About the Authors Philippe Morel is a senior partner and managing director in the London office of The Boston Con- sulting Group. He is the global leader of the capital markets segment within the firm’s Financial Institutions practice. You may contact him by e-mail at [email protected]. Charles Teschner is a senior partner and managing director in the firm’s New York office. He leads the North American capital markets segment within the Financial Institutions practice. You may contact him by e-mail at [email protected]. Valeria Bertali is a capital markets knowledge expert in BCG’s London office. You may contact her by e-mail at [email protected]. Boris Lavrov is a project leader in the London office of Expand Research. You may contact him by e-mail at [email protected]. Kimon Mikroulis is a capital markets senior knowledge analyst in BCG’s London office. You may contact him by e-mail at [email protected]. Pierre Paoli is a partner and managing director in the firm’s London office. You may contact him by e-mail at [email protected]. Will Rhode is a principal in BCG’s New York office. You may contact him by e-mail at rhode.will @bcg.com. Shubh Saumya is a director in the firm’s New York office. You may contact him by e-mail at [email protected]. Franck Vialaron is a partner in Expand Research’s London office. You may contact him by e-mail at [email protected]. Acknowledgments The authors would like to thank their BCG colleagues, as well as Emily Chapman and Esther Gross of Expand Research, for their valuable input and insights. The authors would also like to thank Philip Crawford for his contributions in writing this report, and Katherine Andrews, Gary Callahan, Lilith Fondulas, Kim Friedman, Abby Garland, and Sara Strassenreiter for their assistance in its editing, design, and production. About the BCG Fintech Control Tower The BCG Fintech Control Tower is a research framework developed jointly by BCG and Expand Research both to identify initiatives, technologies, and companies that matter most in today’s fin- tech ecosystem, and to assess their impact. It currently tracks over 8,000 companies and initiatives worldwide. 18 Fintech in Capital Markets