Venture capital legend Tim Draper has a one-line verdict on the future of banking, likening the evolution of the financial system to the historical shift from horses to automobiles.

Is the Horse Running Out of Road?

“After the automobile, people still ride horses for a while,” he told Benzinga, addressing whether AI will transform banking or replace it entirely. Draper argues that all major innovations follow the same pattern. The old system lingers even as the new one takes hold and everyone benefits from the change.

Evidence of this can be seen in the fintech world. In November 2025, industry executives at Benzinga’s Fintech Day and Awards confirmed that most firms remain in AI’s…

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