<p>银行在客户关系、监管特权和分销网络的基础上，享有了数十年的强大护城河——但这一护城河在 2025 年被突破。</p>
<p>嵌入式金融，即将支付、借贷、保险和投资直接整合到非金融平台中，今年已成为主流——将价值创造的重心从银行转向科技平台。</p>
<p>正如麦肯锡在其最新报告中指出的那样，“嵌入式金融不再是边缘化的，它正成为消费者和企业获取金融服务的默认方式。”</p>
<p><strong>嵌入式金融平台的崛起</strong></p>
<p>2025 年，嵌入式金融在各行业的整体采用实现了爆炸性增长，使银行变成了一种 “隐形” 的公共设施。</p>
<p>这一转变在消费领域最为明显，尤其是 Apple Pay Later。</p>
<p>到 2025 年中，巨头 Klarna 直接整合到其 Apple Pay 界面中，有效地绕过了数百万人的传统信用卡申请流程。</p>
<p>苹果不再仅仅是一家手机制造商；它是全球最无摩擦信用生态系统的协调者。同时，竞争对手亚马逊加深了与 Affirm 的合作，在结账时提供即时的先买后付（BNPL）信用。</p>
<p>另一个引人注目的例子来自 Shopify，该公司在今年早些时候扩展了其嵌入式借贷计划，直接通过其平台为小企业提供信用额度，而 UBER 则为司机整合了微型保险和灵活的支付选项，绕过了传统银行渠道。</p>
<p>这些发展共同突显了嵌入式金融如何捕获面向客户的价值链，使银行沦为后端基础设施提供者。</p>
<p>根据埃森哲的预测，到本十年末，全球嵌入式金融收入预计将超过 3000 亿美元，2025 年将是转折点。</p>
<p>消费者越来越倾向于在他们已经使用的应用程序中无缝获取金融服务。</p>
<p>正如富国银行的 Gary Schlossberg 所说：</p>
<p>银行所依赖的护城河——监管壁垒和客户惰性——正被便利性和整合所削弱。消费者并不关心谁提供基础设施；他们关心的是无缝的体验。</p>
<p><strong>银行护城河的压力已经在收益中显现</strong></p>
<p>嵌入式金融的崛起在传统银行的收益中已经显现。位于纽约的摩根大通——例如——在消费者借贷利润方面发布了温和的增长，因为金融科技合作伙伴削减了发放费用。</p>
<p>传统银行护城河最剧烈的侵蚀发生在中小企业（SME）领域。</p>
<p>历史上，银行因掌握交易数据而在中小企业信贷上拥有垄断地位。到 2025 年，这一数据优势已转移到像 Shopify 这样的 “操作系统” 上。</p>
<p>“Shopify Balance” 和 “Shopify Capital” 的近期扩展（通常由像 YouLend 这样的幕后合作伙伴提供支持）使该平台成为一个全栈金融中心。</p>
<p>商家不再需要等待数周才能获得银行贷款；Shopify 利用实时销售数据提供信用额度，按日销售额的百分比偿还。</p>
<p>领先行业分析师 Riccardo Colnaghi 在 2025 年底解释道：</p>
<p>嵌入式银行让会计平台和市场拥有完整的金融工作流程，使它们从可替代工具转变为中小企业操作系统。</p>
<p><strong>传统银行的应对措施</strong></p>
<p>不过，并非所有传统银行都在失利——而那些获胜的银行是那些接受了自身护城河被破坏的银行。</p>
<p>例如，BBVA 今年被评为 “最佳嵌入式金融银行”——因为他们顺应了这一侵蚀。</p>
<p>他们没有努力让用户留在自己的应用程序上，而是开放 API，让像 Uber 和各种零售巨头的合作伙伴 “租用” 他们的资产负债表和监管许可证。</p>
<p>这种银行即服务（BaaS）模式是新的生存策略。</p>
<p>汇丰银行也采取了类似的路径，推出了 “Omni Collect” 和 “Merchant Box” 解决方案。</p>
<p>该巨头一直在积极帮助全球品牌如 Lalamove 和 RENPHO 数字化其收款流程。</p>
<p>汇丰银行不再充当守门人，而是成为促进者，允许资金实时直接从像亚马逊这样的市场流入汇丰管理的账户——有效地绕过第三方中介。</p>
<p>Tariq Bin Hendi 在世界经济论坛上撰文指出：</p>
<p>随着嵌入式金融的快速崛起，问题不再是传统金融机构是否应该适应——而是它们能多快适应。</p>
<p>甚至摩根大通也通过与 “沃尔玛” 的合作迈出了巨大步伐，加快了对市场商家的支付。银行不再强迫卖家进入分行，而是将其账本和支付系统直接嵌入沃尔玛的卖家门户。</p>
<p>在其 2025 年投资者日上，这家传统巨头表示，近 180 亿美元的支付收入通过集成平台客户流入，确认其未来将成为 “银行即服务” 的强大力量。</p>
<p><strong>金融科技如何劫持银行护城河的例子</strong></p>
<p>2025 年，嵌入式金融劫持传统银行护城河的其他例子包括：</p>
<ul>
<li><strong>Stripe Treasury</strong> 扩展了其嵌入式银行服务，允许平台提供支票账户和借记卡，而无需银行分行。</li>
<li><strong>Square (Block)</strong> 将借贷和薪资服务整合到其商户生态系统中，进一步减少对传统银行的依赖。</li>
<li><strong>Revolut</strong> 通过合作伙伴关系推出嵌入式保险产品，直接在其应用中提供保障。</li>
</ul>
<p>同样，像 Wise（前身为 TransferWise）和 Payoneer 这样的平台已经超越简单的转账，成为全球企业的 “首选基础设施”。</p>
<p>Wise 现在为数十家传统银行和平台提供国际支付服务，证明即使是银行本身也在将其核心竞争力外包给更灵活的金融科技公司。</p>
<p>“嵌入式金融标志着一个根本性的转变，从银行作为目的地转变为客户日常数字旅程的推动者，” Mobey Forum 的执行董事 Elina Mattila 在一份报告中表示。</p>
