FINANCIAL INNOVATION - PUBLIC NARRATIVE

Ben Wolff September 2017 Director [email protected] 203-314-1450

© 2017 Proprietary and confidential. FINTECH IS REVOLUTIONIZING • The financial sector is rapidly transforming. AI, machine learning and automation are changing organizational structures, job roles / responsibilities and how services are being FINANCIAL provided to consumers. SERVICES: THE INDUSTRY IS • Personalizing the customer experience is key. Financial services firms that effectively TRANSFORMING, leverage machine learning (ML) to offer highly personalized solutions to their clients have a PROCESSES ARE competitive advantage. BECOMING DIGITIALLY • Small / medium enterprises and eCommerce businesses have a growing need ENHANCED AND for digital financial services solutions such as mobile payments, e-wallets and cryptocurrencies. INCREASINGLY AUTOMATED We used Quid to analyze and • Financial advisory is becoming more automated: “human + robot” frameworks are synthesize thousands of stories now perceived as industry standard / best practice. about digital transformation in the banking industry to better understand FinTech trends. • The market is growing for companies providing Machine Learning / Data Date range: August 30, 2016 to Analytics Solutions to financial services institutions to analyze customer data and provide August 31, 2017 personalized services.

EXECUTIVE • Fintech is revolutionizing the traditional financial sector and those firms that choose to SUMMARY be on the forefront of innovation will lead the market into the future. THE MOST PREVALENT TOPICS IN FINTECH NEWS ARE BLOCKCHAIN, AI & ROBOTS, MOBILE PAYMENTS & WALLETS AND ROBO-ADVISERS

Events & conferences (7.7%) Innovation initiatives & teams (4.4%) Topics Blockchain 22% Digital transformation ● (9.3%) Barclays digital safety (1.1%) AI & robots 14% AI & robots (14%) ● Retail customer ● Mobile payments & wallets 10% experience (4.7%) Chatbots & assistants ● Robo-advisers 10% (2.8%) ● Digital transformation 9.3%

Blockchain (22%) Events & conferences 7.7% P2P payments (1.7%) ● ● Retail customer experience 4.7% Trust in technology Innovation initiatives & teams 4.4% (0.76%) ● ● Bitcoin & Ethereum 3.2% ● Chatbots & assistants 2.8% ● Banking mobile apps 2.1% Banking mobile Retail customer experience, Digital ● P2P lending 2.1% P2P payments, Mobile banking apps (2.1%) payments & wallets are very (1.3%) ● P2P payments 1.7% central to Fintech narrative, Bitcoin & having overlap/connections Ethereum ● Digital banking 1.3% with most other topics in the Mobile payments (3.2%) network. P2P lending (2.1%) Barclays digital safety 1.1% & wallets (10%) ● Robo-advisers (10%) ● Trust in technology 0.76%

News article network with 2363 stories. Colored by topics. Sized by degree. Labeled by topics. Loan Market Applications & Sub-topics Japanese Trade Transaction Trials Corporate (10%) Banks Fund Axoni & Blockchain 38% Blockchain PoC ● Applications & Cross Border Payments (6.6%) Initiatives (19%) Cross Border DETAIL 19% ● Payments

Trade Finance Deals Loan Market Applications & (6.6%) 10% ● Japanese Trade Transaction Trials

Banks Fund Axoni BLOCKCHAIN BREAKS 6.6% ● & Blockchain PoC INTO A NUMBER OF SUB- Trade Finance 6.6% TOPICS FROM Patents (4.5%) ● Deals

SYNDICATED LOANS IN Central Banks & 4.7% Central Banks & ● Digital Currency JAPAN TO TRADE Digital Currency PLATFORM INITIATIVES (4.7%) ● Patents 4.5% Corporate Blockchain Trade Platform Applications & ● 4.3% Within Blockchain news, the main KYC (2.8%) Initiatives topics reported on are trade Initiatives (38%) finance / platforms, financial deals ● KYC 2.8% clearance, and patent activity. Market Data via Blockchain Market Data via Trade Platform Initiatives ● 1.7% (1.7%) (4.3%) Blockchain

News article network with 530 stories. Colored by sub-topics. Sized by degree. Labeled by sub-topics. CITIGROUP, BOA AND JPMORGAN ARE MENTIONED THE MOST IN THE CONVERSATION AROUND FINANCIAL INNOVATION

