2026年全球金融科技报告 （英文版）

FINANCIALINSTITUTIONS

GLOBALFINTECHREPORT2026

4THEDITION

FromRecoverytoResurgence

Contents

03KeyHighlights

04Introduction

05TheStateofFintech:

FromRecoverytoResurgence

11SevenTrendsThatWillShapetheIndustry

36NowWhat?CallstoAction

38Conclusion

39AbouttheAuthors

KeyHighlights

$504B

Totalglobalfintechrevenuesurpassedhalfatrilliondollars,achievingrecordhighs

22%

Globalfintechrevenuescontinuedtoshowstrong

growthat22%,withtradingandinvestmentsand

depositsleadingthepackwithabout38%and30%YoYgrowth,respectively

400bps

AverageEBITDAmarginimprovementforthelargestpublicfintechsfrom2024to2025

42

NumberofglobalfintechIPOsin2025,up50%yearoveryear

>$3T

4%

Shareofglobalbankingandinsurancerevenue

poolspenetratedbyfintechs,withlarge,untappedopportunityinB2Bverticals

>4x

Thefintechrevenuegrowthratewasmorethanfourtimesgreaterthanthatofincumbents

$58B

Fintechequityfundingin2025,up53%yearoveryearasinvestorappetitereturned,albeitselectively

5x

ObservedupliftindeveloperproductivityatfintechsusingAI

65%

Digitalassetmarketcapitalizationgrowing,withcryptoat~$3trillion,stablecoinsat~$300billion,andtokenizedreal-worldassetsat~$30billion

Shareofstablecoinholdingstiedtocryptotrading,underscoringhowconcentrateddigital-asset

adoptionremainstoday

FROMRECOVERYTORESURGENCE3

Introduction

Afterseveralyearscharacterizedbymarketcorrection,capitalscarcity,andskepticismconcerningthedurabilityofmanybusinessmodels,thefintechsectorshowed

strongrevenuegrowthof22%in2025.Globalfintech

revenuessurpassedhalfatrilliondollarsandgrewoverfourtimesasfastasincumbentrevenues.

Growthhasreturned,butinanewform.Thefintechsectorhasnotsimplyrecoveredfromthe2023/2024reset,with

itslowervaluationsandfunding;ithasmaturedintoa

demandingenvironmentwherescaledleadersare

wideningtheiradvantage,newtechnologiesarereshapingtheeconomicsoffinancialservices,andprofitablegrowthhasbecometheexpectationratherthananaspiration.Andyettheopportunityaheadremainsenormous:Fintech

accountsforabout4%oftheglobalfinancialservices

revenuepool—largeenoughtobeconsideredadistinct,maturesector,butnotsolargethatthereisn’tmeaningfulwhitespacetotarget.

Investorsareplacingmoreemphasisonwhichbusiness

modelscancapturethenextwaveofvalue,which

technologiescancreatedurableadvantage,andhowfarplayerscanextendintoadjacentproducts,geographies,

andinfrastructurelayerswhilenavigatingamorecomplexregulatoryandgeopoliticalenvironment.

Thesedynamicsareurgentin2026becausethebasisof

competitionischanging.AIisreshapinghowfinancial

servicesarebuiltanddelivered,withearlyproofofvalue

concentratedinasetofoperationalandworkflow-heavyusecasesthatarenarrowerthanthehypewouldsuggest.

Digitalassetshaveregainedmomentum;however,whilethetechfoundationshavestrengthenedandregulationshave

becomeclearer,widespreadadoptionwilldependonprovenvaluecreation.Regulatorsacrosstheglobeareresettingthedistinctionbetweenbanksandfintechs.Atthesametime,scaledfintechsandneobanksareexpandingtheirofferingsintofullerfinancialplatforms,whileanewgenerationof

AI-nativeentrantsisemergingalongsidethem.

Thisreportdrawsonconversationswithfintechexecutives,investors,andindustryleadersacrossglobalmarkets,andourownexpertise,research,analysis,andproprietary

FinTechControlTowerplatform.Itbeginswithan

assessmentofwherefintechstandstoday,thenexaminesseventrendsthatareshapingthefutureoftheindustry.Itcloseswithasetofimplicationsfortheinstitutionsthat

holdastakeintheemergingnewlandscape.

