And we have seen consistent growth in banking-as-a-service partnerships—where the bank partners with a nonbank company, often a fintech, to offer new products and services. Even without these external influences, bankers who leverage innovation as a significant aspect of their business model often have a mindset that is compatible with continued innovation and are less sensitive to regulatory and supervisory communications.
That would show up as GDP growth, though it may be predominantly reflected as higher measured productivity rather than generating a large volume of extra employment. The question will be whether other areas of domestic demand start to strengthen. Many households have made progress in reducing debt burdens.