It may be argued that nonbanks could avoid use of bank deposits by maintaining deposit like funds, say, wallets. Then non-banks would be deposit taking entities, that is, they would be effectively banks which would require a banking licence. A less disruptive and more efficient mechanism is to facilitate banks to collaborate (or acquire) the new technology.
And, over the last year, we have seen further improvements as the reforms begin to take shape. 8  BA  ES  O F GH  A  NA  NK  T. 1 9 5 7  15. However, we have a few institutions in the sector that have come under stress in both banks and specialized deposit taking institutions.