WEBVTT

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Ingmar, welcome.

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What's the key to growth for
retail banks in the near term?

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So I think for retail banks it's
very, very important to have

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multiproduct relationships with
their customers to meet their

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return targets and to really be
as profitable as their investors

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expect them to be.

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That's truly the key.

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Given this, we will need to see
more innovation and we need to

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see retail banks being able to
extend outside of their DD&A

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deposit relationship with their
clients.

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And where is cost on
the agenda?

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Very, very high

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to pay for that innovation and
to stay as profitable as required.

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Retail banks will need to bend
the cost curve and that's only

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achievable if you truly
end-to-end digitize their

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processes, not just the
customer-facing pieces but also

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the back and middle office.

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Do you see much opportunity for
M&A in the retail banking sector?

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Absolutely.

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We expect M&A to pick up.

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I think the current political
environment is not too friendly,

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but I think in the next regime,
we would expect that to

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accelerate again.

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Thank you so much.

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Thank you.