4BOSTONCONSULTINGGROUP+FTPARTNERS

FROMRECOVERYTORESURGENCE5

TheStateofFintech:

FromRecoverytoResurgence

Therehasbeenastrikingreversalofmoodwithintheglobalfintechsector.

Twoyearsago,thesectorwasstillworkingthroughthe

aftershocksofthe2021reset,aperiodduringwhichcapitalwasscarce,valuationscompressedsharply,andquestionsaboutthedurabilityofmanybusinessmodelswere

mounting.Now,thetonehaschanged.Globalfintech

revenuessurpassedhalfatrilliondollarsin2025,growing22%yearoveryear.(See

Exhibit1

.)Thatalsomeans

fintechsoutgrewtraditionalfinancialservicesfour-foldandnowaccountforapproximately4%oftotalglobalfinancialservicesrevenue,upfrom3%theyearprior.Publicfintechrevenuemultipleshavealsorecovered,albeitmodestly,

rising16%yearoveryear.Inotherwords,fintechhasweatheredtheresetandisbeginningtooutgrowit.

6BOSTONCONSULTINGGROUP+FTPARTNERS

EXHIBIT1

GlobalFintechRevenuesBreakHalfaTrillionDollarsin2025

Globalfintechrevenuebyvertical

(2021–2025,$B)

22%

504

24%

28

36

414

13%

41

15%

24

32

74

334

18

23

24

39

31

294

54

257

16

103

19

13

15

21

16

51

86

45

72

65

61

188

222

158

128

100

20212022202320242025

InsuranceTradingandinvestments

FinancialinfrastructureLending

DepositsPayments

2024–2025growth

17%

15%

30%

38%

20%

18%

Globalfintechrevenuebyregion

(2021–2025,$B)

22%

504

10

24%

60

414

8

60

13%15%

52

334

48

7

116

294

5

22

33

257

5

13

24

37

93

29

83

89

83

258

212

175

132

149

20212022202320242025

MiddleEastandAfricaAsia-Pacific

LatinAmericaNorthAmerica

Europe

2024–2025growth

20%

15%

24%

25%

21%

Sources:S&PCapitalIQ;BCGFinTechControlTower;BCGBankingandInsuranceRevenuePools;BCGanalysis.

Note:Revenuesfromprioryearshavebeenrestatedtoincludefinalreportedrevenuesatthecompanylevel.Healthinsuranceisexcluded.

Growthhasbeenbroad,butnotuniform.Somesubsectorsareclearlybreakingawayfromthepack.Tradingand

investments,alongwithdeposits,wereamongthefastest-growingsegments,expanding38%and30%,respectively,

in2025.(See

Exhibit2

.)Meanwhile,paymentsremainsthedominantfintechvertical.(See

Exhibit3

.)Regionally,

Asia-Pacific(APAC)wasthefastest-growingmarketat25%,driveninpartbydigitalbankingandcryptotrading

platformsinJapanandSouthKorea,alongsideSoutheastAsia,notablySingaporeandIndonesia.Europealso

outperformedtheglobalaverage,growing24%,supportedbyneobanksmovingintoadjacentproductsand

geographies,continuedbuy-now-pay-latermomentum,andamoreaccommodatingregulatoryenvironment.North

America,at21%,grewroughlyinlinewiththeglobal

market,whileLatinAmerica,thoughstillstrongat15%,

somewhatlaggedtheglobalaverage.However,theregionhasseenthehighestoverallgrowthintheyearssince2021,withaCAGRof44%.TheMiddleEastandAfrica(MEA),at20%,maintainedstrongmomentum,thoughgrowthwas

moderatedbychallengingregulatoryconditions.

Tradingandinvestments,alongwithdeposits,wereamong

thefastest-growingsegments.Meanwhile,paymentsremainsthedominantfintechvertical.