<p>这一转变在惊人的市场数据中得到了体现。到今年年底，全球嵌入式金融市场预计将达到 1480 亿美元，通过这些渠道的交易量将突破 7 万亿美元的里程碑。</p>
<p>当消费者可以在结账时分拆支付，或者司机可以立即将他们的收入 “提现” 到 UBER Money 钱包时，登录传统银行应用的需求便消失了。</p>
<p>根据 WGA Advisors 的说法：“嵌入式金融重塑了客户期望和竞争动态，迫使银行适应以保持相关性。”</p>
<p><strong>监管机构正在跟上嵌入式金融的步伐</strong></p>
<p>先买后付（BNPL）在 2025 年成为嵌入式金融的代表。</p>
<p>像 Klarna、Affirm 和 Afterpay 这样的公司今年直接整合到零售结账中，赢得了曾经由银行主导的消费者信贷关系。</p>
<p>Klarna 表示，2025 年全球超过 1 亿消费者使用了其嵌入式 BNPL 服务。</p>
<p>这一年同比增长显著，使银行不仅失去了交易费用，还失去了交叉销售信用卡和个人贷款的能力。</p>
<p>监管机构也开始认识到这一转变。</p>
<p>欧洲中央银行（ECB）在 2025 年中期发布了关于嵌入式金融合作伙伴关系的指导，强调消费者保护和系统性风险。</p>
<p>在美国，货币监理署（OCC）就银行应如何管理第三方嵌入式金融风险进行了咨询。</p>
<p>正如金融科技评论员 Chris Skinner 所说——</p>
<p>银行不再是金融的守门人。它们是管道，受监管的公用事业，确保合规，而平台则拥有客户。</p>
<p><strong>新的护城河是整合</strong></p>
<p>2025 年的 “护城河” 不再是关于物理存在或历史数据；而是关于整合和速度。</p>
<p>客户现在更看重 “资金到账时间” 而非 “银行品牌”。</p>
<p>展望 2026 年，能够生存下来的传统银行是那些意识到自己不再是客户故事中的 “主角” 的银行。</p>
<p>它们是配角——为人们真正喜爱的那些平台提供流动性和监管支撑。</p>
<p>护城河并没有消失——它只是被转移了。它不再围绕银行，而是围绕客户的数字生活。</p>

SHOP

<p>在 2025 年，嵌入式金融显著扰乱了传统银行的主导地位。像苹果、亚马逊、Shopify 和优步这样的科技平台将金融服务直接整合到他们的生态系统中，减少了对传统银行的依赖。这一转变导致银行的消费贷款利润率和中小企业信贷垄断的下降。一些银行，如 BBVA 和汇丰银行，通过采用银行即服务（Banking-as-a-Service）模型进行了适应。预计到本十年末，全球嵌入式金融市场将超过 3000 亿美元，突显了在现有应用程序中对无缝金融服务日益增长的偏好</p>

<p>Banks have enjoyed a formidable moat built on customer relationships, regulatory privilege, and distribution networks for decades. – but that moat was breached in 2025.</p>
<div class="lb-trans"><p>银行在客户关系、监管特权和分销网络的基础上，享有了数十年的强大护城河——但这一护城河在 2025 年被突破。</p>
</div><p>Embedded finance, the integration of payment, lending, insurance, and investing directly into non-financial platforms, became mainstream this year – shifting the locus of value creation away from banks and toward tech platforms.</p>
<div class="lb-trans"><p>嵌入式金融，即将支付、借贷、保险和投资直接整合到非金融平台中，今年已成为主流——将价值创造的重心从银行转向科技平台。</p>
</div><p>As McKinsey noted in its latest report, “embedded finance is no longer peripheral; it is becoming the default way consumers and businesses access financial services.”</p>
<div class="lb-trans"><p>正如麦肯锡在其最新报告中指出的那样，“嵌入式金融不再是边缘化的，它正成为消费者和企业获取金融服务的默认方式。”</p>
</div><p><strong>The rise of embedded finance platforms</strong></p>
<div class="lb-trans"><p><strong>嵌入式金融平台的崛起</strong></p>
</div><p>The year 2025 saw explosive growth in the overall adoption of embedded finance across industries, turning banking into an “invisible” utility.</p>
<div class="lb-trans"><p>2025 年，嵌入式金融在各行业的整体采用实现了爆炸性增长，使银行变成了一种 “隐形” 的公共设施。</p>
</div><p>This shift was most visible in the consumer space with Apple Pay Later.</p>
