Looking at the present situations of things, it is a possibility for CryptoCurrencies to surpass other financial institutions, but it does not seem to happen anytime soon.
Banks have their roots dug up deep into our social system, and Cryptos still have to catch the wind with the people in order to become the mainstream.
Also, many financial institutions are now adopting the blockchain technology in the financial sector. So it is hard to say if they are scared of Cryptos, but we can surely say that banks are preparing for the imminent threat that CryptoCurrency is.