FROMRECOVERYTORESURGENCE7

B2Bpayments~$7B

Stablecoinissuersandinfrastructure~$13B

EXHIBIT2

FintechsGrew>4xtheRateofIncumbents

Fintechrevenuegrowthoutpacedincumbentsacrossallverticals

FINTECHVS.INCUMBENTREVENUEGROWTHYOY,2024–2025(%)1

38%

30%

20%

17%

6%

5%

2%

PaymentsTradingandLendingDepositsInsurance

investments

FintechsIncumbents

18%

7%

5%

Fintechsaccountfor

~4%ofglobalfinancialservicesrevenues

TOTALGLOBALREVENUE,2025($)

~504B

Fintechs

~22%

YoYgrowth

~13T

Incumbents

~5%

YoYgrowth

Sources:S&PCapitalIQ;Pitchbook;BCGFinTechControlTower;BCGBankingandInsuranceRevenuePools;BCGanalysis.1Excludes“financialinfrastructure,”asthecategoryisnotrelevantforincumbentfinancialinstitutions.

EXHIBIT3

PaymentsRemainstheDominantFintechVertical,withDeposits,TradingandInvestments,andLendingGainingScale

REVENUEDISTRIBUTIONOFFINTECHSGENERATING>$0.5BIN2025

Digitalasset

Remittances

~$4B

Otheraccounts

~$2B

Otherpayments

~$3B

Cryptocurrencypayments

~$2B

custodySecuredpersonal

~$1B~$1B

Multi-line

~$4B

SMEaccounting

~$11B

Digitalwealth

management~$4B

Businessloans

~$3B

Other~$3B

Retailtradingandbrokerage

~$10B

Creditscore

management~$4B

Propertyand

casualty

~$14B

Challengerbanks

~$36B

POSloans

~$10

Retailcryptotradingandbrokerage

~$30B

Otherunsecuredpersonalloans

~$21B

AcquiringandverticalSaaS~$66B

Digitalwallets~$89B

Automation

~$1B

Regtech

~$2B

Capitalmarketsenablingtech

~$4B

Core

platforms

~$5B

Deposits

~$48B

Payments

~$183B

Sources:S&PCapitalIQ;Pitchbook;companyfilings;BCGFinTechControlTower;BCGanalysis.

Lending

~$41B

Tradingandinvestments

~$45B

Financial

infrastructure

~$12B

Insurance

~$18B

8BOSTONCONSULTINGGROUP+FTPARTNERS

Partofthisregionaldivergencereflectsdifferencesin

operatingconditions,notjustdifferencesindemand.Inthe

UnitedStates,scaledfintechsareincreasinglypursuingdirectfederalsupervisionthroughtheOfficeoftheComptrolleroftheCurrencynationaltrustandbankingcharters.Thisallowsthemtobypasstheintermediarycostsofpartnerbanking,

movefasteronproductinnovationwithoutpartnersign-off,andgainfullerend-to-endownershipofthecustomer

experience.SimilarmovesarealsovisibleinpartsofEurope,whereclearerlicensingandmarketrulesaresupporting

fintechexpansion.Bycontrast,inmarketssuchasChina,

India,andpartsoftheGulfCooperationCouncil(GCC),

stringentregulationscontinuetomakescalingmoredifficultforfintechs.

Atthesametime,inmanyemergingmarkets,fintechshavemadeprogressonconsumerinclusion,oftenbybuildingontopofenablingpublicpaymentinfrastructure.Mobilemoney,digitalwallets,low-costpayments,andsimpleronboarding

haveexpandedaccessatrealscale.TheBankfor

InternationalSettlementsreportsthatBrazil’sPixhadsignedup67%ofadultsalittleoverayearafterlaunch,supportedbyfreeperson-to-personpaymentsandlowmerchant

charges.TheNationalPaymentsCorporationofIndia(NPCI)reports22.64billionUnifiedPaymentsInterface(UPI)

transactionsinMarch2026alone,andNPCIandBCGreportthatUPInowhandlesmorethan20billiontransactionsa

monthand84%ofIndia’sdigitalretailpayments.

Furthermore,theBankforInternationalSettlements

describestheUPImodelashavingmade“rapidstrides”in

financialinclusion.InKenya,M-PESAservesroughly80%oftheaddressablepopulationthroughmobilebanking,whileinthePhilippines,GCashnowreachesroughly75%ofthe

populationwithmobilepayments,upfromabout5%in2015.(See

Exhibit4

.)Theseexamplesareproofthatfintechscanmovefromnichedisruptiontomass-marketutilitywhenthemarketstructureanddistributionmodelareright.

