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Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
Technology and Innovation in Financial Services Scenarios
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Technology and Innovation in Financial Services Scenarios

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  • 1. I'I ‘--41'-I II I'. I . 'I. -|rIIn'. .'I-r. . I| - I.1I. r| I. ” {III 'u| .-. n-: l.l- Technningy and lnnmratinn in Financial Services: I"'. 5'3='. “.r'Z~: r‘: €.ri-: I:~. *3 LE: 2". "-'. 'iE"~. _: Execrriiue EI. rmrr1arr_. ,.r L«"_. "i LJ_| E r_r_r if} Q E ‘'41: Z r_r_r L) if} E E O
  • 2. The views expressed in this publication do not necessariiy reflect the WBWS of the Wor1d Economic Forum. Wodd Economic Forum ‘~31 93 rou do 13 Ca: -rte CH—1?? :+ Swrtzetrand i»«I. : ~11 H11’)? 869 171? Fax: all rL”J', =22 786 2744 (~-rm. ': rrurrl. I-‘in-: +:e|0trrIr. {:¢g www. wcforu'n. org «D 200? Nond Eoonorric Forum All nqhlz‘. rater-. ~ra: i. No pan 0! this putncatrm rnav be reproduced or transmitirxi on Elny Iorm or by any mear‘c, ., nriurjing D(IUtr)«'IU['I~, 'rrr(') and reo: )rdirv_. ]. or try’ any mrorrnarion 1.1:: -rage and retnezai : :,~: ;tr_<; rnr
  • 3. Executive Summary Global Ivy League Next Frontier Innovation Islands Back to Business Leap- the past as usual frogging
  • 4. 12021.: in 9.r: .Er, e;«; 2.41.9; [Hl_lLlL’l. l| . rr r:1rtrr'nrr, r rurv I. ‘-, u,uq34r turning among Executive Summary Imovatron has already trareiormed the financial services (PS) industry. Fourteen years ago. who expected the massive growth of e-barlring and e-brokerage’? Who envisioned the entry of new players such as retaiers and telecommunications providers into fmncial services arena thanls to trreirablitytoharneesthepowerofinnovative technology? who predicted that technology would enable outsoucing and offshore contracthg of core liranclal processes in low- cost countries such as Inda? The business environment continues to change today. and the fmnoial services sector needs to confront many issues to remain cornpetitiva. in particular. technology and innovation are board-level issues: they create opportunities and pose threats. Ixumlco cl opponnnllcu 0 to make significant improvements in operational efficiency by optimizing processes and operating models o to obtain better insight Into customer needs and therefore opportunities to devise better service packages 0 to explore the potential for customization and personaization of offerings 0 toensunebroaderacoesstotinancial services in ema-ging and developing countries (e. g. mobile banking) o to ensue broader aooess to pramiun services 0 to ensue more elfective r‘sk management (9.9. credit risk. operational risk. caphal market risk) Inrmloo at throats: - Increased competition as the world becomes an lncreashgly level playirg lleld. New and stronger competitors emerge, such as non- traditional players who may enter the FS arena. specialized players. and hterratioml companies from emerging countries 0 Oomrnodltization of services and related price pressures 0 Increasing rlsl<ssa. rol1asonlinelrar. xiand threats to data security 0 Empowered consumers who exhblt less brand loyalty Tho by questions for In cooruico From the many key drivers tisted in Annex). project panicpants — in partiouar. leading industry representatives - identified two crucbl groups of questiors. The answers to them wil provide lnsightintothaluture ottinanclalservioes and describe how technology and innovation wil transform both access to and deivery ot firandal services by the year 2&0. They are: c How wit the glaciation of fiurrctd services ovotvo? will it be turthor supported by governments and regulators? What outcomes wil we too it the next decade? 0 WI innovation be incremental or Ittrdarnorrtal? will It be driven by tratilional or new players? lfiflrnttypos ofhnovatlonwlllwoooo-lorcxanplo. ‘n products and services. diariruion and sales chmnolc. operations. md new business models? Protect panicipants worked from these questions to develop three very different but pbtsiblo scenarios 0! the More of financial services over the naxt14years. Thayarera3reeer'¢ed infiguret on globalization and innovation axes.
