Most of the remaining vestiges of the traditional distinctions between one type of financial-service institution and another will be swept away in the years ahead-a process we have called homogenization.

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The financial services industry has been experiencing a trend towards homogenization, where traditional distinctions between different types of institutions (such as banks, insurance companies, and investment firms) are becoming less pronounced. This is due to regulatory changes, technological advancements, and shifts in consumer behavior, leading to a more integrated and uniform sector.

Most of the Remaining Vestiges of the Traditional Distinctions Between