1. How the FinTech Ecosystem is Challenging
Traditional Financial Institutions in Canada
BANKING ON CHANGE 2016

2. Conclusion
Technology is Evolving Consumer
Expectations for the Financial
Services Industry
Table of Contents
Executive Summary
Millennials Lead the Transition
to FinTech
FinTech Adoption Rates are Driven
by Accessibility and Simplicity
Awareness and Education Remain
Costly Barriers to Adoption
FinTech Earns Higher Satisfaction
Ratings Among Consumers
Non-FinTech Users Show Demand
for FinTech Features
Methodology 19
16
15
17
13
11
10
6
3

3. 3
In the past, the Canadian financial
service landscape was molded by
incumbent competitors on an even
playing field. Horizontal competi-
tion with little differentiation was
the only threat large banking insti-
tutions had to retain market share,
creating a stagnant banking indus-
try with little innovation since the
introduction of ATMs and electronic
payment systems. The emergence
of FinTech after the 2008 financial
crisis is redefining the competitive
landscape and challenging tradi-
tional banks. In this new environ-
ment, customer expectations have
heightened as they become accus-
tomed to the real-time interactions
they experience when using their
mobile phones. This has created
an opportunity for startups, and a
gap for banks to fill, as both play-
ers move quickly to address this
new “FinTech” segment. To better
understand the landscape, Extreme
Venture Partners surveyed 400
Canadians to gauge the adoption,
drivers, and barriers that impact this
evolving industry.
Millennials Lead the Charge to
FinTech
27% of Canadians report using
a FinTech product or service.
Millennials were the largest cohort
of adopters accounting for half
of those who use FinTech. Of the
users who have switched, 53% now
trust FinTech products over their
traditional bank, and 57% agreed
they would consider abandoning
traditional banking if all finan-
cial services were available. 40% of
Fintech respondents use “Transfer
and Payments”, the most popular
Fintech product category to date.
An evident statistic when viewing
the proliferation of mobile payment
startups that have cropped up in the
past few years.
FinTech Adoption Driven by
Accessibility and Simplicity
Amongst the many reasons FinTech
users cited for adopting the tech-
nology, several were recurring. The
largest reasons users had for adopt-
ing FinTech is the level of acces-
sibility offered through online and
mobile platforms (43%), and its ease-
of-use (31%). Other causes include
greater control, transparency and
higher quality customer service.
Awareness and Education Are
Costly Barriers
73% of Canadians do not current-
ly use FinTech products or
services. This statistic is due to a
lack of education and awareness,
where 64% of Canadians have no
Executive Summary
“FinTech are banking products and services that are 100% online. When
you sign-up as a customer, you complete the entire process online. You
do not need to call customer support, walk into a branch, or mail any
paperwork. You are then able to manage your entire account on your PC,
tablet, or smartphone.”
HOW WE DEFINED FINTECH TO SURVEY RESPONDENTS
Survey Highlights

4. 4
understanding of what FinTech is,
and another 26% of Canadians had
little knowledge. Neither groups felt
comfortable using FinTech products.
Weak understanding will translate
to high customer acquisition costs
as startups seek to educate prospec-
tive customers. FinTech compa-
nies are young and have little brand
equity or financing to overcome this
challenge. This disposition creates
opportunities for both FinTech and
established financial institutions to
work with one another to broaden
available products, and create more
cost efficient means of convert-
ing Canadians into active users of
FinTech.
FinTech Earns Higher Satisfaction
Ratings Among Consumers
In the relatively short time since the
emergence of FinTech, there has
been a positive response in consum-
er satisfaction. FinTech users rated
their satisfaction with their current
FinTech products as 7/10 while
rating their satisfaction of tradition-
al banks as 6.6/10. It is also evident
that while many FinTech users
disliked the fees and rates offered
through traditional banking, they
did not play a significant role in its
adoption.
Non-FinTech Users Want FinTech
Features Even If They Don’t Know It
When asking non-FinTech users if
they would have a better experience
with traditional banking if their
traditional bank offered more real-
time information, 64% agreed they
would. EVP also asked whether their
experience with their traditional
bank could be better if offers were
personalized based on their existing
relationship with the bank; 68% of
respondents’ state that they would.
Technology is Evolving Consumer
Expectations for Financial Services
Currently, there are issues of trust
within the Canadian financial
service and insurance industry. 42%
of Canadians do not trust finan-
cial service professionals, 62% of
Canadians do not trust insurance
professionals, and 63% admit that
they do not believe they are getting
the best insurance rates possible.
Canadians are looking for smarter,
innovative, and more transparent
ways to manage their money.
Inside This Report
The implications of this report
demonstrate the need for the Big
5 to adopt a digital-first mental-
ity when building new products
and services. This outlook can be
achieved through in-house capa-
bilities, joint ventures and partner-
ships with the startup community.
For the Big 5 banks, joint ventures
and partnerships will be critical to
covering ground as no single bank
can innovate in all product catego-
ries at once. For FinTech startups,
partnerships with the Big 5 banks is
the most efficient way to increase
consumer understanding of their
products and gain access to a larger
customer pool.
“64% of Canadians have no understanding
of what FinTech is, and another 26% of
Canadians had little knowledge. Weak
understanding will translate to high
customer acquisition costs as startups seek
to educate prospective customers.”