Topics PERSON TOP THEMES ASSOCIATED WITH COMPANY Blockchain 22% ● Citigroup Retail customer experience AI & robots 14% ● Bank of America P2P payments Mobile payments & wallets 10% ● JPMorgan Chase Blockchain Robo-advisers 10% ● Goldman Sachs Blockchain

Digital transformation 9.3% Barclays ● Blockchain ● Events & conferences 7.7% Wells Fargo Mobile payments & wallets ● Retail customer experience 4.7% UBS Blockchain Innovation initiatives & teams 4.4% ● HSBC AI & robots Bitcoin & Ethereum 3.2% ● Thomson Reuters Blockchain Chatbots & assistants 2.8% ● Deutsche Bank Innovation initiatives & teams ● Banking mobile apps 2.1% Credit Suisse Blockchain ● P2P lending 2.1% Bloomberg AI & robots ● P2P payments 1.7% Blackrock Robo-advisers ● Digital banking 1.3% USAA Chatbots & assistants ● Barclays digital safety 1.1% Capital One Digital transformation ● Trust in technology 0.76% 0 20 40 60 80 100 120 News article bar chart with 1066 stories. Colored by topcs. BOA, CITI AND BARCLAYS EXECUTIVES HAVE THE HIGHEST NUMBER OF MENTIONS IN THE FINANCIAL INNOVATION MEDIA NARRATIVE

PERSON POSITION TOP THEMES ASSOCIATED WITH PERSON

Michelle Moore Head of Digital Banking at Bank of America P2P payments

Ashok Vaswani Barclays UK CEO Barclays digital safety

Brian Moynihan Bank of America CEO Digital banking

Alice Milligan Chief customer and digital experience officer for global cards Banking mobile apps and consumer services, Citi Anthony Strzalek Journalist Blockchain Barry Rodrigues Head of Digital Payments, Citi Mobile payments & wallets

Elly Hardwick Head of Innovation at Deutsche Bank Innovation initiatives & teams

Chris Lemmon Journalist Blockchain

Emmanuel Aidoo Head, distributed ledger, Credit Suisse Blockchain

Ian Rand CEO of Business Banking at Barclays Banking mobile apps

Jamie Dimon JPMorgan Chase CEO Robo-advisers

Patrick Olson COO of EMEA at BlackRock Robo-advisers

Managing Director and Head of Trade & Working Capital for Baihas Baghdadi Blockchain EMEA at Barclays

Blythe Masters Digital Asset Holdings CEO Blockchain

David Rutter R3 Chief Executive Blockchain

0 5 10 15 20 25

News article bar chart with 179 stories. Colored by topics. BLOCKCHAIN - Harnessing scale to drive successful digital transformations HAS BEEN - EVP Judson Althoff: How to make your digital difference WRITTEN ABOUT AND Digital transformation Blockchain SOCIALLY AI & robots SHARED THE MOST OVER - Charles Schwab launches hybrid human-robo financial - Big Banks Are Stocking Up on THE PAST advice Blockchain Patents YEAR - EVP Judson Althoff: How to make your digital difference - Banks seek to invest $59 million in blockchain startup R3: source After Blockchain, AI & Robots - Goldman, JPMorgan to invest in and Digital Transformation are blockchain startup Axoni the topics with the highest Robo-advisers social engagement scores. Mobile payments & wallets Following Blockchain, the next Bitcoin & Ethereum most republished topics are Chatbots & Events & Conferences, Mobile assistants Retail customer experience Events & conferences Payments & Wallets and Robo- Innovation initiatives & teams advisers P2P payments Barclays digital safety

News article scatterplot aggregated into 16 topics. Colored by topic. Sized by story count. Labeled by topic. FINTECH NEWS COVERAGE IS ON THE RISE IN 2017 WITH DISCUSSIONS AROUND AI, ROBOTICS & ROBO-ADVISORS GROWING THE MOST WHILE THE PROPORTION OF BLOCKCHAIN STORIES HAS SLIGHTLY DECREASED SINCE 2016 Topics ● Blockchain 22%

