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1、Winning the Innovation Game in BankingIntroductionWinning the Innovation Game in BankingHow incumbent banks can build resiliency by transforming their innovation engines to drive growth.PROPHET FINANCIAL SERVICES PRACTICE1Winning the Innovation Game in BankingBased on our ongoing market research and
2、 interviews with industry experts and senior banking and fintech leaders,this report provides insights on how to re-energize the innovation engines at incumbent banks.Specifically,this report:1.Provides pragmatic actions for avoiding costly mistakes and translating innovation investments into market
3、 impact and improvements on the top line 2.Defines leading practices and proven frameworks that accelerate efforts to operationalize and scale innovation programs3.Identifies the most promising market territories for innovation aligned to the growth agendas of incumbent banks2Winning the Innovation
4、Game in BankingTable of ContentsIntroductionConclusionChapter 3Promising Market Territories for Incumbent BanksChapter 2Leading Principles for the Practice of InnovationChapter 1Key Barriers to Innovation in Banking04081423293Winning the Innovation Game in BankingIntroductionTo say incumbent banks n
5、eed to up their innovation game in the face of competition from neobanks,fintechs and big tech players,is obvious.Its also indisputable.Neobanks and other tech-enabled disruptors are both swift and creative in responding to evolving customer behaviors and solving longstanding,systemic issues in the
6、way consumers use banking services.These disruptors regularly launch and continuously enhance products and services that engage and delight customersand they have dramatic market share gains and revenue growth to show for it.As digital wallets will soon replace bank accounts,the most successful bank
7、ing players are becoming the primary interface between consumers and their money.*Neobanking Market Size,Share&Trends Analysis Report by Account Type(Business,Savings),by Application(Enterprises,Personal),by Region(Asia Pacific,Europe),and Segment Forecasts,%$2.05TNeobanks are expected to
8、 grow by more than 50%annually and reach$2.05 trillion in market size by 2030.Winning the Innovation Game in Banking4Winning the Innovation Game in BankingIntroductionSo why have incumbent banks struggled to innovate as quickly or frequently as their non-traditional competitors?Certainly,it isnt a l
9、ack of commitment or investment.In fact,Prophet research found banking respondents were more likely to cite“innovation and new products/services”as the top goal for digital transformation,compared to other industries.Innovation programs typically have ample resources.But the stakes are high,with inn
10、ovation leaders under intense pressure to deliver results as quickly as possible.Banks that dont get it right may lose their confidence to innovate,falling farther behind competitorslosing relevance over time.At the core of this struggle are structural challenges that make it harder for banks to ach
11、ieve breakthrough results or sustain strong innovation programs over time.Even the most capable leaders encounter deeply entrenched organizational and cultural barriers that impede or derail innovation efforts.And now,in the face of uncertain economic times,budgets intended for innovation are at ris
12、k of being dismissed as“discretionary”and redirected toward optimizing gross margins.Understandably,banking executives are concerned about a gloomy economic outlook.But some of the greatest consumer-friendly products were launched during recessions(like Square and Venmo in 2009,for example).Firms th
13、at go on offense and keep their innovation commitments may be able to take advantage of lower opportunity costs and easier access to talent,finding themselves with a clear edge as the economy returns to growth cycles.Customers dont want to come into branches,call your contact center,visit your websi
14、te or use your mobile app.They dont even want to think about banking.”Chief Growth Officer BaaS Fintech Company5Winning the Innovation Game in BankingIntroductionSVP of Digital,Leading BankOur biggest worry is that one of our primary competitors will establish a couple good partnerships,buy some fin
15、tech.If they leapfrog us in those areas,thats going to be a problem.”SVP of Digital Leading Bank 6Winning the Innovation Game in BankingIntroductionSVP of Digital,Leading BankFocus on sustaining innovations and small-bore enhancements to current offerings,in keeping with the risk-averse nature of le
16、gacy organizational systems.Push the boundaries of whats possible,challenge deeply held orthodoxies and compete directly with neobanks and fintechs in advancing truly disruptive innovations.orIncumbent banks are faced with a choice:7Winning the Innovation Game in BankingWhat Are the Key Barriers to
17、Innovation for Incumbent Banks?Chapter 018Winning the Innovation Game in BankingChapter 01Incumbent banks have millions of established customer relationships,vast treasure-troves of customer behavioral data and enormous capital resources.Yet,they continue to lag neobanks in innovation.Complex Org St
