Abstract We investigate the evolution of financial convergence on the global financial market and technology development as essential prerequisites for the emergence of a new type of financial conglomerate—ecosystem financial conglomerate (EFC). On conducting quantitative and quantitative analyses and applying a case study method, we have revealed four stages in the financial convergence development process. The first stage is initiated by individual financial institutions on financial markets. At the next stage, certain similarities in the activities and external factors of technology development and regulatory restrictions allow entities operating in different financial segments (banking, insurance, investment, and pension funds) to merge into alliances. At the third stage, they transform into financial conglomerates, and finally, ecosystem financial conglomerates, whose distinguished features are interdependence, interconnectedness, and powerful resources. As a result, we witness the launch of a new technology of creating financial products, which enables financial institutions from various market segments to provide a set of complex financial services. However, the increased complexity of financial markets, risk concentration, and the emergence of new global players acting through EFCs require revising prudential measures and crisis management tools. We have found that the new ecosystem business model for financial conglomerates is an obvious response of financial markets to the rapid development of technologies and changing needs of customers. Overall, the ecosystem approach on the global financial market is a new paradigm shift and needs further research.