Exponential technologies offer enormous opportunities for building a much more efficient and productive financial system capable of efficiently driving global growth and well-being. This demands a profound transformation of the financial industry and threatens the survival of today’s banks. The present article begins with a consideration of how technological growth affects the economy and companies, and continues by detailing its impact on the financial industry. It then discusses the fundamental risks involved in the transformation that financial institutions must undergo. This final analysis is largely based on BBVA’s experience with the drastic transformation it launched almost a decade ago.