Although we also saw a decline in technology costs that enabled banks of all sizes to offer a wider array of digital products and services to their customers, the innovation taking place outside the banking sector was often seen as outpacing the innovation in the banking sector. Consumers seemed to increasingly weigh convenience over safety, as a number of non-banks increased their market share.
To a lesser degree, but still concerning, was that of the convenience factor. It drove some small business borrowers to move away from lenders with whom they had longstanding relationships. In some cases, those borrowers were even willing to pay much more for credit for the sake of convenience.