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  "documentTitle": "Banking on AI Banking Top 10 Trends for 2024",
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  "notes": "The chart uses a smoothed area plot to show the dramatic drop in new bank formations post-2008.",
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      "text": "Some cynics go so far as to claim that the medicine has caused more harm than the ailment it was intended to cure. It has certainly moved a lot of risk outside the banking industry. This is evidenced by the growth of private equity players, especially in leveraged loan markets and private debt. The Financial Stability Board has noted that while hedge funds held no credit assets in 2009, 12 years later their holdings exceeded $4 trillion.",
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      "text": "This shadow bank system has grown to be larger than the formal, regulated banking system (Figure 5). It's no coincidence that banking is not only one of the most regulated industries, but also the most difficult for new businesses to penetrate. While most other sectors have seen digital-native innovators setting up shop, capturing market share and, in some cases, becoming the dominant players, in banking not one neobank has managed to become a significant player and challenge the incumbents. As mentioned on page 2, even the most successful contenders have been unable to break into the top-250 global ranking of banks by assets. The chilling effect of regulation has also, in recent decades, resulted in a decline in the number of firms applying for a banking license in the US (Figure 7).",
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      "text": "Source: Accenture Research analysis based on FDIC.",
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      "text": "Figure 7. The number of new banks in the US has plummeted since the Global Financial Crisis.",
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