<div class="lb-trans"><p>这一转变在消费领域最为明显，尤其是 Apple Pay Later。</p>
</div><p>By mid-2025, the giant integrated Klarna directly into its Apple Pay interface, effectively bypassing the traditional credit card application process for millions.</p>
<div class="lb-trans"><p>到 2025 年中，巨头 Klarna 直接整合到其 Apple Pay 界面中，有效地绕过了数百万人的传统信用卡申请流程。</p>
</div><p>Apple isn’t just a phone maker anymore; it is the orchestrator of the world’s most frictionless credit ecosystem. Meanwhile, rival Amazon deepened its partnership with Affirm, offering instant buy-now-pay-later (BNPL) credit at checkout.</p>
<div class="lb-trans"><p>苹果不再仅仅是一家手机制造商；它是全球最无摩擦信用生态系统的协调者。同时，竞争对手亚马逊加深了与 Affirm 的合作，在结账时提供即时的先买后付（BNPL）信用。</p>
</div><p>Another striking example came from Shopify, which expanded its embedded lending programme earlier this year, offering small businesses credit lines directly through its platform, while UBER integrated micro-insurance and flexible payment options for drivers, bypassing conventional bank channels.</p>
<div class="lb-trans"><p>另一个引人注目的例子来自 Shopify，该公司在今年早些时候扩展了其嵌入式借贷计划，直接通过其平台为小企业提供信用额度，而 UBER 则为司机整合了微型保险和灵活的支付选项，绕过了传统银行渠道。</p>
</div><p>Together, these developments highlight how embedded finance captured the customer-facing value chain, relegating banks to back-end infrastructure providers.</p>
<div class="lb-trans"><p>这些发展共同突显了嵌入式金融如何捕获面向客户的价值链，使银行沦为后端基础设施提供者。</p>
</div><p>According to Accenture, embedded finance revenues globally are projected to exceed $300 billion by the end of this decade, with 2025 marking the inflexion point.</p>
<div class="lb-trans"><p>根据埃森哲的预测，到本十年末，全球嵌入式金融收入预计将超过 3000 亿美元，2025 年将是转折点。</p>
</div><p>Consumers are increasingly preferring financial services delivered seamlessly within the apps they already use.</p>
<div class="lb-trans"><p>消费者越来越倾向于在他们已经使用的应用程序中无缝获取金融服务。</p>
</div><p>As Gary Schlossberg of Wells Fargo put it:</p>
<div class="lb-trans"><p>正如富国银行的 Gary Schlossberg 所说：</p>
</div><p>The moat banks relied on – regulatory barriers and customer inertia – are being chipped away by convenience and integration. Consumers don’t care who provides the infrastructure; they care about seamless experiences.</p>
<div class="lb-trans"><p>银行所依赖的护城河——监管壁垒和客户惰性——正被便利性和整合所削弱。消费者并不关心谁提供基础设施；他们关心的是无缝的体验。</p>
</div><p><strong>Pressure on banks’ moat is already showing in earnings</strong></p>
<div class="lb-trans"><p><strong>银行护城河的压力已经在收益中显现</strong></p>
</div><p>The rise of embedded finance is already visible in traditional banks’ earnings. NY-based JPMorgan – for example – posted muted growth in consumer lending margin this year as fintech partners cut into origination fees.</p>
