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**Extracted Text** **Header:** Bank of America Merrill Lynch **Footer:** HOUSE_OVERSIGHT_014366 **Page Number:** 52 **Conference Information:** 2016 Future of Financials Conference | 17 November 2016 **Chart 76: Biggest Risks to Investing in a Tech-Based Lending Company** * **Chart 76: Biggest Risks to Investing in a Tech-Based Lending Company** * Netitive advantage: 29% * Untested credit model/risk management: 32% * Fragile funding model: 32% * Uncertain regulatory backdrop: 7% **The Future of Payments: The Need for Speed** * Jonathan Lear, President - North America, Earthport and Bruce Parker, Founder of Modopayments spoke on The Future of Payments panel. In a wide ranging discussion, the panelists discussed the B2B opportunity, the importance of partnering with Incumbents and the need to maintain Safety standards. * Audience members identified the lack of a clear value proposition for new players relative to incumbents and concerns about Safety and Security as the largest risks to investing in new Fin Tech payments companies. **Chart 77: What is the Primary Risk to Investing in New Entrants Within the Payments Landscape?** * Unclear value proposition of new entrants relative to incumbents: 38% * Rapid innovation that erodes value proposition: 23% * Concerns around safety & security: 38% * Intense regulatory friction: 0% **Source:** BoFA Merrill Lynch Global Research **Note:** The text is extracted exactly as it appears in the document image, including headers, footers, page numbers, and handwritten notes. The structure of the tables is preserved, and unclear text is enclosed in brackets.