18、ructures and Risk-Averse Cultures Siloed operations and“risk-off”thinking can be the enemy of innovation.Waiting Too Long,Followed by Investing Too Big The speed in which a bank can identify patterns and move to address those patterns before core business declines is the key to success.Solving for B
19、usiness Problems,Rather Than Customer Problems When metrics and incentives are not aligned to customer needs,innovation is narrowly defined.Substantial Technology Debt Legacy systems present real challenges but cant become an excuse not to innovate.We see the primary and persistent challenges as:9Wi
20、nning the Innovation Game in BankingChapter 01Hierarchical and risk-averse corporate cultures are common barriers to innovation.In some cases,the org chart is the enemy as siloed lines of business(LOBs)make collaborative innovation practically impossible,often because of narrowly defined(and sometim
21、es conflicting)objectives across all LOBs,product units and functional areas.A“risk-off”management mindset persists at many incumbent banks,leaving good ideas unpursued,often due to a fear of perceived threats to existing revenue streams.All too often,extensive regulatory guidelines are viewed as ca
22、nceling out innovation opportunities,especially when it comes to using consumer data in new ways.While regulation is a valid concern,banks must make difficult choices to invigorate their innovation engines.Complex Org Structures and Risk-Averse CulturesBEHAVIORAL ECONOMISTBanks that want to turn the
23、se weaknesses into strengths might look to the unique advantages conferred by strong balance sheets and large-scale operations.Incumbent banks can afford to be more methodical and patient when developing and vetting minimally viable products(MVPs)and navigating compliance challenges before making su
24、bstantial bets on innovations.They can and should engage multiple LOBs to create differentiating and personalized solutions for target customer sets.Not only should they trust these strengths;they should make them the foundation of their innovation programs.Retail banks are very conservative complia
25、nce-led organizations,where every detail must be disclosed at the top level,which makes it hard to push through decisions.To start innovating better,they need to change their cultures.”Behavioral Economist 10Winning the Innovation Game in BankingChapter 01When a banks core businesses generate consis
26、tent and predictable growth,its hard to make a case for funding innovation.The argument often goes,“Why bother with unnecessary risk when investing in core businesses will generate more predictable returns?”The problem is that core businesses tend to stall sooner and more abruptly than leaders antic
27、ipate.Without a successful innovation pipeline enabling low-cost experimentation,banks will face the temptation of making big bets on nascent,untested ideas,creating unnecessary risk in the hope of offsetting declines in the core business.Such risky bets often lead to management regrets.Waiting Too
28、Long and Then Investing Too BigIts evolutionary economics:big banks have to understand that a core capability for banks is to build software at quality,at speed.”Global Head of Innovation Leading Financial Services Company11Winning the Innovation Game in BankingIntroductionDespite years of talking a
29、bout customer centricity,most banks still fall short of the goal for reasons we described in a recent report on executing customer-centricity in financial services.Conflicting incentives are one issue;innovation programs tend to get caught up in inside-out dynamics.Product and channel leaders are mo
30、tivated to pursue innovations that will improve their own near-term P&L rather than those that solve customer problems.A bias against cannibalizing existing revenue streams is another complicating factor.To be clear,its not easy to measure the success of customer-centric innovations when consumers a
31、re looking for intangible benefits such as peace of mind and a sense of being valued.And when legacy metrics focus on cost of capital and return on investmentrather than customer engagement,satisfaction and loyaltythe business case for customer-centric innovation becomes even harder to justify.Solvi
32、ng for Business Problems,Rather Than Customer ProblemsWinning the Innovation Game in BankingChapter 01A lot of incumbent banks are losing out to fintechs in terms of wallet share and consumer interest because they are not harnessing the information they have.”Finance Technology Expert1212Winning the
33、 Innovation Game in BankingIntroductionThe biggest banks spend more on technology than the biggest tech firms without producing comparable growth rates.The priority for most incumbent banks is on retrofitting and upgrading old systems even when viable off-the-shelf,third-party solutions and cloud-ba
34、sed alternatives exist.Integrating customer data housed in incompatible systems is another top priority.Yes,innovation is made easier with modernized platforms,lighter-weight applications and integrated data.But an outdated tech stack should not be used as an excuse for failing to innovate.Substanti