5. 5
b.1982-2004
vs
FinTech users are more satisfied using FinTech
providers than traditional banking.
27%
of Canadians have
adopted at least one
FinTech product
and/or service
49%
of Canadian
FinTech users are
Millennials
68%
of non-FinTech users
agree to wanting their
traditional bank to offer
FinTech type of services
59%
of Canadians believe
the Big 5 banks are too
profitable
53%
of all FinTech users
trust FinTech providers
over their traditional
bank
90%
of Non-FinTech users
admit to having little
or no understanding of
what FinTech is
42%
of Canadians do
not trust financial
service professionals
Accessibility and ease-of-use are the
largest reasons users switched to FinTech.
Key Findings

6. 6
Millennials Lead the Transition to FinTech
While FinTech is a relatively new
method of interacting with finan-
cial products and services, its explo-
sive growth since the 2008 financial
crisis has been driven by the need
to do things smarter, faster, cheaper,
and more securely than previously
possible. EVP discovered that 27% of
those surveyed had adopted FinTech
as an alternative method of banking,
half of which were Millennials (ages
18-24 and 25-34). It is important to
follow the trends of this genera-
tion because, in 2014, Millennials
passed both Generation X (Gen X)
and the Baby Boomers (Boomers) as
the largest cohort in the Canadian
workforce.1
73+27
“FinTech’s explosive growth
since the 2008 financial crisis
has been driven by the need
to do things smarter, faster,
cheaper, and more securely
than previously possible.
Technology will underscore the
new standards of banking.”
Do you currently use a FinTech
product and/or service?
Yes
27%
73%
No
Do you currently use a FinTech
product and/or service?
1 Statistics Canada, http://www5.statcan.
gc.ca/cansim/a26?lang=eng&id=2820002
24+60+87+48+39+42
29%
16%
13% 14%
8%
20%
14-17
yo18-24
yo25-34
yo35-44
yo45-54
yo>54
yo

7. 7
Those who use FinTech products
and services were asked, “Do you
trust FinTech more than tradition-
al banking?” 53% responded “yes.”
While there is little statistical differ-
ence in the level of trust between
Boomers, Gen X, and Generation Z
(Gen Z), the Millennials account-
ed for 49% of those who trust
FinTech over traditional bank-
ing. These statistics are expected
as they support the fact that most
Millennials have grown up with
readily available technology. While
Gen Z grew up with a strong tech-
nological presence, they have had
little experience dealing with finan-
cial services, and therefore are not
expected to have the same utility for
FinTech products as Millennials. As
they age and begin to use financial
services more frequently, it is fore-
seeable that their adoption rates
could quickly overpower those of
Millennials. Alternatively, Gen X
display cynicism regarding finan-
cial services demonstrating they
do not yet trust this new method of
banking.
Of the sample surveyed, 57% of
FinTech users responded that they
would consider abandoning tradi-
tional banking if all necessary
financial services were available.
Millennials accounted for half of
those willing to break away. Over the
next few decades, the wealth accu-
mulated by both Gen X and Boomer
cohorts will transfer to Millennials
and Gen Z. This shift in wealth will
facilitate a significant change in
banking preferences and consumers’
willingness to switch to accessible
online platforms. Traditional banks
who do not adopt to this new stan-
dard of technology will witness
their customer pools shrink, and
their users will migrate to those who
have taken advantage of this market
opportunity.
All
All
Millennials
Millennials
Do You Trust Your Fintech Providers More Than Your Bank?
Yes
Yes
No
No
Would you ever completely abandon your traditional bank for a FinTech
provider if all necessary services where provided?
530+470+=
610+390=
570+430+=
580+420=
43%
42%
47%
39%
57%
58%
53%
61%

8. 8
47+30+8+8+81 2 3 4 5+
47%
30%
8% 8%8%
44+31+14+6+41 2 3 4 5+
44%
31%
14%
6%
4%
Technology will underscore the new
standards of banking. To understand
which areas are most susceptible to
disruption, EVP asked FinTech users
how many FinTech products they
are currently using and for which
services. The survey showed that
the average FinTech user uses two
FinTech products and Millennials
account for half of all FinTech prod-
ucts used. Millennials are also the
only individuals who use five or
more FinTech products.
How many FinTech products do you use?
“Millennials are the only
individuals who use five
or more FinTech products.”
Millennial FinTech User Respondents (18-35 yo) (n=53)All FinTech User Respondents (n=108)

