With the growth of nonbank lending, intermediation chains have lengthened, often involving both banks and other nonbank  2  Credit market assets include commercial paper, Treasury securities, agency and GSE-backed securities, municipal securities, corporate and foreign bonds, consumer credit, mortgages, and other types of loans (issued by depository institutions) as well as other loans and advances.
Second, is partnerships and collaborations. As we move forward, agility will be imperative particularly for incumbent institutions as they respond to changing customer preferences for anytime anywhere services. Even before the pandemic, incumbent banks and telecommunication companies had started to develop partnerships with agile fintech companies. This trend will have to be accelerated in a safe and sustainable manner as we build back.