1

MOBILE APPS FOR BANKING 2015 Interactivity and Content Make the Difference BENCHMARKING – BEST PRACTICES – STRATEGY

Report Extract Original Report with 306 pages plus comprehensive data appendix

October 2015 MyPrivateBanking Report 4th edition

MOBILE APPS FOR BANKING 2015 | 2

CONTENTS TABLE OF CHARTS

6

1.0 EXECUTIVE SUMMARY

9

2.0 RANKING TABLE

11

3.0 3.1 3.2 3.3 3.4

18 18 20 21 21

METHODOLOGY SELECTION OF BANKS AND APPS USE CASES AS A GUIDELINE EVALUATION PROCEDURE DETERMINING THE CRITERIA

4.0 STRATEGY HOW TO WIN THE HEARTS AND MINDS OF CUSTOMERS ON THE DIGITAL BATTLEFIELD 4.1 TODAY’S BANKS FACE A CONFLUENCE OF FOUR KEY DRIVING FORCES 4.2 HOW RAPID TECHNOLOGY DEVELOPMENT IS CHANGING USER BEHAVIOR 4.3 CRITICAL TRENDS IN BANKING 4.4 USER EXPERIENCE: THE ESSENTIAL PREREQUISITE FOR A SUCCESSFUL APP 4.5 THREE EXAMPLES OF HOW SMARTPHONE BANKING APPS SHOULD LOOK IN 2015 ¬ XXX ¬ XXX ¬ XXX

4.6 ELEMENTS OF A MOBILE STRATEGY 4.7 CRITICAL FUNCTIONS 4.8 THE FUTURE OF BANKING APPS 5.0 BANKING APPS ENTERING THE WEARABLES SPHERE: HOW THIS YEAR’S BANKS REACT TO THE LAUNCH OF THE APPLE WATCH 5.1 PAVING THE WAY FOR A SUCCESSFUL STRATEGY 5.2 TODAY’S ACHIEVEMENTS BY BANKING APPS FOR SMARTWATCHES

31 31 37 40 44 45 45 46 47

48 51 57 59 59 61

MOBILE APPS FOR BANKING 2015 | 3

6.0 SUMMARY OF FINDINGS 6.1 BANKS ARE SLOWLY BEGINNING TO RECOGNIZE THE DIFFERENTIATING POTENTIAL OF APP CONTENTS 6.2 BANKS ARE ENTHUSIASTIC ABOUT THE APPLE WATCH 6.3 TRADING: STILL NEGLECTED AS THE UNDERDOG FEATURE 6.4 LESS THAN HALF OF BANKS REALIZE THAT FINANCIAL MANAGEMENT TOOLS ARE STANDARD 6.5 APP STORES FAIL TO ALLAY CLIENTS’ SECURITY AND PRIVACY CONCERNS, MISSING AN OPPORTUNITY TO BUILD TRUST 6.6 DESPITE IMPROVEMENTS, CONTENT REMAINS THE WEAK POINT 6.7 MOBILE APPS AS COMMUNICATION PLATFORMS? NOT (YET) IN THE DIGITAL BANKING ENVIRONMENT 6.8 BANKS ARE MISSING THE CHANCE TO LISTEN AND LEARN FROM THEIR CLIENTS’ EXPERIENCE 6.9 BANKS FAIL TO INCORPORATE THEIR CORE APP INTO THE OVERALL DIGITAL STRATEGY 6.10 CONTENT AND CONTACT OPTIONS MAKE THE DIFFERENCE 7.0 TOP THREE STAND-ALONE BANKING APPS: MES COMPTES, MEINE BANK, AND XXX 8.0 PROFILES 8.1 ABN AMRO 8.2 ANZ 8.3 BANK OF AMERICA 8.4 BARCLAYS 8.5 BBVA 8.6 BMO 8.7 BNP PARIBAS 8.8 CAISSE D’EPARGNE 8.9 CHASE 8.10 CIBC 8.11 CITIBANK 8.12 COMMERZBANK 8.13 CREDIT SUISSE 8.14 DANSKE BANK 8.15 DBS 8.16 DEUTSCHE BANK 8.17 FNB 8.18 HSBC 8.19 ICBC 8.20 ING GROUP

