【FT Partners】全球金融科技报告：从复苏到复苏-2026.6

FINANCIALINSTITUTIONS

GLOBALFINTECHREPORT2026

4THEDITION

FromRecoverytoResurgence

June2026

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

(20212025$B)

Globalfintechrevenuebyvertical

(2021–2025$B)

5

2024–202growth

17%

15%

30%

38%

20%

18%

13%

294

16

19

21

45

65

128

,

22%

TradingandinvestmentsLending

Payments

Insurance

Financialinfrastructure

Deposits

504

28

36

41

74

103

222

414

24

32

31

54

86

188

334

18

23

24

39

72

158

15%

257

20212022202320242025

16

51

61

100

24%

13

15

Globalfintechrevenuebyregion

20212022202320242025

MiddleEastandAfricaAsia-Pacific

LatinAmericaNorthAmerica

Europe

2024–2025growth

20%

15%

24%

25%

21%

24%

13%15%

334

294

5

22

29

89

149

7

33

37

83

175

22%

504

10

257

5

13

24

83

132

48

93

212

116

258

414

8

52

60

60

–

,

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.

EXHIBIT2

FROMRECOVERYTORESURGENCE7

FintechsGrew>4xtheRateofIncumbents

Fintechrevenuegrowthoutpacedincumbentsacrossallverticals

FINTECHVS.INCUMBENTREVENUEGROWTHYOY,2024–2025(%)1

38%

6%

Tradingandinvestments

Fintechsaccountfor~4%ofglobalfinancialservicesrevenues

TOTALGLOBALREVENUE,2025($)

Fintechs

~22%

YoYgrowth

Incumbents

~5%

YoYgrowth

30%

2%

Deposits

20%

7%

Lending

18%

5%

Payments

17%

5%

Insurance

~504B

~13T

FintechsIncumbents

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

Multi-line

~$4B

~$1B~$1B

Businessloans

~$3B

SMEaccounting

~$11B

Digitalwealth

management~$4B

Other~$3B

Retailtradingandbrokerage

~$10B

B2Bpayments~$7B

Creditscore

management~$4B

Stablecoinissuersandinfrastructure~$13B

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.

Tradingandinvestments

~$45B

Lending

~$41B

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,oftenbybuildingon

topofenablingpublicpaymentinfrastructure.Mobilemoney,digitalwallets,low-costpayments,andsimpleronboarding

haveexpandedaccessatrealscale.TheBankfor

InternationalSettlementsreportsthatBrazil’sPixhadsignedup67%ofadultsalittleoverayearafterlaunch,supported

byfreeperson-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

Unbanked

Nubank(atleastoneaccount)Banked(noNubankaccount)

12%

17%

72%

2025

20%

12%

69%

2020

31%

69%

2015

44%

56%

2010

57%

43%

2005

Brazil

MiddleEastandAfricaM-PESA

SinceM-PESA’slaunchin

2007,thefinanciallyexcludedpopulationinKenyahas

declinedfrom~50%to~10%

Kenya

82%

19%

2005

48%

36%

16%

2010

25%

45%

30%

2015

16%

66%

18%

2020

11%

78%

12%

2025

Financiallyexcluded

M-PESA(atleastoneaccount)Formallyincluded2

(noM-PESAaccount)

Asia-PacificGCash

SinceGCash’sexplosivegrowth

startingin2015,thefinancially

excludedpopulationinthePhilippinesdeclinedfrom~70%to~20%

74%72%69%

1%2%5%

25%26%27%

200520102015

Financiallyexcluded

GCash(atleastoneaccount)Formallyincluded2

(noGCashaccount)

18%

74%

8%

2025

47%

29%

24%

2020

Philippines

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

+2pp

34352729

PROFITABLE(%)1

4

+8pp

20

16

12

+4pp

+4pp

2022202320242025

2022202320242025

68

49

40

74

2022202320242025

+6pp+19pp

+9pp

Sources:Financialanalysisofthetop85fintechs,S&PCapitalIQ;Pitchbook;BCGFinTechControlTower;BCGanalysis.1ProfitabilitydefinedasEBITDAorEBT.

2Ruleof40isafinancialmetricmeasuringwhetherthesumofrevenuegrowth(%)andEBITDAmargin(%)isgreaterthan40.

10BOSTONCONSULTINGGROUP+FTPARTNERS

EXHIBIT6

EquityFundingandIPOActivityHaveAccelerated,WhileValuationsHaveGrownModerately

FINTECHEQUITYFINANCING($B)

+53%

–10%

58

4338

–52%

88

2022202320242025

IPOACTIVITY(COUNT)1

+50%

+155%

42

2

5

28

1

4

15

11

1

1

2

8

15

–8%

12

4

20

5

6

4

2022202320242025

REVENUEMULTIPLEFORPUBLICFINTECHS

9.1x

5.2x4.9x

+16%–6%

–43%

5.7x

2022202320242025

2025fundingreboundhascontinuedinto2026,withQ1equityfundingreaching

$14.8B,surpassing2025Q1–Q3

MiddleEastandAfricaEurope

Asia-Pacific

NorthAmerica

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-termstructureoffinancial

services.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,”

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

Manual

designspecs

Architectshand-craft

specs;noconsistency,

notraceability

Functional+designspecs

Agentdraftsfunctional

spec;APIcontracts

auto-generated;

parallelreviewers

validate

Manualbusiness

requirement

document(BRD)

Productmanagers

manuallywritefrom

stakeholdernotes;slow,

error-prone

BRD+JiraEpics

BRDagentfrom

transcripts;Jira

epics+confluence

committed

Individual

developereffort

Testcaseswritten

manually;gapsand

inconsistency

throughout

Testartifactgeneration

QAsprintacceptance

criteriavalidation,

testexecution,

coveragegate

Individual

developereffort

Developershand-craft

everyfeature;

boilerplatefrom

scratch

Agent-nativebuild

Agent-nativespec-drivendevelopment

Reactive

incidentresponse

Manualrunbooks,

tribalknowledge;highmean