Banks need to start refining the way they price for risk or they will fall victim to lenders with more efficient models, according to a leading analyst.JPMorgan banking analyst Scott Manning said that up to now banks had responded to the increased capital intensity in their businesses in a "blunt" way, such as increasing mortgage rates across the board in response to the imposition of higher mortgage risk weights."Things need to change," said Manning, who was speaking at the Australian Securitisation Forum's conference in Sydney yesterday."Lenders need to get risk-based pricing right. They need to focus on the risk and the appropriate charge for that risk," he said.Manning said he expected to see more price discrimination from mortgage specialists and more focus on growth in particular segments of the market. Banks needed to do the same.He said this would create opportunities in the securitisation market, as mortgage lending became more specialised and more differentiated.