a Niche Digital Provider, meaning a highly agile bank that offers extremely specialized products at scale. These players benefit from a flexible infrastructure and a strong emphasis on social media and mobile technology. They will compete through a deep product offering, including advice. For example, a technology provider could collaborate with a large wealth management firm to create a new joint venture that offers money management services and advice through digital channels more easily and cost effectively across borders. While there are clear opportunities in this model, we estimate that it will be limited to a few dozen providers by 2020