A record-breaking bull run may have pushed bank shares to fresh heights but, in many cases the leaders that steered the sector to this apogee are preparing to give way to the next generation. And change drives tension – bankers must grapple with the rising competitive threat of private credit and the floor is falling away from the business model that has underpinned payments for a decade. A billion dollar technology arms race has yet to slow down and poses an existential threat to Australia’s small and mid-tier banks.