AI & robots 14% Starting from June 2017, articles about Bitcoin ● - BlackRock takes Scalable Capital stake in Europe & Ethereum have seen rise in numbers, which Mobile payments & wallets 10% "robo-advisor" push wasn’t the case before ● - HSBC is latest bank to offer 'robo-advice' to ● Robo-advisers 10% investors Digital transformation 9.3% - Deutsche Bank wealth management unit to hire, ● invest more than S$100m in digital tech ● Events & conferences 7.7% ● Retail customer experience 4.7% ● Innovation initiatives & teams 4.4% ● Bitcoin & Ethereum 3.2% ● Chatbots & assistants 2.8% ● Banking mobile apps 2.1% ● P2P lending 2.1% ● P2P payments 1.7% ● Digital banking 1.3% ● Barclays digital safety 1.1% ● Trust in technology 0.76% News article timeline with 2363 stories. Colored by topics. APPENDIX TOPIC SUMMARY (1/2)

TOPICS MAIN IDEAS TOP KEYWORDS

• Blockchain & FinTech • Digital currency • Payments & syndicated loans blockchain technology, trade, members, project, • Patents • Syndicated loans in Japan coindesk, applications, initiative Blockchain • Trade platform initiatives • Equity swaps Blockchains, cross border, dlt, border, ibm • KYC • Trade finance deals • Artificial Intelligence and Machine Learning • Robots replacing fund managers Ai, machine learning, machine, artificial, AI & robots transforming jobs within financial services • Teaming up with AI to combat money laundering artificial intelligence, learning, intelligence, • AI delivering personalized banking experience • AI helping to make investment decisions. Robots, robot, humans, jobs, robotics Mobile payments • Rolling out new digital payment solutions • Banks launching their own digital wallets Card, payment, pay, cards, mobile wallet, • Launching new mobile payment app • Mobile banking getting faster merchants, mobile app, smartphone, credit card, & wallets • Card-free ATMs • Mobile wallet for corporate accounts phone, devices, citi, launch, cash Robo, wealth, uk, launch, online investment, • Robo advice getting human • Robo advisers with human element advice service, management business, tax, Robo-advisers • Banks building own robo advisers Europe, plans, independent, accounts Digital • Leveraging digital disruption in financial services digital transformation, disruption, transformation, • Creating innovation-friendly corporate atmosphere transformation • Innovation in financial services culture, disruptive • Fourth Annual MongoDB Innovation Award • SimilarWeb and AT Internet Partner to Empower Events & Winners Announced Customers with Unparalleled Digital Insights Speakers, event, summit, newswire, pr newswire, conferences • Business News Wales Supports OiConf Digital • YPO Launches Second-Annual Innovation Week in pr, entrepreneurs, program, ideas, panel Event as Media Sponsor May 2017 Branches, branch, citi, treasury, digital bank, Retail customer • Serving digital-first customers in public • Do Banks Need Branches in the Digital Age? Awards, trade solutions, treasury and trade, global • Digital strategy: Does your bank have one? • Mobile or mortar? A winning technology strategy experience finance, cross • Fintech Circle Innovate partners with Cape tech Innovation • Fourth innovation lab unveiled Lab, innovation lab, labs, hardwick, head of hub • Deutsche Bank unveils N.Y.C. innovation lab innovation, cape, elly hardwick, london initiatives & teams • Big Apple unveiled as fourth innovation lab TOPIC SUMMARY (2/2)