<div class="lb-trans"><p>嵌入式金融的崛起在传统银行的收益中已经显现。位于纽约的摩根大通——例如——在消费者借贷利润方面发布了温和的增长，因为金融科技合作伙伴削减了发放费用。</p>
</div><p>The most aggressive erosion of the traditional banking moat has occurred in the Small and Medium Enterprise (SME) sector.</p>
<div class="lb-trans"><p>传统银行护城河最剧烈的侵蚀发生在中小企业（SME）领域。</p>
</div><p>Historically, banks held a monopoly on SME credit because they held the transaction data. In 2025, that data advantage has shifted to “Operating Systems” like Shopify.</p>
<div class="lb-trans"><p>历史上，银行因掌握交易数据而在中小企业信贷上拥有垄断地位。到 2025 年，这一数据优势已转移到像 Shopify 这样的 “操作系统” 上。</p>
</div><p>The recent expansion of “Shopify Balance” and “Shopify Capital” (often powered by behind-the-scenes partners like YouLend) has turned the platform into a full-stack financial hub.</p>
<div class="lb-trans"><p>“Shopify Balance” 和 “Shopify Capital” 的近期扩展（通常由像 YouLend 这样的幕后合作伙伴提供支持）使该平台成为一个全栈金融中心。</p>
</div><p>Merchants no longer wait weeks for a bank loan; Shopify uses real-time sales data to offer credit lines that are repaid as a percentage of daily sales.</p>
<div class="lb-trans"><p>商家不再需要等待数周才能获得银行贷款；Shopify 利用实时销售数据提供信用额度，按日销售额的百分比偿还。</p>
</div><p>Riccardo Colnaghi, a leading industry analyst, explained it in late 2025:</p>
<div class="lb-trans"><p>领先行业分析师 Riccardo Colnaghi 在 2025 年底解释道：</p>
</div><p>Embedded banking lets accounting platforms and marketplaces own the full financial workflow, turning them from replaceable tools into SME operating systems.</p>
<div class="lb-trans"><p>嵌入式银行让会计平台和市场拥有完整的金融工作流程，使它们从可替代工具转变为中小企业操作系统。</p>
</div><p><strong>How legacy banks are responding</strong></p>
<div class="lb-trans"><p><strong>传统银行的应对措施</strong></p>
</div><p>Not all traditional banks are losing, though – but the ones winning are those that have accepted the destruction of their own moat.</p>
<div class="lb-trans"><p>不过，并非所有传统银行都在失利——而那些获胜的银行是那些接受了自身护城河被破坏的银行。</p>
</div><p>BBVA, for example, was named the “Best Bank for Embedded Finance” this year – because they leaned into the erosion.</p>
<div class="lb-trans"><p>例如，BBVA 今年被评为 “最佳嵌入式金融银行”——因为他们顺应了这一侵蚀。</p>
</div><p>Rather than fighting to keep users on their own app, they opened APIs to let partners like Uber and various retail giants “rent” their balance sheet and regulatory license.</p>
<div class="lb-trans"><p>他们没有努力让用户留在自己的应用程序上，而是开放 API，让像 Uber 和各种零售巨头的合作伙伴 “租用” 他们的资产负债表和监管许可证。</p>
</div><p>This Banking-as-a-Service (BaaS) model is the new survival strategy.</p>
<div class="lb-trans"><p>这种银行即服务（BaaS）模式是新的生存策略。</p>