  • 5. Figiie 1 Three Scenarios to 2020 Global Ivy League NCFEPENTN. lltNOVA'll0N PHMNILY DGWEN EV lllCUP§NT. GLMN. PS PKMIIN Global Ivy League explores a world in which innovation is primarily driven by large global financial service providers. This results tn mostly incremental improvements on current sysnerrs. distrbunon and sales channels and business modes. These service providers would evolve into global prooesslng factories with customized fronH3nds. In Next Frontier. F5 is a global market but rnovation s driven mainly by new entrants and specialized players. As governments pursue deregulation and take a 'laissez-faire“ approach to new btsiness models. the financial services sector operates as a modular ecosystem of highly Soeclalrzed Prwders. WU W91. QOBAL Next Frontier FSMN-'I<ETS HNDWENW. NNOVATIIN PRIMRI. Y WNW EV NEW ENTPANTS ND 9’EClN. lZED PINES Innovation Islands dillers fundamentally n that local and regional FS markets diverge as geopolitical tensions and instability stall gtobalization. In some countnes. financial services play an important role in the development policies of governments. Innovation allows these players to 'leaplrog" ahead of those in other countnes which have either remained on a ‘business as usual" track or even regressed “back to the past". These basic storyines were further developed by the prqect team and supported by additional analysis and data. Boxes on selected topics have been induded within the scenanos. WhtCl"l are presented in creative formats to further illuminate some of the key issues that will shape the future of financial services. -‘-l= v_ ill, fi“.11l" '5" Alumnus ugulaua ‘
  • 6. Global Ivy League Next Frontier Innovation Islands Global Ivy League describes a highly concentrated financial services sector dominated by a small number oi large. global players. Govemments support globalization but take a very conservative approach to customer protection and regulation of the sector. At the same time, declining trust in digital media means customers favour the solidity of traditional financial service providers. In this environment. a small number of financial services institutions evolve into global powerhouses. This scenario is written as a business school case study providing historical analysis of the developments leading to a Global Ivy League. Next Frontier describes a world in which governments pursue deregulation and. as the title reflects, technology enables a great variety oi new business models to emerge. The result is a financial services industry as an ecosystem ol highly specialized providers, each locusing on creating a competitive advantage over inwmbents. There are many new players. including telecommunications companies, peer-to-peer financial services providers, processing providers. retailers and lntemet companies. This scenario is written as a series of blog entries in 2021 in which an expert on financial services reflects on how technology has revolutionized the sector since 2007. Innovation Islands describes a world in which globalization stalls due to geopolrucal tensions and global instability. Government policies toward the financial services sector diller widely among countries. Three trend, -. become apparent: - “Leaplrogging": in large emerging economies such as China and indie. government regulation and investment in lnlraslmcture fosters the local l'-nanclal service industry, expanding access to the poor and leading to new business models that “lcapfm<_1" over developed markets in area such as mobile banking and flexible, low-cost operating models. - “Business as usual”: in other mainly developed economies such as the US or European countries where innovation neither accelerates nor decelerates. There is only limited change to business models. - “Back to the past": in the remaining countries and regions, mainly in developing economies. Governments increase control over the financial services sector but do not foster local innovation: as a result. there is little progress and sometimes even regression in the efficiency and quality ol PS. This scenario Ls written as a series of gpgedms given at the Indian Institute of Technology on the occasion of the 10"‘ Annual Financial services Innovation Awards ceremony.