TOPICS MAIN IDEAS TOP KEYWORDS • Ethereum Slides as Network Backlog Points to • U.S. firm to launch sale of digital token for forex Bitcoin & Growing Pains trading Ether, initial coin, tokens, initial coin offerings, Ethereum • Bitcoin and Ethereum dropping: Here's why • Bitcoin Startup Blockchain Takes $40 Million in coin offerings, icos, bubble, price, token, Rally cryptocurrency prices are crashing right now New Funding • Banks Racing to Innovate and to Improve Customer • Chatbots & assistants Chatbots & Experience Voice, assistant, alexa, ai, siri, Erica, innovation • Bank of America unveils an AI-powered bot to help • Insights from Digital Banking 2017: Maintain group, chatbot, virtual, artificial intelligence assistants customers with their personal finances Relevance by Adding Value • Citi enhances mobile app with 'ability to dispute a Banking mobile charge' feature • European banks collaborate on digital identity mobile app, citi, lending, business banking, smes, apps • Citigroup Adds The Ability To Dispute Charges • Barclays launches mobile business lending service iphone, credit card, dispute, card Through Mobile App • Blend Network launches with vow to be the • Goldman Sachs' Recent Move Marks The End Of Lending, peer, lenders, peer to peer, borrowers, P2P lending “Goldman Sachs of P2P” Traditional Banking peer lending, zopa, cent, uk Millennials, survey, trends in consumer, consumer P2P payments • P2P Is the New Social “Norm” BofA Says • Consumers consider mobile P2P a new social norm mobility report, mobility report, consumer mobility, percent, checks, respondents • Mobile User Growth Accelerates at Both Chase and Quarter, branches, active, earnings, active users, • Digital adoption increases Digital banking Wells total, bank reported, post, grew, quarters Barclays digital • Barclays Launches Fight Against Fraud In New Safety, digital safety, skills, digital skills, fraud, • Barclays digital safety drive tackling fraud safety £10M National Digital Safety Campaign crime, cyber, scams, tips, scam trust in technology, trust, savings account, Trust in • Technologies lack consumer understanding, • Rise of the Machines? Consumers Say They Don’t global chief executive, john flint, robot, heart technology including blockchain Trust Financial AI surgery, surgery, fingerprint recognition, banking and wealth MORGAN STANLEY HAS STRONG PRESENCE IN THE MEDIA COVERAGE OF ROBO- ADVISERS, BLOCKCHAIN AND AI & ROBOTS IN THE FINANCIAL INNOVATION MEDIA DISCUSSION MOST PREVALENT THEMES NEWS HEADLINES ASSOCIATED WITH THE THEME

• Morgan Stanley robo adviser? A future redefined • Should You Invest With a Robo-Advisor? • Morgan Stanley nabs wealth executives from Merrill in digital push Robo-advisers (40%) • Morgan Stanley's new want ad: digital adviser associate Blockchain • The future of robo-advice is human • MORGAN STANLEY: Only a 'handful' of robo-advice startups Events & conferences will survive • Exodus continues from R3 blockchain consortium • Morgan Stanley joins Goldman Sachs in R3 departure Bitcoin & Ethereum • MORGAN STANLEY: There's one company pulling ahead in Blockchain (25%) blockchain tech • Bitcoin – Banking Giants Start to Use Blockchain Technology to Backup... • Morgan Stanley: `Regulators Need the Blockchain Master Keys´

• Transportation disruptors are obsessed with the wrong thing • How Machine Learning Is Helping Morgan Stanley Better AI & robots (15%) Understand Client Needs • Morgan Stanley’s Brokers To Be Supported by Machine Learning In Order to Avoid Irrelevancy

Bitcoin & Ethereum • Cryptocurrencies – have they bottomed out? (10%) • Blockchain: Team Gold's Newest Player

• Morgan Stanley Awards Zscaler Prestigious CTO Award for AI & robots Robo-advisers Events & conferences Innovation (10%) • Morgan Stanley Honors Zscaler with Innovation Award at 17th TechWeek & CTO Innovation Summit

News article network with 3004 stories. Colored by clusters. Sized by degree. Labeled by clusters. JPMORGAN CHASE HAS STRONG PRESENCE IN THE MEDIA COVERAGE OF BLOCKCHAIN, AI & ROBOTS AND MOBILE PAYMENTS & WALLETS IN THE FINANCIAL INNOVATION MEDIA DISCUSSION

MOST PREVALENT THEMES NEWS HEADLINES ASSOCIATED WITH THE THEME

• Microsoft Azure Adds JPMorgan’s ‘Quorum’ Blockchain Platform – CoinDesk • Microsoft, JP Morgan Chase, others to create virtual currency Blockchain (34%) network Ethereum • JPMorgan Denies Involvement with Blockchain Startup DIT Blockchain Financial • The digital banking executive securing your money with Events & conferences blockchain AI & robots (21%) • Machine Learning Saves JPMorgan Chase 360,000 Hours of Legal Work • Digital advertising and the counter-revolution Bitcoin & Ethereum • Chase rolls out new digital payment solution Mobile payments & • PayPal, J.P. Morgan Chase Make Deal to Expand Mobile wallets (15%) Payments • Zelle Promises Quick P2P Payments Via Mobile Banking Apps Digital Digital banking • Will Robo-Advisors Be Terminated? Transformation Mobile payments • JPMorgan invests in InvestCloud to boost digital wealth Robo-advisers (7.8%) & wallets management capabilities • J.P. Morgan Wanted Robo Advisor