EXHIBIT4

FintechsHaveSteppedintoProvideSolutionsfortheUnderserved,FosteringFinancialInclusioninEmergingMarkets

REGION

LEADING

CASESTUDY

LatinAmericaNubank

SinceNubanklaunchedin

2014,theunbankedpopulationinBrazilhasdeclinedfrom

~30%to10%1

Brazil

12%

20%

31%

44%

17%

12%

57%

69%

72%

69%

56%

43%

MiddleEastandAfricaM-PESA

SinceM-PESA’slaunchin

2007,thefinanciallyexcludedpopulationinKenyahas

declinedfrom~50%to~10%

74%

72%

69%

1%

25%

74%

2%

29%

27%

Kenya

11%

16%

25%

48%

82%

66%

78%

45%

36%

30%

18%

12%

19%16%

Asia-PacificGCash

SinceGCash’sexplosivegrowth

startingin2015,thefinancially

excludedpopulationinthePhilippinesdeclinedfrom~70%to~20%

47%

18%

5%

26%

24%

8%

Philippines

200520102015202020252005201020152020202520052010201520202025

Unbanked

Financiallyexcluded

Financiallyexcluded

Nubank(atleastoneaccount)

M-PESA(atleastoneaccount)

GCash(atleastoneaccount)

Banked(noNubankaccount)

Formallyincluded2

(noM-PESAaccount)

Formallyincluded2(noGCashaccount)

Sources:WorldBank;UNWorldPopulationProspects;KenyaNationalBureauofStatistics;CentralBankofKenya;SafaricomReports;PhilippineStatisticsAuthority,BangkoSentralngPilipinasFIS,GlobeTelecom/Mynt/GcashReports;BCGanalysis.

1Assumespaymentvolume%inBrazilcorrelatesto%ofoverallusersinBrazil.

2Definitionof“formallyincluded”followingAllianceforFinancialInclusionframeworktonoteanyonewithanaccountataregulatedinstitutionoralicensede-moneyissuer(e.g.,M-PESA,GCash).

FROMRECOVERYTORESURGENCE9

Investorfundinghasbeenmuchmoreselectivethanit

wasin2021,rewardingplayerswithclearereconomicsandcrediblepathstodurablescale.Thisselectivityisasign

thatthesectorismaturing.

Growthistakingamoresustainableformthaninthepast.

Thefintechreboundisnotbeingfueledbyspeculative

optimismorcheapcapital,butbyoperatingperformance.

Amongthelargest85publicfintechs,EBITDAmargins

increased4percentagepointsin2025to20%,and74%of

thesefirmsarenowprofitableversus68%in2024.(See

Exhibit5

.)Investorfundinghasbeenmuchmoreselective

thanitwasin2021,rewardingplayerswithclearereconomicsandcrediblepathstodurablescale.Thisselectivityisasignthatthesectorismaturingandisreflectedinhowinvestors

areallocatingcapitalacrossventurestages.From2023to

2025,SeriesEorlaterfundinggrewover210%,whileSeriesAandBgrewroughly15%and30%,respectively,andseedandangelcontractedbyabout10%.

Maturationisalsoevidentinwherecapitalisgoing.Equity

fundingrose53%to$58billionin2025,butfundinggrowth

wasnotevenlydistributed.(See

Exhibit6

.)Tradingand

investmentfintechscapturedroughlyone-thirdofallfunding,upfromaboutone-fifththeyearbefore,whilefundinggrowthwasstrongestintheAmericasandAPAC,andmore

moderateinMEA.

EXHIBIT5

AverageEBITDAMarginIncreased4pp,WhileShareofProfitablePublicFintechsGrew

SHAREOFFINTECHSABOVETHERULEOF402(%)

AVERAGEEBITDAMARGIN(%)SHAREOFFINTECHSTHATARE

+1pp+5pp

PROFITABLE(%)1

+4pp

+4pp

+8pp

20

16

12

4

2022202320242025

+2pp

+6pp+19pp

+9pp

3435

2729

74

68

49

40

2022202320242025

2022202320242025

Sources:Financialanalysisofthetop85fintechs,S&PCapitalIQ;Pitchbook;BCGFinTechControlTower;BCGanalysis.