66 66 67 68 69 71 72 73 74 75 76 81 82 82 87 93 99 106 112 118 125 131 137 143 149 155 161 167 173 179 185 191 197

MOBILE APPS FOR BANKING 2015 | 4

8.21 ITAÚ BANK 8.22 LLOYDS BANK 8.23 NAB 8.24 NATIONWIDE 8.25 NATWEST 8.26 RBC 8.27 SANTANDER 8.28 SOCIÉTÉ GÉNÉRALE 8.29 STANDARD CHARTERED 8.30 TD BANK 8.31 UBS 8.32 UNICREDIT 8.33 U.S. BANK 8.34 WELLS FARGO 8.35 WESTPAC

203 209 214 219 225 231 237 243 249 255 260 266 272 278 284

9.0 BEST PRACTICE: THE BEST MOBILE APPLICATION FEATURES 9.1 PAYMENT SOLUTIONS

290 290

¬ REMARKABLE RANGE OF PAYMENT METHODS: XXX

9.2 INNOVATIVE ADD-ONS FOR CLIENTS

290

291

¬ EXCELLENT PERSONAL FINANCIAL MANAGEMENT TOOL:

XXX AND XXX

291

¬ COMPREHENSIVE PERSONAL FINANCE MANAGEMENT FEATURES:

XXX

292

¬ OUTSTANDING SUPPORT FOR TRADING OPERATIONS:

XXX AND XXX

9.3 MARKETING AND CUSTOMER RETENTION ¬ INTERESTING MARKETING TOOLS: XXX AND XXX ¬ SOPHISTICATED REAL ESTATE APP: XXX

9.4 CONTACT FEATURES

293

294 294 295

296

¬ EXCELLENT DIRECT COMMUNICATION CHANNELS:

XXX AND XXX ¬ COMPREHENSIVE BRANCH FINDER: XXX

9.5 TECHNICAL FEATURES AND SUPPORT ¬ ¬ ¬ ¬

ACCESSIBILITY FEATURES: XXX ENGAGING CUSTOMIZING FEATURES: XXX SKILLFUL PERSONALIZATION OF PAYMENTS: XXX IMPROVEMENT THROUGH FEEDBACK: XXX AND XXX

9.6 NAVIGATION AND STRATEGY ¬ EXCELLENT USABILITY FOR DEDICATED TABLET APP: XXX AND XXX ¬ OVERALL INTEGRATION OF MOBILE APPS: XXX

¬ EXEMPLARY SOCIAL MEDIA INTEGRATION: XXX AND XXX

296 297

298 298 299 300 301

302 302 303 304

MOBILE APPS FOR BANKING 2015 | 5

10.0 AUTHORS

305

11.0 DISCLAIMER IMPORTANT NOTICE AND DISCLAIMERS

306 306

MOBILE APPS FOR BANKING 2015 | 6

TABLE OF CHARTS Gap analysis graphic: the five best vs. the five poorest covered features in 2015 ...................................... 9 Key pillars for a winning mobile strategy ................................................................................................... 13 Ranking table 2015 ..................................................................................................................................... 17 Table: use cases as a guideline ................................................................................................................... 20 Criteria weighting in the 2015 report......................................................................................................... 22 Comparison of criteria category weightings (2014 vs. 2015) ..................................................................... 22 Table: list of criteria and type of app that can score .................................................................................. 30 Asos app ..................................................................................................................................................... 32 Asos Facebook page ................................................................................................................................... 32 Asos mobile website .................................................................................................................................. 32 A new segmentation in the UK Retail Banking market .............................................................................. 33 FinTechs in the UK ...................................................................................................................................... 34 Gap analysis: best vs. low performing features ......................................................................................... 36 Global mobile data traffic growth 2014-2019 ............................................................................................ 37 Drivers of mobile app usage ....................................................................................................................... 39 Global mobile transaction from 2010-2017 ............................................................................................... 41 NFC transaction value in the UK from 2012 to 2016 .................................................................................. 42 The Mint iPhone app .................................................................................................................................. 43 The New York Times Apple Watch app ...................................................................................................... 43 Word cloud created from app store user comments of the apps evaluated ............................................. 44 XXX – functionality and usability combined in an engaging way ............................................................... 45 XXX – high quality content displayed natively ........................................................................................... 46 XXX – many fun and easy-to-use functions ................................................................................................ 47 Criteria coverage Apple Watch apps .......................................................................................................... 61 TD (Canada) and ABN AMRO Alert & Check ............................................................................................... 62 Deutsche Bank Meine Bank ....................................................................................................................... 62 Société Générale L’Appli and BBVA ꓲ España ............................................................................................. 62 CIBC Mobile Banking and Citi Mobile® ....................................................................................................... 63 Westpac Mobile Banking ........................................................................................................................... 63 DBS PayLah!................................................................................................................................................ 64 TD (Canada) ................................................................................................................................................ 64 Wells Fargo at Hand ................................................................................................................................... 65 BNP Paribas Mes Comptes ......................................................................................................................... 65 Overall criteria coverage 2015 vs. 2014 ..................................................................................................... 66

