"We're going to kill the banks," was the line often pedalled by fintech start-ups in the past couple of years, while the banks were figuring out what to do in the wake of young companies attacking their business model.
That narrative has now changed.
At Money 2020 Europe in Copenhagen, the region's biggest fintech event, major banks and upstart challengers came together. And instead of fighting with each other, the message was collaboration, and banks were a lot more honest about how innovation hasn't always been quick.
"We are seeing now that even after so many years all the new companies are doing the stuff that we do in a better way with a superior value proposition and lower cost because you are leveraging new technology," Carlos Torres Vila, chief executive of Spanish bank BBVA, said in a keynote speech on Monday.
"Customers are speaking with their feet, they are moving to new channels ... They are clearly unsatisfied," he added, admitting that "our model is under disruption".