</div><p>HSBC followed a similar path as well with its “Omni Collect” and “Merchant Box” solutions.</p>
<div class="lb-trans"><p>汇丰银行也采取了类似的路径，推出了 “Omni Collect” 和 “Merchant Box” 解决方案。</p>
</div><p>The giant has been actively helping global brands like Lalamove and RENPHO digitise their collection process.</p>
<div class="lb-trans"><p>该巨头一直在积极帮助全球品牌如 Lalamove 和 RENPHO 数字化其收款流程。</p>
</div><p>Rather than acting as a gatekeeper, HSBC is now a facilitator, allowing funds to flow directly from marketplaces like Amazon into HSBC-managed accounts in real-time – effectively bypassing 3rd party intermediaries.</p>
<div class="lb-trans"><p>汇丰银行不再充当守门人，而是成为促进者，允许资金实时直接从像亚马逊这样的市场流入汇丰管理的账户——有效地绕过第三方中介。</p>
</div><p>Tariq Bin Hendi, writing for the World Economic Forum, argued:</p>
<div class="lb-trans"><p>Tariq Bin Hendi 在世界经济论坛上撰文指出：</p>
</div><p>As embedded finance continues its rapid ascent, the question is no longer whether traditional financial institutions should adapt – but how quickly they can.</p>
<div class="lb-trans"><p>随着嵌入式金融的快速崛起，问题不再是传统金融机构是否应该适应——而是它们能多快适应。</p>
</div><p>Even JPM took a massive leap by partnering with “Walmart” to speed up payments to marketplace merchants. Instead of forcing sellers into a branch, the bank embedded its ledger and payment rails directly into Walmart’s seller portal.</p>
<div class="lb-trans"><p>甚至摩根大通也通过与 “沃尔玛” 的合作迈出了巨大步伐，加快了对市场商家的支付。银行不再强迫卖家进入分行，而是将其账本和支付系统直接嵌入沃尔玛的卖家门户。</p>
</div><p>At its 2025 Investor Day, the legacy giant said nearly $18 billion in payments revenue was flowing through integrated platform clients, a confirmation that its future is as a “Banking-as-a-Service” powerhouse.</p>
<div class="lb-trans"><p>在其 2025 年投资者日上，这家传统巨头表示，近 180 亿美元的支付收入通过集成平台客户流入，确认其未来将成为 “银行即服务” 的强大力量。</p>
</div><p><strong>Examples of fintech hijacking banks’ moat</strong></p>
<div class="lb-trans"><p><strong>金融科技如何劫持银行护城河的例子</strong></p>
</div><p>Other examples of embedded finance hijacking traditional banks’ moat in 2025 include:</p>
<div class="lb-trans"><p>2025 年，嵌入式金融劫持传统银行护城河的其他例子包括：</p>
</div><ul>
<li><strong>Stripe Treasury</strong> expanded its embedded banking services, allowing platforms to offer checking accounts and debit cards without a bank branch.</li>
<li><strong>Square (Block)</strong> integrated lending and payroll services into its merchant ecosystem, further reducing reliance on traditional banks.</li>
<li><strong>Revolut</strong> launched embedded insurance products through partnerships, offering coverage directly inside its app.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Stripe Treasury</strong> 扩展了其嵌入式银行服务，允许平台提供支票账户和借记卡，而无需银行分行。</li>