1ProfitabilitydefinedasEBITDAorEBT.

2Ruleof40isafinancialmetricmeasuringwhetherthesumofrevenuegrowth(%)andEBITDAmargin(%)isgreaterthan40.

10BOSTONCONSULTINGGROUP+FTPARTNERS

EXHIBIT6

EquityFundingandIPOActivityHaveAccelerated,WhileValuationsHaveGrownModerately

FINTECHEQUITYFINANCING($B)

–52%

+53%

–10%

88

58

4338

2022202320242025

IPOACTIVITY(COUNT)1

+50%

42

2

5

+155%

28

15

1

–8%

4

12

4

15

11

1

1

20

5

2

6

8

4

MiddleEastandAfricaAsia-Pacific

EuropeNorthAmerica

2022202320242025

REVENUEMULTIPLEFORPUBLICFINTECHS

–43%

+16%

–6%

9.1x

5.2x4.9x5.7x

2022202320242025

2025fundingreboundhascontinuedinto2026,withQ1equityfundingreaching

$14.8B,surpassing2025Q1–Q3

Sources:S&PCapitalIQ;Pitchbook;BCGFinTechControlTower;FTPartnersproprietarydatabase;BCGanalysis.1Regionbasedoncompanyheadquarters,notlistinglocation.

Asimilar,focusedapproachisvisibleinexitmarkets.In

2025,fintechIPOsrose50%yearoveryear,from28to42.AccordingtoFTPartners’proprietarydatabase,M&A

acceleratedevenmoresharply,climbingfrom$105billionindealvolumein2023to$184billionin2024and$251

billionin2025.Thisincreasewasconsistentacrossmost

regions,withdealvolumeupmostnotablyinAsia(roughly110%YoY)andinNorthAmerica(40%YoY).

Evenso,publicmarketsremainaconstraintonthesector.The30largestglobalfintechIPOsofthelastfiveyears

havetrailedthebroaderfinancialservicessectorbyroughly24percentagepointsinannualtotalshareholderreturns

(TSR).Thatunderperformanceisanimportantreminderthatthesector’simprovedoperatingprofilehasnotyet

translatedintopublicmarketconfidence.Fintechsmaybegrowingfaster,butpublicinvestorsarestillaskinghard

questionsaboutprofitability,customerconcentration,compliancematurity,andthedurabilityofgrowth.

Foryears,ithasbeenunderstoodthattechnology-enabledplayerscouldprovideaneasier,faster,cheaperoffering

thanincumbentbanks.Thisremainstrue,butitisnolongersufficienttodescribethesector.Today’sfintechleaders

arenotjustconqueringtheirniche.Theyareincreasinglybuildingbroaderfinancialecosystems,embedding

themselvesintocustomerworkflows,andinsomecasesservingasfoundationalrailsforfinancialactivity.

Thesedevelopmentsmakethecurrentmomentmateriallydifferentfromboththe“correctionyears”andtheearlier

boomyears.Fintechhasrebounded,butintoamarketthatismoremature,moreselective,andmorestrategically

consequentialforthelong-termstructureoffinancialservices.Growthpersistedstrongly.Capitalreturned.

Ambitionreturned.Butthebasisofcompetitionis

changing.Itisnolongerenoughtobedigitallynative,

fast-growing,orcategory-creating.Themarketis

increasinglyrewardingfintechsthatcanscalewith

discipline,meetmoredemandingregulatoryandcapitalmarketexpectations,andtranslatenewtechnologiesintorealoperatingadvantage.

Thestateoffintechin2026isasectorinresurgence,butwithoutunfoundedeuphoria—moreestablished,butstillexpandingintomeaningfulwhitespace.Thefintechspringisinfullbloom.

FROMRECOVERYTORESURGENCE11

SevenTrendsThatWillShapetheIndustry

Growthalonewill

notdeterminethenextfintechwinners.

Successwillbedeterminedbyhowdecisivelyfirms

navigateavolatilelandscapeofshiftingregulations,

evolvingmarketstructures,andintensifiedtechnologicalcompetition.Thefollowingtrendswillexertthemost

influenceonthefintechsectorinthecomingyears.

