In the early part of this year, the process gained speed, avoiding, however, potentially dangerous cliff-effects of too sharp a drop, and was completed on the 1st of July. A few weeks later, we started raising the key official rates by a significant size (50 basis points in July and 75 in September), aimed at frontloading the exit from their highly accommodative levels.
Establishing and implementing new norms is in the shared interest of all of the participants in the fintech stack. For instance, in the case of credit cards, mortgages, and many other products, it is often banks or parties closely affiliated with banks that pay fees to fintech advisors to generate leads for their products, pursuant to a contract.