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  "documentTitle": "Banking: The future is back",
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  "notes": "The slide discusses the rise of 'shadow banking' and the impact of regulation on traditional banks versus non-bank entities.",
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      "text": "Regulatory pressure is pushing borrowers toward the non-bank sector for their mortgages and commercial credit.",
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      "text": "As for non-banks, their share of the traditional financial market has grown significantly. Intensified regulation, intended to reduce risk in the formal banking sector, has had the perverse effect of pushing financial assets outside of it. As we showed in last year's report, non-banks such as insurers, pension funds and PE funds have, since the 2008 financial crisis, increased their share of loans, bonds and stocks—at the expense of banks. By 2022 they managed 54% of the global total.",
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      "text": "Nor is it only private credit players that have benefited. Non-bank mortgage originators, such as Rocket Mortgage, have increased their share of originations in the US from 12% to 69% since the Global Financial Crisis.",
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      "text": "If Apollo were a bank, it would be one of the top 10 in the US. JPMorgan Chase’s Jamie Dimon, when commenting on potential new capital requirements for banks in 2023, said: “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone. They’re dancing in the streets.”",
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      "text": "Regulatory pressure is pushing borrowers toward the non-bank sector for their mortgages and commercial credit. Banks of the future will depend on bold strategies, innovative partnerships and technology-driven solutions to stay competitive and relevant in a transforming financial ecosystem.",
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      "text": "The impact of fintechs was blunted when rising interest rates caused their funding to diminish. As the pace of new launches slowed, only the few profitable start-ups have been able to continue their aggressive competitive inroads.",
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      "text": "Within this broad trend toward “shadow banking”, the growth of a few specific categories—such as private credit—is striking. According to IMF estimates, assets under the management of private credit funds have grown at an average of almost 20% a year over the past two decades (Figure 1). The biggest of these companies, Apollo Global Management, now manages almost $600 billion in private credit, having expanded by more than $170 billion since 2022; it aims to more than double it by 2029.",
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      "text": "The structure of the banking industry is changing as the role of non-traditional financial players expands. Initially, this took two forms: the proliferation of fintechs offering mostly niche services, and the surge of lending by non-banks.",
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