AIatScale:NotYet,NotEqual

AIisnowthemostimportanttechnologythemeinfintech.

Buttheindustry’srelationshiptoAIisstillcharacterized

morebyaspirationthanexecution.Overthelastyear,the

conversationhasshiftedfromwhetherAImatterstowhereitisbeginningtocreatematerialvalue,whereitisoverhyped,andwhichplayersarestructurallybestpositionedtouseittodeveloplastingadvantage.ThisiswhereweseeanemergingdivergenceinadoptionmaturitybetweencompaniesthatareAI-nativeandthoseapplyingAItotheirexistingoperations.

Onepointisclear:AIwillmeaningfullyreshapefinancial

services.Predictive,generative,andagenticAIarealreadyimprovinghowfintechsbuildproducts,managerisk,servecustomers,andruninternaloperations.Buttheindustry

remainsintheearlystagesofscalingthesecapabilities.Thestrongestnear-termgainsarecominginoperationaland

workflow-heavydomainsratherthaninfullyautonomousconsumerexperiences.

In2024and2025,muchoftheAIdebatecenteredon

possibility.In2026,thesharperquestionconcernsproofofvalue.AIisalreadydeliveringrealvalueinunderwriting,

fraud,anti-money-laundering(AML),know-your-customer

(KYC),documentextraction,customersupport,software

development,andarangeoffinanceandcompliance

workflows.Itisreducingcycletimes,compressinglabor-

heavytasks,andallowingfirmstodomorewiththesameorsmallerteams.Whatithasnotyetdone,atleastbroadly,isreinventfinancialservicesonthecustomer-facingside.Thatpartofthestoryisstilltocome.

12BOSTONCONSULTINGGROUP+FTPARTNERS

GenerativeAIisprovingitselffirstinprocess-heavydomains,particularlyinengineeringexcellence.

GenerativeAIisstartingtoreachenterprisescaleinuse

casesthatareoperationallyintensive:softwaredevelopment,documentextraction,complianceandriskworkflows,and

customersupport.Thebiggestgainsarenotcomingfromisolatedcopilots,butfromredesigninghowworkgetsdone.Firmsseeingthemostvalueareredesigningworkflowsendtoend,compressingcycletimes,liftingthroughput,and

achievingmateriallylowerunitcosts.

Amongtheseusecases,engineeringstandsoutasthe

mostimmediateandproven.AI-assistedcoding,testing,QAsupport,debugging,anddeploymentarequicklybecomingbaselinecapabilitiesforanyfintechbuilder,butbroad

rolloutdoesnotautomaticallytranslateintomeaningful

productivitygains.Manyfirmsareachievingwidespreadbutshallowadoptionofthesetoolsbecausetheyhavedeployedthemwithoutfundamentallychanginghowengineerswork.TransformingengineeringintoanAI-ledfunctionis

becomingincreasinglycriticalinanindustrywhereproductvelocityremainsasourceofadvantage,anditrequiresnotonlytechnicalcapabilitiesbutalsoawell-executedchangemanagementeffort.BasedonBCGexperience,smaller

teamsthatleverageAIeffectivelycannowdelivermoreatfivetimesthespeedandatascalethatrivalsthatofmuchlargerorganizations.Theseresultscomewhenfirms

redesignthefullproduct-developmentcycleandoperatingmodelaroundAI,includingtesting,QA,supporttooling,

andworkflowintegration.(See

Exhibit7

.)

Cutting-edgeAI-nativefintechshaveno“adoptionjourney,”

EQ\*jc3\*hps20\o\al(\s\up0(nd),x)

thusbenefitfromstartingontheveryedgeofthe

productvelocitycurve.Incontrast,incumbentbanksandolderfintechsoftenspeakaboutAIwithurgencybut

remainstructurallybehindonadoption.Theissuefortheseinstitutionsisnotawareness.Itisoperating-modelinertia.Engineeringcopilotsalonewillnotclosethegap.

Engineeringexcellenceisnotjustacost-cuttingstory.Itiscoretothecompetitivenessofafirm’svalueproposition.

Fintechsthatfallbehindhereriskbeingoutbuiltbysmaller,leaner,AI-nativerivals.