Digital Transformation • BrandPost: Overcoming the Digital Dilemma • Will disruption come to the legal industry? Hint: Oh, yes! (4.9%) • JPMorgan Chase's approach to adding tech innovation

Events & conferences • Innovation hub launched for startups AI & robots Robo-advisers (4.9%) • Security technology company receives innovation recognition

News article network with 3004 stories. Colored by clusters. Sized by degree. Labeled by clusters. BANK OF AMERICA HAS STRONG PRESENCE IN THE MEDIA COVERAGE OF P2P PAMENTS, MOBILE PAYMENTS & WALLETS AND DIGITAL BANKING IN THE FINANCIAL INNOVATION MEDIA DISCUSSION

MOST PREVALENT THEMES NEWS HEADLINES ASSOCIATED WITH THE THEME

• P2P Is the New Social ‘Norm,’ BofA Says • BofA Tracks Customs of P2P Users As Banks Ready To Take On P2P payments (26%) Venmo • Millennials Lead Charge on P2P Payment Services Blockchain • Bank of America's mobile plan: A small screen becomes a big channel Mobile payments & • Michelle Moore on the latest for Bank of America's digital Innovation initiatives wallets (16%) operations & teams • Here's why you are seeing some purple in Bank of America's mobile app Banking mobile apps Retail customer • Bank of America CEO: Why it matters that 21% of our deposits are made through mobile experience Digital banking (12%) • What Percent of Bank of America's Customers Uses Its Mobile App? P2P payments • BoFA and Chase Pull Ahead of Wells in Mobile User Growth Digital banking • Bank of America Has Filed for Over 20 Blockchain Patents Mobile payments Already – CoinDesk Chatbots & Blockchain (10%) & wallets • Blockchain Projects Will Pay Off - 10 Years from Now assistants • Bank of America files for three new blockchain patents

• Wells Fargo Tops U.S. Mobile Bank App Ranking Chatbots & assistants • Bank of America unveils an AI-powered bot to help customers (10%) with their personal finances • Humanizing the digital banking experience AI & robots Robo-advisers • Leading the Way in Digital Banking Retail customer • Bank of America Opens Tellerless ‘Robo Branches’ experience (7.8%) • Big banks take on ultimate omnichannel challenge: Mobile mortgages News article network with 3004 stories. Colored by clusters. Sized by degree. Labeled by clusters. GOLDMAN SACHS HAS STRONG PRESENCE IN THE MEDIA COVERAGE OF BLOCKCHAIN, ROBO-ADVISERS AND BITCOIN & ETHEREUM IN THE FINANCIAL INNOVATION MEDIA DISCUSSION

MOST PREVALENT THEMES NEWS HEADLINES ASSOCIATED WITH THE THEME

• The World of Financial Services and Blockchain – The FinTech That Wants To Nail Down Time • Goldman Sachs Granted ‘SETLcoin’ Cryptocurrency Patent – Blockchain (42%) CoinDesk • Goldman Sachs drops out of R3 research consortium but will not Innovation Blockchain abandon blockchain Initiatives • Goldman Sachs, T. Rowe Price latest to hit robo adviser scene & teams Robo-advisers (12%) • Goldman Sachs launching robo advice service • Goldman Sachs eyes robo

Bitcoin & Ethereum • GOLDMAN: 'It's getting harder for institutional investors to Events & ignore cryptocurrencies‘ Bitcoin (12%) • Prices of bitcoin and ethereum cool as investors take a breather conferences & Ethereum • How AI can deliver a personalized banking experience that drives customer devotion Digital AI & robots (9.3%) Mobile payments • Goldman Sachs to let AI make investment choices in Japan transformation • Value Investing: Robots Versus People & wallets Retail customer Digital Transformation • How quickly can banks move towards the digital agenda? P2P lending • Proptech talk: how commercial property leaders at Mipim can experience (9.3%) embrace digital transformation

• Goldman Sachs' Recent Move Marks The End Of Traditional Banking P2P lending (6.2%) • Peer-to-peer lending and direct loan funds: The new face of the AI & robots hedge fund industry Robo-advisers • Finding opportunity in market disruption

News article network with 3004 stories. Colored by clusters. Sized by degree. Labeled by clusters.