The rapid migration from paper to electronic modes can largely be attributed to the extraordinary growth in issuance and usage of cards (both debit and credit), increasing ACH transactions (for repetitive bill and utility payments), multiple delivery channels (ATMs, net-banking and core-banking solutions) and the changing appetite of the present generation of consumers.
Globally, for example, the share of residential and commercial mortgages in banks’ total lending portfolios has roughly doubled over the course of a century – from about 30% in 1900 to close to 60% in 2010.2 This has also been the case in Ireland, where the banking system now has a higher-than-average concentration on real estate lending relative to the rest of Europe.3 Third, property is a key source of collateral across the economy.