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  "documentTitle": "Banking: The future is back",
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      "text": "Registered banks have responded by simultaneously competing and cooperating with non-banks. Many banks lend to non-banks, which then use the borrowed money to compete with the banks as corporate financiers.",
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      "text": "If this trend continues and does spread beyond the US, it could consign banks to a narrower purpose. Banks will, over the next five years, need to consider the vulnerability of the moats around their business lines.",
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      "text": "Includes assets of private credit funds, business development companies and private collateralized loans. Excludes direct loans from end investors to middle-market firms. Source: Accenture Research analysis based on IMF, Global Financial Stability Report: The Last Mile: Financial Vulnerabilities and Risks, April 2024.",
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