  • 7. 2007-2010: Social and technological changes make the true power ot SOCIal networks apparent, and Deento-peer ratings start to replace urands Forward-looktng gcmerrtments encourage openness and market competition. Consumers deve'/ op trust lfi digllill security. The emerging tech-savvy generauon demands dtoice and a high degree of D-ersonaltzattrsn and customization of financial oroducls and services Innovative technologies enable the emergence of modular ooerat-ng models 201 1-2015: Common standards for technology become the norm. and the flow of financial transactions among consumers, retailers and banks becomes lncttortbess with increased global regulatory collaboration and alvgnrnent Advances lfl ldefltilfilatlflni authentication. credit rattng and sesurtty erode the position of traditional banks‘ Peer—to—peer lending becomes -ncreasrngty popular as a rB6ult. 20072010"; . 1 ~ . .7. r 7.. i‘: y. 2016-2020: High tavels of trust develop among lndividtfi and communities across countries and cultures; Gwamments maintain an opm atfinda to new budma models and support the 'ndustry‘s salflragtlatian efforts. Consumers are empowered by “Intelligent Agent’ software that helps mam uctenutyprouuctsandsevwoestiumagtaat vanery or providers. -- r «I 4lh4"‘h Atatutuns anurtoatq
  • 8. lmuiuns amnoax; Overview of the three scenarios ihls table [HO-. 'ldt35 an o'. ie"vl-3w of some of rrir: most important aspects and detiecpmcnt c-l the scenarios. with further arwlt illacroeeonorny and geopolitics Governments n: -:‘-r. I'l*iu-:2;-iv; ~ V -Stable Giabil Ivy League ‘,5 ‘ um Frontier . ~. 0"’-‘, ".' I ’- ‘ , ‘ ” ‘ . "r I ) . ‘ W / ‘ 4 ‘<5 i 4 '— mnoirmmn manna Bret Io L-v~ the par I-ainsi s. unguided «-1 the lCv"i: '.-ring annex. V r :3 i'lr_HI: I'3|l'l}‘ ’ - Stable 0 Unslabh J, r; lg ‘J'_‘__Lll Um. ‘ lt: Ir, .~; , “ 0 Strong reservations about iurthor "1! 3 .2 '3 ‘E 5 -as. 2. 0 hi " _. ;4.I. ;' 1. ml xi ‘_V_’Nl4 -conservative approach is ii»-u i. _ l »; l . ”lg': “i| _~ . .. '~, 'r" fr] “ éillfil ', - 9 outsource pension unis-ii I ’r-1 3 nl’uV" ’ ' ii ivll . [irii‘ Aw‘ - Favour giohalization 1 i . M v«- 2 l“ "in l eli_. il' l ‘_il_‘ »—, '_l | ‘l . l igii‘-: i - Open and ogressive approach it ,7‘, H . ii-1‘ -1%‘ ~i! '_n °G|0U3|O0l’fl)r8iEi . i.~ glonaiution rt Al '- M . i) «M? i 4"‘. . It : .~-_. m_. i _‘. ..u: ir: .tll-'. 