This chapter provides an overview of the definition and classification techniques of banking business models (BBMs), focusing on the evolution processes in response to technological advancements, regulatory changes, and market dynamics that have characterized the banking sector. This chapter, using a sample of worldwide listed banks, identifies three distinct BBMs—retail banks, investment banks, and diversified asset banks—employing a clustering analysis. Additionally, it examines the evolution of BBMs from a traditional intermediary model to a more diversified one, shaped by the advent of FinTech firms and intensified competition in the banking industry, identifying threats and opportunities for enhanced banks’ efficiency, innovation, and BBM’s sustainability.