Potential changes to business models The industry, as a whole, could actively consider decentralization strategies including core processing, operational customer lifecycle management, and security and identity management. What are the implications Asset managers could consider new opportunities from using advanced analytics and digital engagement to drive for specific capital a distribution advantage while fundamentally lowering their markets segments and operating cost through modern technology platforms. their business models? Wealth managers could investigate how to incorporate How could firms benefit? true financial literacy and wellness into their advice relationships to retain and win new clients. Sell-side firms could look for differentiated potential in data and analytics to enable the trading business of the future. Market infrastructure players could further advance their infrastructure modernization agendas, learning from this period of unprecedented volumes. 11