MOBILE APPS FOR BANKING 2015 | 7

Overall results: availability of mobile apps ................................................................................................ 67 Overall results: core functions for clients .................................................................................................. 68 Overall results: add-ons for clients ............................................................................................................ 69 Distribution of innovative payment features ............................................................................................. 70 Overall results: security and privacy .......................................................................................................... 71 Overall results: customer retention and marketing ................................................................................... 72 Overall results: contact and finding the bank ............................................................................................ 73 Overall results: technical features and support ......................................................................................... 74 Overall results: strategy and navigation .................................................................................................... 75 Heat map of the banks’ performance in the main categories ................................................................... 78 Gap analysis: best performing features vs. low performing features ........................................................ 79 Top scorers’ criteria coverage .................................................................................................................... 80 Ranking table: best standalone core apps ................................................................................................. 81 Criteria coverage of the ABN AMRO apps .................................................................................................. 83 Criteria coverage of the ANZ apps ............................................................................................................. 88 Criteria coverage of the Bank of America apps .......................................................................................... 94 Criteria coverage of the Barclays apps ..................................................................................................... 100 Criteria coverage of the BBVA apps ......................................................................................................... 107 Criteria coverage of the BMO apps .......................................................................................................... 113 Criteria coverage of the BNP Paribas apps ............................................................................................... 119 Criteria coverage of the Caisse d’Epargne apps ....................................................................................... 126 Criteria coverage of the Chase app .......................................................................................................... 132 Criteria coverage of the CIBC apps ........................................................................................................... 138 Criteria coverage of the Citibank apps ..................................................................................................... 144 Criteria coverage of the Commerzbank apps ........................................................................................... 150 Criteria coverage of the Credit Suisse apps.............................................................................................. 156 Criteria coverage of the Danske Bank apps.............................................................................................. 162 Criteria coverage of the DBS apps ............................................................................................................ 168 Criteria coverage of the Deutsche Bank apps .......................................................................................... 174 Criteria coverage of the FNB apps ............................................................................................................ 180 Criteria coverage of the HSBC apps.......................................................................................................... 186 Criteria coverage of the ICBC app ............................................................................................................ 192 Criteria coverage of the ING apps ............................................................................................................ 198 Criteria coverage of the Itaú Bank apps ................................................................................................... 204 Criteria coverage of the Lloyds app .......................................................................................................... 210 Criteria coverage of the NAB app ............................................................................................................. 215

MOBILE APPS FOR BANKING 2015 | 8

Criteria coverage of the Nationwide apps ............................................................................................... 220 Criteria coverage of the NatWest apps .................................................................................................... 226 Criteria coverage of the RBC apps ............................................................................................................ 232 Criteria coverage of the Santander apps.................................................................................................. 238 Criteria coverage of the Société Générale apps ....................................................................................... 244 Criteria coverage of the Standard Chartered apps .................................................................................. 250 Criteria coverage of the TD Bank apps ..................................................................................................... 256 Criteria coverage of the UBS apps ............................................................................................................ 261 Criteria coverage of the UniCredit apps ................................................................................................... 267 Criteria coverage of the U.S. Bank apps ................................................................................................... 273 Criteria coverage of the Wells Fargo apps ............................................................................................... 279 Criteria coverage of the Westpac apps .................................................................................................... 285

