Structural change in bank model: Savings (Mint.com, Smarty Pig) Insurance (Real etc) Mortgage Lending (iSelect, Ubank, BBVA) Channel – no one dominates – 'Omni Channel' Customer Engagement (PFG, Smart Phones) – Paradox Margin Pressure: Banks vying for deposits 55% funding mix (more TDs) Rate competition – discounting, third party channels, disruptive models Lower volumes – more competitors Key Challenges Going Forward
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