35、al Technology DebtWe just need to simplify our technology stack.Weve been built through acquisitions and are way too complex and tried too many vendors.We go best-in-breed and then to enterprise solutions and then back to best-in-breed.”SVP of Digital Leading BankChapter 0113Winning the Innovation G
36、ame in BankingHow Can Incumbent Banks Get Better at Innovation?Chapter 0214Winning the Innovation Game in BankingChapter 02Our research found that banks should focus on five things:Once banks embrace the imperative to build a better innovation engine,they can take a page from neobanks and fintechs a
37、nd apply several leading principles to increase the likelihood of creating breakthroughs.The key is to standardize the practice of innovation by embedding it deeply within the organizational structure and making it part of everyday operations.1234Adopting a Product Mindset Innovation should be viewe
38、d in terms of outputs,not just inspiration,with a mindset that the product development never ends.Creating a Portfolio,not Just a Pipeline A portfolio approach,with investments allocated to different classes of innovation,increases the likelihood of success.Managing the Portfolio With Intention and
39、Accountability A strong,focused management system supported by new ways of working and accountability,drive better outcomes over the long term.Building Robust Product Management Capabilities Integrating capabilities across the organization allows for prototypes to become products and innovations to
40、achieve market impact sooner and repeatably.Establishing Ecosystems Instead of Going it Alone A collaborative approach to innovation allows organizations to operate more flexibly and broadens the range of potential innovations.515Winning the Innovation Game in BankingChapter 02While business model i
41、nnovation is nothing new in banking,the imperative to innovate continually and move as fast as neobanks and fintechs are.That requires reconceiving the practice of innovation by focusing on“products”and outputs.Innovation must be viewed as an ongoing operational capability close to the heart of the
42、business.According to a survey of banking executives by Infosys Finacle,73%of banking innovations over the next five years will be product-relatedboth product delivery and new product creation.The target is to innovate faster than existing business models decay,which requires shorter product design
43、timelines and release cycles through the use of agile development methodologies.Many firms have experimented with innovation labs,which have historically failed at high rates largely by making innovation a sidecar to overarching enterprise strategies and core operations.Adopt a Product Mindset1Winni
44、ng the Innovation Game in BankingGAUGES ANDFORECASTSPILOTS AND MVPSConsistent IterationCross-TeamAgilityCustomer CentricityHypothesis-Led&Data-DrivenFanatical Customer ObsessionAGILEPROBLEMSOLVINGMANY VOICES,ONE TEAMCROSS-DISCIPLINE DECISION MAKINGPERFORMANCE MEASURMENTINCREMENTALIMPROVEMENTSUSER AN
45、DMARKETSENSINGACTIVE LISTENINGTWO-WAYCOMMUNICATIONNEED-BASEDDESIGNCross-Functional Problem SolvingVisionandAmbition16Winning the Innovation Game in BankingIntroductionInnovation can seem like a zero-sum game;pursuing one idea can sometimes mean not pursuing another.Most new products fail to meet the
46、ir revenue targets,so banks need to consider a broader range of ideas.Further,they need a rigorous and repeatable methodology to assess ideas and find ways to bring them to the right customers at the right time.Thats the advantage of an innovation portfolio.The goal is to maintain possibilities for
47、all forms of innovation,from highly ambitious,big bets(e.g.,high-risk“moonshots”with the longest-term payback cycles)to easier wins(e.g.,incremental enhancements to existing products).Each part of the portfolio,and each idea within it,should be evaluated based on desirability and feasibility,as seen
48、 in the figure to the left.Create a Portfolio,Not Just a Pipeline More feasable Low costs,capabilities exist,short time to implementLess feasable High costs,lack of capability,longer time to improvementDESIRABILITYFEASABILITYEASY WINSTop priorities to considerBIGGER BETSDefine MVP to test,iterate,an
49、d buildEVOLVE CONCEPTSIterate on ideas for consumer feasibility,potentially hold until technology is more developedITERATE AND PILOTQuickly iterate on ideas to increase consumer value,then build pilots to test in marketHigh consumer preferenceMore desirable,demonstrably solves a prominentconsumerpro
50、blemLow Consumerpreference Less desirable,no evidence of solving a consumerproblemDesirability and Feasibility MatrixWhat innovation should you prioritize in your portfolio?2Chapter 0217Winning the Innovation Game in BankingChapter 02From Human heroics and non-standard roles and ways of working Dema
51、nd managed by ad-hoc principles and varying cadences Limited discovery and unexpected surprises and delays High volume of related but often disconnected projectsTo Standardized roles,responsibilities,ways of working and governance across projectsConsistent intake model and prioritization approach to