0 ri'Iiv+7, , li. l>, l" protectionist approaches 1'1’ I-' U mi -Iri'a, ;;m ziui-»' til governments nurture F5 1 Fr”: ‘lflimu iii’ _’l< 0 L, :1.i -‘rigs; J arr. refocus tri l- J‘-‘lil ‘nil Oustomersandsociety competitive environment in financial Services itoy operating model(s) In financial services I ~ 1 K N ~ ii. trust the traditional, larger financial institutions - rnrr - sceptical about digital or I’ n"'1i: 'r. I7 ". *1.1r All LIV Iki » C ~31; ill ": -lwlirv‘ , f~ii. ’i. |'l 'il '-'1 -Aecussi l ll». ii. -.4 , .i. :w improves only sightty 0 IJJL nu: ‘. . J1‘ simplicity and eosi eiiecilveness um P mi: -., i ' « - 0 Ill »i! ‘- ii: Cl lace-Io-facolii '. »'ll i. ‘ ‘M: mi ~-: I L45»; lll Li : lli: i't tin mi‘: l‘l: _;vi ll ; . wan! to grow internationally - Mergers cquisltlons increase H h l -ir: 'n»di. i customer's wallet‘ : ‘I‘"1“—_l l‘ if ' 1" ‘En. l, _ , 41l. »i>—. ll_‘, l —‘ income customersir T" ‘-5! l"- 7 l‘-1:’: zrrli hm 0 Global "industr'lalized" fmanci services Droviders l» in . ,.i 5“ i: ..»i, .1.i iii it'll l‘. 'l iv in 4 J I - Outsourcing ni support functions fwrii I71 im-'itfr'7J"tr‘1747.; . 7‘! : 1:r‘. i-‘ V _ I} $40- ’ . ,.i. —w, i., ‘Ml -cm ~l : -:«-rir. : wweilserverlri ‘ llll . -l‘ ‘ -li-:1 l"! i. » — highlevelol trust in digital security ml .7 t" ‘ F» 2 if W. ‘ ‘l‘iTii’r: ’!l1-‘r‘l'u. “ - " ' »' 0 Gonamers are empowered by’ technology ml i, rin>, «.Jirrv~ -A i-<1 ll ill '. Ll l‘vl -i. ;., , npeer-to- pecrtransactionsi lw iv l. “. .Yil‘1u. i G -Digitaldlvidedecreasest-, ,- lrliglll Liv “-ii iv ‘l. i‘ -Access-«‘v~'u in ~I'irnprovestrie - » . i», ll] disintegration oi the value chainlzi-': ‘l~“"1» »! [ »' °Modular. networked i-- an i - Ll large variety of specialized players »- w- W‘ mint ll”"J1‘l"‘. i v‘* - ' : -I "~: , Ml», .il'l ‘ , ,~: l i‘Ill Vil tri, local markets 0 i_ H‘ was llLl_1’ 1' i: t. .l_‘_" local and regional brands and solutions . l 1- llnri "l'i'l'l? l7il ‘E ’ . .‘i - ouamyoisemiee amarswmry » 'il (MIT: ’ - lrml, “l HJ‘ —. digital divide increase uj ii-{I2 l i tip . ‘ll , i--«'«- i virnprovementln access I- lmn v v~ ‘ n “» "l l', V,‘. "’D: .‘ m‘.177:i- -Iii'~<-um . l M ' iv : ~ ~- governments Lu‘ H» in v— protectlonlsi - corrmtitive environments dilier aw «- ra- 'l, £i”‘. I‘“; l‘ll‘ l. :)l » m; .;l1ii, (ilzi, ..i 5»-‘ L i»-: 'E1i. v.v» : .;. ‘ l : li 1; ii. -lilw: ilrlllii ii)’ Vllll: "li'-ll‘ » 5 : ‘ll- "’. lllin" ‘ t_i 1'»; iii} ll‘ gm ‘LI'_"'ill1ll. -l. 'i M, , in : -, Jii; l p ‘L -| .r: .»i; w -in , on ilargevarleiy oispeciaIizoclplayers»'~: - 'l''‘ ii’ 7:‘ r- -i - 4171‘ i A ‘Iii’, , . i ii’ ' it i» 1mm ; llv: Lu, ’ mu m--_ -4?» Q i: “,i l_-fill Jli '[l-I Hr, L, ’ _n— l Iiiltfir Type and degree of innovation in financial Services - ‘,1 my incremental innovations 4 i‘~‘i' lriv-'-iii‘ i l, ,i i liar» ML‘ 0 Hm -I. l ‘i innovation in business , _ - ‘hr l". illii‘ an: ‘finnovation variesiwregron xiv -mi mint: cw ' ": .-’- . 'l»Ag; i.1i)ll.