MOBILE APPS FOR BANKING 2015 | 9

EXTRACT OF THE EXECUTIVE SUMMARY (Executive Summary in full report page 9 to 14) Banking apps are still failing to engage and attract customers, and in today’s fast-paced mobile technology environment, banks remain preoccupied with the provision of core features. This is a key finding in the 2015 report “Mobile Apps for Banking – Interactivity and Content Make the Difference” for which MyPrivateBanking Research analyzed and ranked 111 apps for private customers, offered by the 35 leading retail banks worldwide. The winners of our 2015 ranking are DBS Bank (Singapore) and BNP Paribas (France) . Runners up are Credit Suisse (Switzerland) and Westpac (Australia). In terms of this year’s best standalone apps, it is again BNP Paribas that takes the first place and again, the French bank shares this coveted position with a large competitor bank, Deutsche Bank.

Top 5 Banks with the Best Mobile App Portfolio (35 banks ranked overall) Rank 2015

Bank

Total Points (max. 80)

1

BNP Paribas

67

1

DBS

67

3

Credit Suisse

66

3

Westpac

66

5

BMO

65

Despite the promising results of the leading retail banks in our ranking, banking apps are, on average, far behind in meeting the needs of their clients. We believe the next two years will be a watershed for many firms in delivering true value to their customers and capturing new audiences via mobile in order to compete with all the other market players.

Five key trends demand a coherent digital mobile strategy In the view of MyPrivateBanking, the need for an effective digital strategy has never been more relevant than it is to retail banks today. In this age of the empowered consumer, five key trends have gathered momentum and are coming together as a driving force: Technology levels the playing field and allows customers unprecedented access to information Knowledge, advice and immediacy; digital disruption in other industries, like travel and retail, raises client expectations FinTechs and challenger banks are ramping up the pressure on traditional financial institution Shrinking margins force bank advisors to serve more clients in less time, more effectively Beyond omnichannel, banks need a digital strategy to win the hearts and minds of customers

MOBILE APPS FOR BANKING 2015 | 10

Apps underperforming in content, interactivity and contact options As the MyPrivateBanking report shows, on average, banking apps are still weak in the areas of content and interactivity – scoring only 46% of the possible points. Banks are also still underperforming when it comes to the provision of contact options – only 23% of the possible points were achieved for the availability of an easily accessible emergency hotline and a call-back function. Digital customer magazines are offered by only 6% of the 35 largest retail banks’ mobile apps. On the positive side, the banking apps performed very well in offering help features to support clients in using the apps (94%).

Only limited offers for Apple Watch A special focus of this year’s report is on the emerging space of wearable technology, namely banking apps for the Apple Watch. While already 19 out of the 35 surveyed banks recognize the importance of wearable apps by offering a solution for the Apple Watch, our analysis found that almost all of these are very limited in features and user experience . We expect to see banks’ wearables strategies delivering increasingly diverse context-aware features to the market over the next 12 months, including push notifications in response to data analytics on customer behavior and location.

MOBILE APPS FOR BANKING 2015 | 11

Core functions (max. 10)

Add-ons (max. 7)

Security/privacy (max. 8)

Content (max. 16)

Contact options (max. 9)

Technical support (max. 13)

Strategy/navig. (max. 10)

Best practices (max. 2)

67

…

…

…

…

…

…

…

…

…

1

BNP Paribas

67

…

…

…

…

…

…

…

…

…

3

Credit Suisse

66

…

…

…

…

…

…

…

…

…

3

Westpac

66

…

…

…

…

…

…

…

…

…

5

BMO

65

…

…

…

…

…

…

…

…

…

6

…

63

5

10

6

3

11

4

13

9

2

6

…

63

5

8

7

7

7

7

12

8

2

8

…

62

5

10

7

6

11

5

10

8

0

8

…

62

4

10

6

6

10

5

10

9

2

10

…

60

3

10

7

7

11

4

10

7

1

11

…

59

5

10

6

3

9

7

10

7

2

11

…

59

5

8

6

6

8

6

11

7

2

13

…

55

5

10

5

6

5

6

10

8

0

13

…

55

4

10

6

3

7

7

12

5

1

Total points

DBS

Bank

1

Rank

Availability (max. 5)

