In this context banks and insurance companies are sometimes portrayed as a part of the old economy whereas venture capital firms are mentioned as a driving force for a new economy. It is my opinion, however, that this division between old and new is rather artificial.
First, capital markets are particularly well-suited to direct financing towards future-oriented sectors like green and digital. Though banks have an important role to play, capital markets are better able to finance projects with a defined purpose, directly linking investors to the impact they intend to achieve. They can provide more innovative investment vehicles.