforming them into digital tokens that operate on blockchain networks. This approach allows banks to maintain control over customer relationships while modernizing infrastructure. Examples include initiatives from institutions such as Citi and collaborations among international banks, highlighting that technology adoption has become a strategic priority.

Artificial intelligence, particularly “agentic” systems—autonomous digital agents capable of executing transactions on behalf of users—is another critical factor shaping the future of financial services. In this context, stablecoins are emerging as the ideal medium of payment, offering immediate, programmable, and cross-border transactions. Major payment providers, including Mastercard and Visa, are already investing in such infrastructure, laying the groundwork for a new era of automated commerce.

Simultaneously, a new category of platforms is emerging that enables AI agents to operate directly on blockchain networks. These platforms are laying the foundations for “autonomous economies,” where software systems can earn, invest, and manage capital with minimal human intervention. Although the market is still in its early stages, investment activity and talent growth suggest explosive development in the coming years.

The rise of AI agents also introduces new challenges in security and regulatory compliance, giving rise to the concept of “Know Your Agent” (KYA), an evolution of the familiar “Know Your Customer” (KYC) framework. Startups are developing tools to identify, monitor, and regulate the behavior of autonomous systems, ensuring that transactions remain secure and compliant.

Finally, the growing prominence of prediction markets—platforms where users “bet” on the outcome of real-world events—is noteworthy. Companies such as Polymarket and Kalshi are expanding rapidly, aiming to transition from simple betting platforms to reliable data providers. Through partnerships with academic institutions and major organizations, they seek to harness collective market intelligence to generate actionable forecasts.

Overall, the future of financial services appears highly dynamic. The boundaries between banks, fintech companies, technology firms, and crypto platforms are becoming increasingly blurred. In this new environment, organizations that successfully combine technological innovation, regulatory compliance, and user experience will be the ones to dominate the next era of the global economy.