Consolidation can have negative impacts on the wider economy, as access to credit is an important factor for businesses and individuals to thrive. This trend has led to the consolidation of the banking industry, with a few large banks dominating the market. It’s like a game of Monopoly, but instead of getting a hotel on Boardwalk, you get to control the entire board.
Now, you might be thinking, “Hey, bigger banks mean better services, right?” Wrong! With fewer options available, the cost of banking services may increase, and access to credit may become more limited. It’s like going to a restaurant with a limited menu, and the only thing you can order is the most expensive item.