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  "documentTitle": "Banking on AI Banking Top 10 Trends for 2024",
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      "text": "In our 2023 Global Risk Survey, only 35% of 172 banking executives said their organization is fully able to assess the risks associated with interest rate increases.",
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      "text": "Figure 3. The average house price has risen more than personal disposable income.",
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      "text": "House price index vs. personal disposable income index (2013 Q1 = 100): ~155 vs ~135 (2023)",
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      "text": "The question then is: will governments allow large numbers of employed but hard-pressed home-owners to lose their properties or will we see some interesting public/private partnerships—the Canadian government is already talking about interventions to help citizens crushed by rising rates. In our 2023 Global Risk Survey, only 35% of 172 banking executives said their organization is fully able to assess the risks associated with interest rate increases. This alone suggests a low level of readiness to intervene if the situation turns ugly.",
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      "text": "There is a growing risk of stressed customers defaulting on their mortgages as rates remain high and salary increases fail to offset consumer price inflation. In a sample of Western markets, the rise in the price of houses has significantly exceeded the average growth in household disposable income since 2015 (Figure 3). As rates remain elevated and low pre-Covid mortgages roll off, the risk of stressed consumers defaulting rises, even where unemployment is low.",
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      "text": "*Overall indices calculated as simple averages of house price and personal disposable income indices for: Australia, Belgium, Canada, Germany, Spain, France, UK, Italy, Switzerland, Netherlands and US. Source: Accenture Research based on Federal Reserve Bank of Dallas",
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      "text": "Trend 3 | All the risk we cannot see",
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