  • 9. Annex: Critical Uncertainties and Leading Operating Models This section provides a comparison across the three scenarios of critical uncertainties. key innovations and business operating models in financial services. Users need to bear in mind that the scenarios and the related analysis are descriptions oi only a set of possible futures as seen from today ‘s perspective. They should not be seen as predictions or forecasts. but rather as indicative projections for each scenario. 1. Evolution of critical uncertainties for the future of financial services The chart below compares how the critical uncenainties for the future of financial services evolve in the three scenarios between 2007’ and 2020, ennui EvoiufluIoiOdflulihoutaln1Iufluihqiar: tonfluFIminaiFiunddS«v| ou gi IIIIHIXN : .uIfiwfl illflliioenuiy 11% hgifiui prinqhm iafirulotnohiy Mfllflll 3.. .i. .."""ai"‘.1i'ii. "'i. 'li. ..‘5' 1 QUNIUXQOMO ulna fin. hInnw. $~&yntrm lnnlrntetcann Wain}. QIIIIMIUIIF Serlulnuedutn mi! ii. 'mmuvuo'uranmr aamrrvuaam-olty 9IflX. i& ‘i’. ."«'. 'i. i'; ;.; "‘.7'. .a"""°"‘ 'oIlnheI', onnt X It I Brolllfltqahllni — EIXFIIIIIHIIIINN C | ll7&iI$| fl|'t2D20 'U$l@Tl%M ) EQMIMPH‘ Projrudn sifllomlnlll. an-Ilmlollli-I Flnld, rtrvIu1uou hfieoqunrl dwuufifi Hipniluiutrwtin hwfin.1hl: i. H311“! ion-arbuurldm uapuuiuviai Wlifilfl Eztuooulnufii-rl nmunulthnlnlel Zbidfiulllfi aflliflfiilloohvlodl. l&lG. i!UIiiIQ '&~lllH'. C-e I i WWW‘ i'| !lU"‘0 5'49"? Pl‘ | W.Wi'U'°"l'I WW3 =3W'lV |
  • 10. gift" [‘llli"ll l‘ , trawl (tint: -il_u mo-uluslndohmntnnnottnrna-ounmnmm-V ‘ w 2. Lending operating models In financial services and supporting technology Definition of an operating model An operating model is a summary of how the business operates. It presents a holstic view of the key business components. Business component is a view on a selected section of an enterprise that includes resources. people. technology and the know-how necessary to d6|N&l' value. The model pictured below 6 an outfine oi an fllustrative operating model for a bank. Specific operating models could be defined for each sector within the financial services industry such as retail banking, wholesale banking. asset management, insurance. investment banking and trading. . . .7 2 3 Business Operating Model Outilno for a financial Service Pmvldor Llllstrhlon ostrategy olllantetlnu -arammgt -salesasennoe -CtmnetsMgt -ostntnermanauemem s| jkj1g '3rdPdty| tIs¢Ellol'I 0Fraul/ Arnmoneyuundarlrlg oktvlstlrysorvloss 1. Qismmmgn - business components related to managing the access to market: rnarkeung. branding and sales of products as wall as sales channel management 2. Qmmmmum — business components related to managng customer base and product portfolo 3. Mar1uja<; mr1_g - business components rented to transaction processing for all products sold by the bank. e. g.. lending, payments and deposit management 4. Emarnuafijmgtgzgg — support tunctiors such as human resources. risk. compiance and finance
