While it is difficult to specify what that might mean in numerical terms, a return to financial sector growth rates consistently higher than the growth of nominal GDP seems unlikely for the foreseeable future. That is my first concluding comment. My other comment concerns the nature of competition.
The pre-GFC quarter century was an unusual period, in that competition in financial intermediation came to be focused mainly on the lending side of the balance sheet. That now looks to have been an aberration, and we seem to be entering a period where significant competition on both sides of the balance sheet becomes the norm.