US
・UK
Incumbents also have an advantage around the world.
Incumbents also have an advantage around the world.
And then usually what that means is you need a new company because most incumbents just won't do that.
then usually what that means is you need a new company 'cause most incumbents just won't—just won't do that.
Most of the market have had to accelerate the way that they work in order to work with the startups and sometimes slow down in order to be able to work with the incumbents.
And the start-ups will sometimes slow down in order to be able to work with the incumbents.
One of the some of the questions that came in were related to what you spoke on the last slide, Ratika, about so what are the incumbents doing?
And again, I think that one of the challenges that the incumbents have is if you think about the model today around product design, product development, introducing something into the market, it's a very long cycle for a traditional financial institution to do that.
I think if you're doing innovative things, like most change, I mean, incumbents still control 99.9% of financial services in the US.
I think if you're doing innovative things, most change incumbents still control 99.9% of financial services in the US.
In response to innovators, incumbents may try to improve their offers and come up with ideas to strengthen their position.
In response to innovators, incumbents may try to improve their offers and come up with ideas to strengthen their position.
Often they're tiny teams able to beat huge incumbents thanks to internal automation.
Often they're tiny teams able to beat huge incumbents thanks to internal automation.
Trump has knocked off incumbents in the past by endorsing their challengers.
Trump has knocked off incumbents in the past by endorsing their challengers.
Across advanced democracies, incumbents struggled at unusually high rates in 2024, a big year for global elections, voters are restless.
Across advanced democracies, incumbents struggled at unusually high rates in 2024, a big year for global elections.
Incumbents did not like it and understandably so.