 Financial service is about safe and efficient payments, facilitating money going from saving into lending and investment, but also to facilitate manage and channel risks. The world of financial infrastructures has changed tremendously. The embracement of cloud technology, the embracement of artificial intelligence to do even more with the data that we have is already taking place at rapid speed. The global financial system is undergoing a profound transformation driven by regulatory change, monetary policy, technological change and shifts in customer habits and needs. This opens up a set of opportunities and challenges. The real challenge is not technology as such, it's the change in business models. The regulation cannot keep up with the rapid pace of innovation. Banks, at the same time, based in an economic environment which is very different than pre-crisis. We found that the other period which looks mostly like our current period is the period around the Great Depression. So it's important to ask oneself how long are interest rates going to stay low? Because then you get low interest rates not just for short maturities, but also for medium and long maturities. It really undermines the business model of banks. They need to get their costs down. So the banks are automating the back-end, which reduces mistakes. They're offering more self-service opportunities to the clients and at the same time exploring the ability for you to buy online. Inclusive finance is a must and innovation will help the customer to access financial services in a different way. I think we're going to see more augmented financial service industry in the future, more tech firms going into financial services. We're seeing new players in everything from payments to wealth advisory to trade finance. Those that can provide the best service and experience to the ultimate client should be the winners. The public sector has to think about whether they need to sort of upgrade their offer to society. But I wonder if we have a clear enough framework for the clients to understand how safe their data is and how safe their wealth is in different environments. In our Global Financial Council, we have practitioners, regulators, academia, central banks. So it's a think tank that can really work in an unconstrained environment together. We have further developed these views into a report on the future of the global financial system. This will allow leaders to better navigate a very complex environment.