  • 11. There are six key potent. -:: l izoeramg mi: »di: ‘: tnat irnergr: tram ’. ?‘<. ‘: €. Cl3"€tI"-35. d: -r3-znuing on tr»: - le-. i-el ix‘ gi: iog. Ii. :aiii: n and the degree <3." G 5- ntegirariari of the -. -eiiue cha n in financial sen. -tices . fg ciobai Industrialized player B 3 t d a a d B d 8 cl Distribution ii. Huh "1"" "2" '3" '3" '35" M3"m3°t"”"9 Central mamrtacturing E"t°'P| "3° Shared enterprise lunclions _ rzr platform Distribution 8. Hub P2P Port. -ii P2P Landing — _ Application Hoccsstnn A FIl"llrW. 'l'»! Or: 1 Assirsrnii-it Maillflacfltfifln Account sunnclng Ccllactionl Prcvnzi Management (52:12:-zit) Enterprise Shared enterprise fimctions “l. astmile" distributor ‘ V _ Siiigin i‘i. ~—< Du”-jbufign & “uh V. .i :1 'il'. t|. zI D —: . Lialos, Santa and V: ‘kEl. ti'i3 3 _ E E 5 Manufacturing Enmmfls. Shared enterprise tunctions I Highly centralized manufacturing operations I Maintaining distinct brands in Online platform for users to land and borrow money while cutting out “the middleman" I 3rd party providers perform key steps of the lending process (e. g. collections and credit) I ‘Virtual’ bank focused on sales and service I All products manufactured by 3rd parties In-house Outsource 3rd Party service Provider Shared function SfaflOfl 5Il! )EJK‘o 6uipea1 pus SKt| .i§? |130ll‘| IESMJQ Zlilllilv
  • 12. spapow fiuucmio Guinean one souupruoaun ii-‘Gillie rxauuv - Focus on the businss Brand Brand 2 3 components in which the provider has a competitive advantage H Source remaining iunctions Manumnmnfl Dari‘/ fin $§r°57L’. "n‘g from third—parties (FS and non-F5) Em°"P"'5° Enterprise functions . ; " component specialist ‘ 7 Distribution Distribution Distribution . vame chain split among m5""’""°“ 3' "Vb Speciaslstt Speciaiistz 5D€Cii1Nbl3 a large number of mayers in Each provider focuses on one or a few functions spool. -ms: in Spucini-5! In (e_g, risk management) Manufacturing spfifxwin Payment Account 9 5 plocvssing Servicing . ... ... ... ... ... ... Enterprise Specialist in enterprise functions “ "Snood" pmuuct specialist - No shared platforms . , to enable simplification Dlsumnfion & "uh | U|s1v - ninn 3 iii; -in ~ Vi ['iic1vw. rilnn i[i‘1"‘J§‘. 'i Vi E Ieadin to dupncation of activities a All operations are owned Manufacturlnn . -M ! x'-x. re: ‘_n'a _ ; V2n. :a.1.n'e‘ §t". ura: t_n*u i '“'“°"3° In-house Entvrvfise | I | :, '~'L1l'. ~ D g D i E- we I g _ Outsource 3rd Party service Provider Shared function
  • 13. Depending on the scenario. distribution. manufacturing and enterprise activities can be oonligured difienentiy. in Global Ivy League. an industrialized Oneraiing model is the dominant model. in the other two scenarios. due to the vertical disintegration at the value chain. a greater variety of operating modes with many specialized piayels emerged. Operating Model Characteristics per Scettmio i7iivti<liu. ir«it1ti~' ii»--I Hunt >4 Distrbutinn and Customer and Product Hut) Manutaciuing . 03:3 :1:ci. c-.1933 as-mu: -3 fIi. ‘iu'i3lilj ur ncnn-: t.u we I. n:mx; :ni IIIIUII-pl-iolnv-1!-Iqlunlntlllmrloa-Iv ‘I1