2.0 RANKING TABLE

15

…

54

5

10

5

7

5

5

10

6

1

15

…

54

5

10

5

7

4

3

11

8

1

15

…

54

5

8

5

5

7

8

10

5

1

18

…

53

4

10

5

4

7

8

8

5

2

18

…

53

3

10

4

4

7

5

11

8

1

18

…

53

4

10

5

4

5

6

10

8

1

21

…

52

5

8

6

4

4

3

13

7

2

21

…

52

5

6

5

5

7

5

10

7

2

21

…

52

4

10

7

6

3

6

9

5

2

21

…

52

5

10

6

5

3

6

9

7

1

25

…

51

4

6

5

7

6

3

11

8

1

25

…

51

4

8

4

8

6

2

12

6

1

27

…

50

4

8

4

5

5

7

9

7

1

28

…

49

4

10

5

6

7

4

9

4

0

(max. 2)

Best practices

(max. 10)

Strategy/navig.

(max. 13)

Technical support

(max. 9)

Contact options

(max. 16)

Content

(max. 8)

Security/privacy

(max. 7)

Add-ons

(max. 10)

Core functions

(max. 5)

Availability

Total points

Bank

Rank

MOBILE APPS FOR BANKING 2015 | 12

Average points

Ranking table 2015 (max. 2)

Best practices

(max. 10)

Strategy/navig.

(max. 13)

Technical support

(max. 9)

Contact options

(max. 16)

Content

(max. 8)

Security/privacy

(max. 7)

Add-ons

(max. 10)

Core functions

(max. 5)

Availability

Total points

Bank

Rank

MOBILE APPS FOR BANKING 2015 | 13

29 … 46 4 10 4 2 6 5 9 5 1

29 … 46 3 6 4 6 3 6 12 6 0

31 … 44 5 6 5 4 7 2 9 5 1

31 … 44 3 6 4 7 3 4 11 5 1

33 … 43 4 6 1 7 7 3 10 5 0

34 … 41 3 6 3 5 8 0 9 6 1

35 … 31 1 10 2 4 3 3 6 2 0

54.1 4.2 8.8 5.1 5.4 7.3 5.1 10.3 6.6 1.2

MOBILE APPS FOR BANKING 2015 | 14

3.0 METHODOLOGY 3.1

SELECTION OF BANKS AND APPS

This study analyzes the apps of 35 leading global banks that offer apps for their retail clients. (… more in full report on page 18 to 19)

3.2

USE CASES AS A GUIDELINE

The criteria were derived from use cases defined on the basis of years of research in this field, including, for example, regular in-depth interviews with banks aimed at profiling today’s digital use patterns of retail banking clients. Grouping the representative user profiles reflecting user preferences and concerns played an important role in the weighting of the criteria. Use case

User group

Objective

Banking or brokerage transaction

Existing and potential new clients

Check account status, payments, money transfers, portfolio status, trading, innovative payment options

(… more in full report)

…

…

Table: use cases as a guideline

MOBILE APPS FOR BANKING 2015 | 15

3.3

EVALUATION PROCEDURE

Every app was analyzed independently by two analysts, and the analysis and evaluation were repeated after an interval of six weeks. This was done in order to minimize the probability of faults due to a subjective point of view and accidental network problems at a certain point in time. Given the quantity of information that had to be analyzed, the possibility of not finding all the information in individual cases cannot be ruled out. The evaluation was done on the basis of 56 different criteria that were divided into eight main categories. Additionally, banks could earn up to two points for outstanding features that are categorized as best practices. Care was taken to keep the definition and allocation of points as free as possible from all subjective influences, thus ensuring a high level of objectivity in the benchmarking process. In addition to the apps themselves, other sources of information were also included in the analysis: screenshots and descriptions from the major app stores (iTunes, Google Play, Windows Phone, BlackBerry), user feedback and ratings in the app stores, information from the banks’ websites (often the banks displayed additional information about their apps on their websites such as the privacy policy, FAQs or a video tutorial), and occasionally other sources such as Twitter feeds, blogs, etc.