52、 deliver high-value featuresMore robust planning for scoping,discovery,and documentation of dependenciesIntegrated projects that leverage existing tech and centralized expertiseA strong,intentional management system helps innovations progress to support business goals in the context of an integrated
53、 portfolio.Individual innovations can be prioritized based on their progress toward milestones and ongoing evaluation of potential market impact.There are multiple advantages to adopting such a rigorous approach,including:Reduced risk of“falling in love”with unworkable ideasStronger prioritization o
54、f the most promising use casesClearer visibility across all components in the portfolio,including potential gapsFaster validation of hypotheses and reformulation where meritedBetter balancing of decision-making factors (e.g.,speed to market vs.speed to value)Clearly defined criteria and a formalized
55、 process for determining when ideas are“good enough”and when MVPs meet minimum standards for market testing is at the heart of effective portfolio management.They can also help the organization to recognize failure as a natural and necessary part of the innovation process.Manage the Portfolio with I
56、ntention and AccountabilityManaging an innovation portfolio requires new ways of working:318Winning the Innovation Game in BankingChapter 02Delivering Exceptional InnovationsEffective and efficient innovation portfolio management involves engaging different parts of the organization at different lev
57、els of accountability:Parts of the Organization HR Marketing Learning and Development Operations Lines of Business CX and Product Teams Enterprise IT Data and Core Systems Levels of AccountabilityFoundationsThe enterprise IT organization is best positioned to establish and support common assets,incl
58、uding integrated customer data repositories,that are the raw material for innovation.Value EnablementHR and other functional units help assemble and manage key resources necessary for innovation,including talent,intellectual property and collaborative workspaces for ideation.Value CaptureThe busines
59、s should be responsible for identifying customer and market needs and designing high-impact solutions and experiences that create value for both the customer and the enterprise.19Winning the Innovation Game in BankingChapter 02Once innovation teams have done their job of developing viable ideas,prod
60、uct teams step in to drive innovations to market and scale the new offerings.This hand-off is a critical step in generating returns on R&D investments.Prophet research shows that leaders integrate five core capabilities within their product teamsdesign,engineering,research,product management and dat
61、a science and analytics,a recipe weve affectionately dubbed“DERPA.”DERPA unleashes both speed and agility within product innovation and provides the critical bridge from piloting and prototyping to full market entry.Build the Product Management CapabilityThe DERPA Framework Design Developing insight
62、s,generating and testing hypotheses,developing product and/or new use case prototypes.Engineering Full-stack software development,including UI/UX,any middleware or integrations,and back-end systems development.Research Researching both emerging customer needs and technology capabilities.Customer res
63、earch helps understand what customers need,want and care aboutnow and in the near future.Product ManagementCreating a product vision,business case,product roadmap,and quarterbacking the ongoing delivery across DERPA disciplines from MVP,through product release and across the product lifestyle.Data S
64、cience&Analytics Development of machine learning algorithms,cognitive capabilities and the infrastructure that delivers day-to-day insights and analytics about how the product is being used by its customers.v4Winning the Innovation Game in Banking20Winning the Innovation Game in BankingChapter 02Som
65、e of the most disruptive innovations today are built on top of partner ecosystems such as AWS and Google Cloud.Whether through direct collaborations between specialty partners or via partner ecosystems,engaging with platforms offers many benefits,including:Reduced capital investments Increased speci
66、alty expertise Shorter time to value More robust testing Access to new market segments Engage Others to Innovate5By incorporating tangible inputs from a wide array of partners,banks can gain broader perspectives on market trends and stay in front of future behavioral shifts.Ecosystems are proving mo
67、re effective than the dedicated innovation centers,digital labs,and other functional models that banks have tried,which often lead to another Center of Excellence operating at the edge of the organization.In building ecosystems and partnerships for innovation,its important to look for firms that ali
68、gn to your core values and the principles of your innovation agenda.A commitment to share information,expertise and learnings is also key.At the same time,banks need to build an internal network of stakeholders that participate in the innovation journey and feel accountable and vested in the outcome