  • 14. mII| IDQIIfi'IIC| fl)flI| lflfljfl0fi| .n$flV ‘ I‘ '11 9- NIL‘. 5e rr. —s ‘ | =‘r rzivi Ii ii r'ti' r"'i' i‘| :' "L| |'JJ. H 12 The different charactenstics of the operating models call for different technology requirements. Some of those requirements can be met by technologies available today. However. for each scenario to function. more advanced technologies need to be adopted by financial instrtutions. r Technology Required to Support the Operating Models 02 3 at CC on . .J >~ .2 .7: 2 c (5 Next Frontier merallngfaorld . , tut ‘ll! Oarrmrnriiacir itecturr. -ailsmrns Imnistmoltlistrirootanfmasses I mtirrlsedghoaiaotxchgotn Itiztduatulkrcarvmlprrrurt Iliiutrmaarvr IErttsorkn-uldellruitsaltm (alrmverduncltlwttufli -Aoamaunutasuwrzarepnan crwrrlzmn -Etiectvaeaunrty/ idurttyerrstsmurraoerrrert solrmrs Ilidalltodbaritrtrltrftes IEmeoitrd1r': zirIqat: rtolmmsith: ts Iuwaxetedtdlbeunnnsumees amtmlklt IllrAuue. nfngItIrtararvtatoorto1rur -Ettscnronttunnmnuuomrocratveuuurr mrrreousnntcoprarrlrhsrtrfdntvrlrs Iuearovarersttooiiruonerueduna Ilmremttarofqaedn categalesoldutn te. g.r: reIt| ourm. da1ttt: ) IFatpro: tsel'rnelcmarrlcut Itztrroiusucnonrles IEite: Mu: .IltyltlIrllfylrI'rgIrturt snlrliorn Ilotuvruopsrrnltmtiurt r.9nrrlarioIibr1finrrtH—rvrtbmarryIatal ailiererrcesarrdlesmzntrltrrttylorgtroel mum I Swpotrrew nuwress Itmatutdmnrrrts cnaiocailorll Itmrrrnoustotapplrzamrs Ifitlttloaasyaamtnttu-rcialanrcaslti lrlpxr I lilswtroaclsatdaavralutrttiersavsd intdlttom Ifiagrepatkltolspeclt attiegmaofdsttn ienuedtsoartrnt I Secrnvsoiutiorutoresotrelairtana uxrrmonsaies Ifinaitiernantof rmola nmrroasctnrmr I Delvaycl rrlltlaretdi protttrts o. g.. muuunasqrammmmaramtrg Avalufle «-- ISOA Ioatnvrnitotairrp I Emrtmemtarrnrwerttari Imsbrmatamlcs I Retala'rdB2Bsa: t.ritymItn'I iuItea: k:utloncltC: rrI'ni1I, aa: t.r1'iyIiimlIi I Grltamnrrgmrlvltrflhinnri I B. u"runrleuro'rIsu Iklgnrtttnrrtratrin INetmrtudartttun'Uagerra1t I Fbdbfiracuerrcy Idmttlirztimrivililiil toroummrreeowmn I3:aar: lInthrl1—mduntrrnhhfa'. es IFaotfflnr'a/ at I Pntvionshbwkhzdtns I Hoanoarfigmlulnmhpntnmdn I B. ra'rearuhardr1eI ISM IW¢-izuetlontugsphiforrtlmrl dhltI. t‘t! tdrarI'di! g.. Zn| n&PrI: x:u1 Inutna-uiittcearoontnrterpralilro Ilhgbrtuuoerirniizottrmamrerntrr Invirnboes Icaltttormnvantt onsularrrszaserzmusorrmru Iflurdadlpofltuupqrrmlraltro ISau. ronnml'glr1pnr: raiurda. -lrxma lharttall-rinrrru’miFio Il. ‘aetrntrlrirgqItutaih~I-i: I:rt) I0r: IIrrI: i:ad. artutabdaaisoorhg I0aIrtxtlasraalpI1trUIttoa. .lrI! :ilet! Iotrd Iorocroorderwrooaesstwruu ltmwlmvrlrlflvtfl Iorwrlmloopwrrln (SlnritvIbNe. rtFrurlrar—mllrmuIamrl Irmtrrrrerrtnforruvlararrral/ atferemrxsaae alchurrrelit Isovenbienrnrulawrtrnengrres Ishaetirmlnmtlmdamltu ttmllzas Ifilnlnitlbamlultathn I Haaiarrlazfisecuitysauns I ihthcthsspayrmutecil-up: I Hagizml/ cemrllmtlchaggewm iacirnwel I(‘aeoerIrrrrssteroIh~stJtnn Iwteiesscornociiottvtecivnliges rstarinunun--p-nvaiu-t; urui: . “dlaI'lll&VI'lla. fmllJIl. lI"t1’, ” traurtafiruirhngrvaulrauunrblts IirI. mrmdt, u:ur-ilnnluulaelmr-I I_A; Mn'o, d‘iu¢r| fltrotIIou: IIh»o. use I_ ofslodulou I ‘_ aunt‘ Ffi%. fll| {|I. lkblltofimo , rtrminlrlvtn’
  • 15. W RLD EC NOMIC F RUM COMMITTED TO IMPROVING THE STATE OF THE WORLD The World Economic Forum is an independent international organization committed to improving the state of the worid by engaging leaders in partnerships to shape global, regional and industry agendas. incorporated as a foundation in 1971. and based in Geneva. Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political. partisan or national interests. (www. weforum. org)

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