<li><strong>Square (Block)</strong> 将借贷和薪资服务整合到其商户生态系统中，进一步减少对传统银行的依赖。</li>
<li><strong>Revolut</strong> 通过合作伙伴关系推出嵌入式保险产品，直接在其应用中提供保障。</li>
</ul>
</div><p>Similarly, platforms like Wise (formerly TransferWise) and Payoneer have moved beyond simple transfers to becoming the “infrastructure of choice” for global businesses.</p>
<div class="lb-trans"><p>同样，像 Wise（前身为 TransferWise）和 Payoneer 这样的平台已经超越简单的转账，成为全球企业的 “首选基础设施”。</p>
</div><p>Wise now powers international payments for dozens of legacy banks and platforms, proving that even the banks themselves are outsourcing their core competencies to more agile fintechs.</p>
<div class="lb-trans"><p>Wise 现在为数十家传统银行和平台提供国际支付服务，证明即使是银行本身也在将其核心竞争力外包给更灵活的金融科技公司。</p>
</div><p>“Embedded finance marks a fundamental shift, from banks as destinations to enablers of customers’ everyday digital journeys,” said Elina Mattila, executive director at Mobey Forum in a report.</p>
<div class="lb-trans"><p>“嵌入式金融标志着一个根本性的转变，从银行作为目的地转变为客户日常数字旅程的推动者，” Mobey Forum 的执行董事 Elina Mattila 在一份报告中表示。</p>
</div><p>This shift is reflected in the staggering market data. By the end of this year, the global embedded finance market will have reached an estimated $148 billion, with transaction volume through these channels crossing the $7 trillion milestone.</p>
<div class="lb-trans"><p>这一转变在惊人的市场数据中得到了体现。到今年年底，全球嵌入式金融市场预计将达到 1480 亿美元，通过这些渠道的交易量将突破 7 万亿美元的里程碑。</p>
</div><p>When a consumer can split a payment at checkout, or drivers can “cash out” their earnings instantly to an UBER Money wallet, the need to ever log into a traditional bank app disappears.</p>
<div class="lb-trans"><p>当消费者可以在结账时分拆支付，或者司机可以立即将他们的收入 “提现” 到 UBER Money 钱包时，登录传统银行应用的需求便消失了。</p>
</div><p>According to WGA Advisors: “embedded finance reshapes customer expectations and competitive dynamics, forcing banks to adapt to remain relevant.”</p>
<div class="lb-trans"><p>根据 WGA Advisors 的说法：“嵌入式金融重塑了客户期望和竞争动态，迫使银行适应以保持相关性。”</p>
</div><p><strong>Regulators are catching up with embedded finance</strong></p>
<div class="lb-trans"><p><strong>监管机构正在跟上嵌入式金融的步伐</strong></p>
</div><p>Buy-now-pay-later (BNPL) became the poster child for embedded finance in 2025.</p>
<div class="lb-trans"><p>先买后付（BNPL）在 2025 年成为嵌入式金融的代表。</p>
</div><p>Names like Klarna, Affirm, and Afterpay have integrated directly into retail checkouts this year, winning consumer credit relationships that banks once dominated.</p>