Ifyoudon’thaveaninterestingAIlens,it’sverydifficultto

raisecapitalinaworldwhere

thecapitalisprettyscarce.Andthenconversely,ifyoudohaveitandyou’reshowingROI,

valuationsarequitestrong.AIhasbecomeaunifyingthemeacrosstheentireecosystemoffintech.”

AshwinGupta,Partner,

GoldmanSachsGrowthEquity

EXHIBIT7

AIIsMoreThanaToolUpgrade,ItIsanOrganizationalTransformation

InanAI-firstmodel,AIagentsarethecoredriversandhumansclosethegap

Coreprocessesbuiltaround

AIagents

Agentsmakedecisions;humansoversee

•Agenticdisputeintake,evidence,andresolution

•Real-timefraudorchestrationandadaptivecontrols

•Dynamicroutingwithinguardrails

Supplementedbypeople

Inadigitallyenhancedmodel,peoplearethecoredrivers,withAItoolstoboostefficiency

Coreprocessesbuiltaround

people

Humansmakedecisions;AIassists

•ManualdisputeworkflowswithAIdrafting

•Analystsmonitorfraud;rulesupdatedperiodically

SupplementedbydigitaltoolsincludingAI

Source:TheAI-FirstPaymentsCompany(

/publications/2026/transforming-into-an-ai-

first-payments-company).

FROMRECOVERYTORESURGENCE13

AgenticAIistopofmindforexecutives,butscalingitsafelyremainsachallenge.

IfengineeringisthemostprovenAIapplication,agentic

AIisthemostdiscussed.Butthemajorityoffintechsand

incumbentshavenotdeployedagentsatscalebeyond

tightly-boundedworkflowsorsiloedusecases.Thiscautionisunderstandable.AgenticAIdoesnotjustgenerateor

recommend,itacts.Infinancialservices,thatraisesconcernsaroundliability,fraud,identityaccessmanagement,

explainability,andtrust.

Infinancialservices,thebarrierstoautonomousactionarenotonlytechnicalbutregulatoryandoperational.Security,compliance,liability,anddecisionaccountabilitymakefullyautonomousagentshardertoscale,whichiswhyhuman-in-the-loopmodelsarelikelytomovemuchfaster.The

morepracticalnear-termpathisforagentstotakeon

moreoftheworkflowinsideboundedenvironmentswhereactionscanbegoverned,monitored,andoverridden,whilehumansretaincontrolovercriticaldecisions.

Attheleadingedge,somefintechsarebuildingrepeatableproductionsystemsthatturnAIfromisolatedusecases

intoareusableoperatingmodel.Inasimilarexamplefromanincumbentbank,agentsdonotsitinsilosbutoperate

withinasharedstackofmodels,data,APIs,orchestrationlayers,andguardrailsthatcanbeappliedacrossworkflows.Theresultisamoresystematicredesignofproduct

development.Agentscandefinerequirements,generate

andrevisecode,runtests,andcoordinateacrossthebuildcycle—whilehigher-riskorjudgment-baseddecisionsareescalatedtohumanswithclearvisibilityintowhatthe

systemdidandwhy.(See

Exhibit8

.)

Whilemanyofthenarrativesaroundconsumer-facing

autonomousagentsstillfeelpremature,somedopresentglimpsesofapotentialagenticfuture.AfewAI-native

fintechsatthebleedingedgeofagenticAIadoptionhaveincorporatedagenticAIintoeverythingtheydo—from

internaloperationstocustomer-facingproductsand

customerexperiences.Thesefirmshaveachievedrecord-breakingAIoperatingleverageandtangibleimpact,

underscoringthepotentialvalueoftheagenticworldtocome.(See

Spotlight1

.)

EXHIBIT8

Cutting-EdgeFintechsAreMovingfromHuman-DependenttoAgenticProductionEnd-to-End

O

D

RequirementsDesignBuildTestDeploymentOperations

auto-generated;

parallelreviewers

validate

execution,coveragegate

enforcementremediation

90%

Automatedtestcoverage

5x

Engineeringproductivity

70%

Reducedtoil

99%

Deploymentreliability

Manualbusiness

requirement

document(BRD)

Productmanagers

manuallywritefrom

stakeholdernotes;slow,

error-prone

BRD+JiraEp