The report, based on more than 200 interviews with industry players as well as a host of workshops, concludes that AI is "fundamentally changing the physics of financial services". This is largely because big FS firms are taking a page from the AI book of big tech firms. Rather than a proprietary mindset, they are developing applications and making them available as a service through the cloud. For example, in China, Ping An's One Connect sells AI-powered services ranging from credit adjudication to instantaneous insurance claims settlement to hundreds of small and mid-sized Chinese banks and is expected to fetch up to $3 billion at public sale. Meanwhile, in the US, BlackRock's Aladdin, which provides risk analytics and portfolio management tools that leverage machine learning to asset managers and insurers, is expected to provide 30% of the firm's revenues by 2022. Jesse McWaters, AI in Financial Services project lead at the WEF, says AI "is turning what were historically cost centres into new source of profitability, and creating a virtuous cycle of self-learning that accelerates their lead."