69、s.21Winning the Innovation Game in BankingChapter 02Ecosystem Partners Who the company chooses to collaborate with to increase the odds of value creation for customers and the enterpriseCOMPANY LEVELCAPABILITY LEVELUSE CASE/AUDIENCE LEVELInnovation Methods How a company delivers on its aspiration by
70、 intoducing something new Growth Move What a company aspires to achieve in the futureBuilding Ecosystems and Partnerships for Innovation22Winning the Innovation Game in BankingWhich Innovation Territories Are Most Promising for Incumbent Banks?Chapter 0323Winning the Innovation Game in BankingChapte
71、r 03Recent market trends and developments have created compelling innovation opportunities for incumbent banks,some of which can be considered competitive imperatives.A“just-right”approach to innovation takes in wide horizons of opportunity and aims to build on current strengths.There are several ar
72、eas where innovation is now a necessity for incumbent banks.Adaptive Products and Experiences Every interaction your customers have with your brand should be contextual,personal and scalable.Sub-Category Value Propositions When it comes to reaching new segments,many banks are finding success with ta
73、ilored offers specifically those that may create separation from the primary brand.Financial Wellness Banks that move beyond financial literacy to holistic and comprehensive wellness programs will set themselves apart.DeFi and the Metaverse Experimentation at this intersection will position incumben
74、ts for future leadership as the market matures.Embedded Finance As the industry moves from linear finance to embedded finance,banks need to find their sweet spot in the new value chain.24Winning the Innovation Game in BankingChapter 03Adaptive Products and Experiencesof consumers say they would spen
75、d more with companies that personalize customer service*88%Personalization has become a baseline expectation for customers.Frontrunners satisfy them by using subtle verbal and non-verbal cues to tailor services in unique contexts.Delivering personal experiences will only grow more important as more
76、diverse populations and younger,digitally-native generations come to represent a larger proportion of the banking customer base.Continuously adaptive experiences(e.g.,mobile apps that can interact with ATMs or automatically start live chats with agents)will soon become standard,advancing from todays
77、 static and categorical offers based on broad segmentation or tiering criteria.I just got off the phone with my bank of 18 years.They cannot keep track of any of our previous conversations.After being with PayPal for 11 months,they send me credit options.”Financial Tech Expert For me its context,rel
78、evance,and personalization.Personalization is the driver for nearly everything.”Chief Revenue Officer BaaS Fintech Company Winning the Innovation Game in Banking*Source:The Zendesk Customer Experience Trends Report 202225Winning the Innovation Game in BankingChapter 03Tomorrows innovators seek to un
79、derstand subtle differences in needs among micro-segments and align their offerings accordingly.For instance,some banks are launching all-digital sub-brands or brand extensions to attract younger consumers and boost growth in target segments,such as small and mid-sized commercial banking.Owning game
80、-changing subcategories requires banks to identify their unique“must-haves”the exemplar brand characteristic that create customer loyalty.Sub-Category Value PropositionsTo diversify our client base,well have to come out with sub-branding and different value propositions.”Rising consumer interest in
81、financial wellness represents an invitation for banks to innovate with needs-based products and services,particularly among the huge number of underbanked consumers.Tailored solutions can be aligned to specific financial goals(e.g.,saving for education or to buy a home).Debt reduction and paycheck p
82、rotection are other fertile areas for new offerings.Banks can also engage consumers in new ways through investing and financial planning content and advisory services.Financial WellnessA lot of companies are starting to do this financial wellness thing,but I dont know if anyone has real clarity on i
83、t.”Behavioral Economist Chief Revenue Officer BaaS Fintech Company 26Winning the Innovation Game in BankingChapter 03We are at the beginning of the metaverse while DeFi is maturing.There are still a lot of limitations including visual,user experience,commercial infrastructure and sustainability.Howe
84、ver,brands are already out there on the Sandbox,Decentraland,and other platforms,exploring unique value propositions to offer to users and their consumers.The intersection of DeFi and the metaverse demands innovation from banks.The key is to create services and experiences that customers actually ne
85、ed and want.The first step is to ask where your brand will have the most relevance and which virtual worlds your customers are already exploring.With that insight,you can begin to explore and experiment,adopting a testandlearn mindset to uncover meaningful patterns relative to customer needs and beh