<div class="lb-trans"><p>像 Klarna、Affirm 和 Afterpay 这样的公司今年直接整合到零售结账中，赢得了曾经由银行主导的消费者信贷关系。</p>
</div><p>Klarna says over 100 million consumers globally used its embedded BNPL services in 2025.</p>
<div class="lb-trans"><p>Klarna 表示，2025 年全球超过 1 亿消费者使用了其嵌入式 BNPL 服务。</p>
</div><p>A sharp year-over-year increase that made banks lose not only transaction fees, but also the ability to cross-sell credit cards and personal loans.</p>
<div class="lb-trans"><p>这一年同比增长显著，使银行不仅失去了交易费用，还失去了交叉销售信用卡和个人贷款的能力。</p>
</div><p>Regulators have started recognising the shift as well.</p>
<div class="lb-trans"><p>监管机构也开始认识到这一转变。</p>
</div><p>The European Central Bank (ECB) in mid-2025 issued guidance on embedded finance partnerships, emphasising consumer protection and systemic risk.</p>
<div class="lb-trans"><p>欧洲中央银行（ECB）在 2025 年中期发布了关于嵌入式金融合作伙伴关系的指导，强调消费者保护和系统性风险。</p>
</div><p>In the US, the Office of the Comptroller of the Currency (OCC) introduced consultations on how banks should manage third-party embedded finance risks.</p>
<div class="lb-trans"><p>在美国，货币监理署（OCC）就银行应如何管理第三方嵌入式金融风险进行了咨询。</p>
</div><p>As Chris Skinner, fintech commentator, put it –</p>
<div class="lb-trans"><p>正如金融科技评论员 Chris Skinner 所说——</p>
</div><p>Banks are no longer the gatekeepers of finance. They are pipes, regulated utilities ensuring compliance while platforms own the customer.</p>
<div class="lb-trans"><p>银行不再是金融的守门人。它们是管道，受监管的公用事业，确保合规，而平台则拥有客户。</p>
</div><p><strong>The new moat is integration</strong></p>
<div class="lb-trans"><p><strong>新的护城河是整合</strong></p>
</div><p>The “moat” of 2025 is no longer about physical presence or historical data; it is about integration and speed.</p>
<div class="lb-trans"><p>2025 年的 “护城河” 不再是关于物理存在或历史数据；而是关于整合和速度。</p>
</div><p>Customers now value “time-to-money” over “brand-of-bank.”</p>
<div class="lb-trans"><p>客户现在更看重 “资金到账时间” 而非 “银行品牌”。</p>
</div><p>As we look toward 2026, the traditional banks that will survive are those that realise they are no longer the “main character” in the customer’s story.</p>
<div class="lb-trans"><p>展望 2026 年，能够生存下来的传统银行是那些意识到自己不再是客户故事中的 “主角” 的银行。</p>
</div><p>They are the supporting cast – providing the liquidity and regulatory backbone for the platforms that people actually love.</p>
<div class="lb-trans"><p>它们是配角——为人们真正喜爱的那些平台提供流动性和监管支撑。</p>
</div><p>The moat hasn’t disappeared – it’s just been moved. It no longer surrounds the bank; it surrounds the customer’s digital life.</p>
<div class="lb-trans"><p>护城河并没有消失——它只是被转移了。它不再围绕银行，而是围绕客户的数字生活。</p>
</div>

回顾 2025 年：嵌入式金融如何侵蚀了传统银行的护城河