Perhaps more significantly, the new digital distribution channels and falling price of computers and phones have lowered barriers to entry across a whole range of markets. Companies utilising digital channels are growing rapidly as they challenge incumbent firms. Online sales are growing market share in general retailing, financial services, travel services, education and health services.
It is important we are prepared to implement them if required. And, we expect banks to remain cautious about high 2/5  BIS central bankers' speeches  debt-to-income loans given the risks of rising interest rates and the economic outlook.