86、aviors,including whether they want to use existing or new methods to transact for digital assets in the metaverse.DeFi and the MetaverseU.S.consumers interested in their banks offering access to digital currencies1Value of metaverse transactions,20212Projected value of metaverse transactions,2026360
87、%42B+4B1 Source:Cornerstone Advisors 2 Source:Strategy Analytics 3 Source:Strategy Analytics27Winning the Innovation Game in BankingChapter 03We are still in the early innings of the next big shift in banking from linear finance to embedded finance.However,winning in the embedded finance era require
88、s incumbent banks to adopt new planning approaches to determine where you can be uniquely successful in the new value chain.Will you be merely a backend provider for tech platforms or a leader in the field?This transition will be painful for banking incumbents that dont devise the right strategy.Emb
89、edded FinanceProjected revenue from embedded finance,2025,a 10 x increase from 2020$230BLeaders at incumbent banks should consider three strategic areas when formulating their strategy for this new era:Source:PlaidPlatform Ecosystem Modernized IT architectures and strong APIs make it possible to bui
90、ld centralized platforms for all sorts of transactions involving a wide range of partners.Engagement Banks must find ways to engage meaningfully(and seamlessly)at key points across new customer journeys.Banks can also reach new customers by participating in ecosystems led by others,in either branded
91、 or white-labeled contexts.Winning the Innovation Game in Banking28Winning the Innovation Game in BankingConclusionWhile innovation is never easy,incumbent banks have reason to be optimistic about their ability to make more of their innovation programs.After all,banks have made meaningful gains in r
92、ecent years in everything from payments and investing to branch design and biometric authentication.Though incumbent banks did not necessarily originate all of these innovations,they have been successful in driving broad adoption.Certainly,incumbent banks have what it takes to innovateample capital,
93、seasoned leadership teams,strong brands,and troves of customer data.We believe those that embrace the insights and practices weve shared above will have the best shot at cracking the innovation code and,in the process,unleashing uncommon growth.An Optimistic Outlook for Innovation29Winning the Innov
94、ation Game in BankingOUR SOLUTIONSLets talkGrowth-Oriented Digital Transformation Experience Strategy and Design Digital Product Creation Value Proposition Development Customer-Centric Innovation Digital Marketing and Demand Generation Op Model and Organizational Design Culture and Employee Experien
95、ce Brand Architecture Saurabh Wahi Partner s_Chris Stauch Partner c_Lindsey Schwartz Associate Partner l_We are on a mission to accelerate digital transformation in financial services and help our clients create better futures for their customers.Our senior team of industry experts work with clients
96、 across banking,insurance,fintech,investment management and capital markets to develop customer-centric,transformative growth strategies,while introducing new ways of working and building internal capabilities that lead to long-term market impact.We are guided by a mission and set of values that are
97、 focused on a higher-order approach to growth.Prophets global footprint operates within a single P&L,enabling us to bring the right people with the right experience together to solve our clients current business challenges from across our 15 global offices.ABOUT PROPHET FINANCIAL SERVICESGordon Smit
98、h Senior Partner g_30Winning the Innovation Game in BankingWe are grateful for the members of the financial services and experience&innovation practices who contributed to the reportfielding interviews,performing extensive research and shaping the way we packaged the outpouring of insights.In partic
99、ular,wed like to thank Nicole Moomjy,Sean Kwon,Riley Cunningham and Michelle Galliani for their leadership throughout the process.And of course,we could not have done it without Cole Ollinger and Abigail Murray,who translated our research and thinking into well-crafted prose and thoughtful design.AC
100、KNOWLEDGEMENTS Although the information and data used in this report have been produced and processed from sources believed to be reliable,no warranty expressed or implied is made regarding the completeness,accuracy,adequacy or use of the information.The authors and contributors of the information a
101、nd data shall have no liability for errors or omissions contained herein or for interpretations thereof.Reference herein to any specific product or vendor by trade name,trademark or otherwise does not constitute or imply its endorsement,recommendation,or favoring by the authors or contributors and s
102、hall not be used for advertising or product endorsement purposes.The opinions expressed herein are subject to change without notice.DISCLAIMERThis independent research report was 100%funded by Prophet.This report is published under the principle of Open Research to advance the industry at no cost.This report is intended for you to read,utilize and share with others;if you do so,please provide attribution.OPEN RESEARCH31