3.4

DETERMINING THE CRITERIA

In this study, the main evaluation criterion for the apps was the extent to which they fulfill the use cases described above, from the point of view of various user segments. We measured usability in terms of nine overarching parameters: □

Availability of mobile apps

□

Core functions for clients

□

Add-ons for clients

□

Security and privacy

□

Content and features for customer retention and marketing

□

Contact and finding the bank

□

Technical features and support

□

Strategy and navigation

□

Best practices

What follows are the descriptions of these parameters with the detailed criteria and maximum achievable points. In comparison to last year’s report edition, there have been some changes in our rating scheme. (… more in full report)

MOBILE APPS FOR BANKING 2015 | 16

Availability of mobile apps (maximum 5 points) (… more in full report)

Core functions for clients (maximum 10 points) (… more in full report)

Add-ons for clients (maximum 7 points) (… more in full report)

Security and privacy (maximum 8 points) (… more in full report)

Customer retention and marketing (maximum 16 points) (… more in full report)

Contact and finding the bank (maximum 9 points) (… more in full report)

Technical features and support (maximum 13 points) (… more in full report)

Strategy and navigation (maximum 10 points) (… more in full report)

Best practices (maximum 2 points) (… more in full report)

MOBILE APPS FOR BANKING 2015 | 17

4.0 STRATEGY HOW TO WIN THE HEARTS AND MINDS OF CUSTOMERS ON THE DIGITAL BATTLEFIELD (… more in full report on page 31 to 58)

MOBILE APPS FOR BANKING 2015 | 18

5.0 BANKING APPS ENTERING THE WEARABLES SPHERE: HOW THIS YEAR’S BANKS REACT TO THE LAUNCH OF THE APPLE WATCH (… more in full report on page 59 to 65)

MOBILE APPS FOR BANKING 2015 | 19

6.0 SUMMARY OF FINDINGS (… more in full report on page 66 to 80)

MOBILE APPS FOR BANKING 2015 | 20

7.0 TOP THREE STAND-ALONE BANKING APPS: MES COMPTES, MEINE BANK AND XXX Rank

Name of bank

Name of app

Total points

1

BNP Paribas

Mes Comptes

…

1

Deutsche Bank

Meine Bank

…

3

…

…

57

Ranking table: best standalone core apps

(… more in full report on page 81)

MOBILE APPS FOR BANKING 2015 | 21

8.0 PROFILES (… more in full report on page 82 to 289)

MOBILE APPS FOR BANKING 2015 | 22

9.0 BEST PRACTICE: THE BEST MOBILE APPLICATION FEATURES (… more in full report on page 290 to 304)

MOBILE APPS FOR BANKING 2015 | 23

10.0

AUTHORS

Steffen Binder, Managing Director and co-founder of MyPrivateBanking Research. Steffen is Head of Research and oversees the research agenda and analyst teams. He is responsible for creating and developing powerful concepts and relevant content to help our clients navigate a rapidly changing digital environment. As a regular speaker at finance and technology industry events around the globe, Steffen is frequently quoted by leading business media such as the Wall Street Journal, Handelsblatt and the Financial Times. Prior to this, Steffen was Managing Director of Forrester Germany, Switzerland and Austria. He came to Forrester through its acquisition of Forit GmbH, a leading European technology research company, of which he was also a co-founder. Prior to that, Steffen was a partner at Monitor Company (Strategy Consulting). He holds Master’s Degrees in Organizational Behavior from Rutgers University (USA) and in Public Administration from the University of Konstanz (Germany).

Carmela Melone, Analyst, specializes in research in the fields of social media for wealth management and mobile apps for financial advisors. Her specific areas of interest are in software benchmarking, channel strategy and online security. Prior to this, she worked at an exchange platform for intellectual property rights, responsible for the digital media marketing strategy. Carmela has a Bachelor’s degree in International Economics and European Studies from the University of Tübingen (Germany).

Roxana Palade, Analyst, specializes in research in the fields of mobile apps for wealth management and online presences of wealth managers. Her specific interest are in the areas of Web 2.0 technologies, vendor management and data mining. Roxana has held a number of research positions in business and academia in Germany, India and Romania. She has a Master’s Degree in British and American Studies from the University of Konstanz (Germany) and a Master’s Degree in Literature from the Alexandru Ioan Cuza University, lasi (Romania).

MOBILE APPS FOR BANKING 2015 | 24

11.0

DISCLAIMER

IMPORTANT NOTICE AND DISCLAIMERS: No Investment Advice This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. It does not constitute a general or personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. The price and value of securities referred to in this report will fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of all of the original capital invested in a security discussed in this report may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.

Disclaimers There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth in this report. MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report, caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in this report.

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