9. 9
In EVP’s survey, 40% of Fintech
respondents use “Transfer and
Payment” services. This statistic
is consistent with where the most
disruption in the banking industry is
occurring. Transfer and Payment is
an active space for individuals look-
ing for more efficient, streamlined
methods of paying bills and trans-
ferring money. The second most
used FinTech service is “Insurance”
which 32% of FinTech respon-
dents use in Canada. This is high-
er than we expected and may be as
a result of Candians being able to
register an account and file insur-
ance claims online. While this is a
basic online feature, it aligns with
our definition of FinTech. Beyond
registration and claims, insurance
has seen less disruptive activity
than banking, FinTech’s manifes-
tation through the utilization of the
‘Internet–of –Things,’ ‘Big Data’ and
‘Telematics’ will soon bring forth
disruption in the Insurance indus-
try.2
Utilizing these technologies
will transform how personal data is
used to measure risk and disrupt the
current Insurance process by creat-
ing a more direct, tangible relation-
ship between insurers and clients.
The high percentage of FinTech
users in the Insurance industry
demonstrates strong demand for
digital access to policies, brokers,
and claims as well as an increased
demand for personalized plans.
What kind of FinTech product(s) do you use?
“Millennials are focused more on asset
growth whereas Boomers are focused
more on asset protection.”
The Millennial cohort accounts
for 59% of those who use “Transfer
and Payment,” and 57% of those
who use FinTech for “Saving and
Investment” purposes. Additionally,
Boomers most used FinTech service
is Insurance. The use of these find-
ings demonstrates that the adop-
tion of FinTech is based on current
demographic needs. Millennials
are focused more on asset growth
whereas Boomers are focused more
on asset protection.
2 http://www.nortonrosefulbright.com/knowledge/publications/133043/fintech-and-
disruption-in-the-insurance-market
17+19+32+40+2817%
19%
32%
40%
28%
19+23+26+45+2819%
23%
45%
26% 28%
Crowd-funding Borrowing and Lending Insurance Money transfer/payment Savings/investments
All FinTech User Respondents
(n=108)
Millennial FinTech User
Respondents (18-35 yo) (n=53)

10. 10
43+29+31+25+16+12
FinTech Adoption Rates Are Driven
by Accessibility and Simplicity
Although Millennials have initiat-
ed a generational shift to FinTech,
there is a larger paradigm that
shows the evolving expectations
of Canadians at all ages. To grasp
this trend, EVP asked, “What are
FinTech users’ reasons for switching
to FinTech?” Participants were able
to select more than one response.
Among the potential answers, 43%
said it is because of the “online and
mobile” features which promote
convenience and freedom from
having to take a trip to the bank to
manage their account, apply for a
loan, or transfer money. The next
most popular reason was that 31%
of people believe FinTech was easy
to setup. People enjoy being able to
set up financial services remotely
so they can either get through the
process quickly or take their time
to become more comfortable with
the product they are signing up
for. The third most popular reason
was that 29% of individuals enjoy
having “lower fees.” There are many
reasons why FinTech platforms
can offer lower fees, most of which
can be attributed to lower over-
head achieved through the use of
technology.
Online and mobile
Lower fees
Easy to setup
More control
More transparency
Customer service
What are your reasons for using a
FinTech product?
42+30+34+26+13+1543% 42%
29% 30%
31% 34%
25% 26%
16%
13%12%
15%
Millennial FinTech User Respondents
(18-35 yo) (n=53)
All FinTech User Respondents
(n=108)

11. 11
Non-FinTech users account for 73%
of our Canadian sample popula-
tion. EVP’s first question was aimed
at ascertaining non-FinTech users’
overall understanding of FinTech.
64% of respondents reported having
no understanding of FinTech and did
not feel comfortable using it. Another
26% stated that although they have
some knowledge of FinTech, they do
not feel comfortable using it. This
information demonstrates that only
10% of non-FinTech users under-
stand what FinTech is and would feel
comfortable using it in the future.
EVP asked if individuals were inter-
ested in adopting a FinTech product
or service over the next 12 months.
42% responded they were either inter-
ested or intended to adopt a FinTech
product or service. It is evident that
educating consumers will play a
meaningful role in the adoption
of these services. FinTech compa-
nies will have to spend a signifi-
cant amount of time and money on
awareness and education to over-
come these obstacles. The primary
advantage that the Big 5 banks’ have
over FinTech firms is brand equity
and the distribution network to reach
millions of Canadians. Banks can
use their existing relationships with
their customers to facilitate a more
cost-effective customer acquisition
strategy. Therefore, joint partnerships
can help FinTech companies address
these challenges while providing
banks with new services that can
strengthen their portfolio.
Awareness and Education Remain
Costly Barriers to Adoption
As a non-FinTech user, what is your level of
understanding around FinTech?
As a non-FinTech user, do you intend to use
a FinTech product and/or service this year?
I have some
knowledge but only
for a limited number
of products
I understand most FinTech
products and can make
confident decisions
I do not understand the
products well and do not
feel comfortable making
a decision
n=292
10+26+6426%
10%
64%
n=292
I am interested but I have
not made a decision
Yes, I indend to use a FinTech
product and/or service
No, I am not planning on
using a FinTech product
and/or service
6+35+5935%
6%
59%

12. 12
After recognizing why non-FinTech
users do not use FinTech, and seeing
their interest in adopting it over
the next year, EVP asked non-Fin-
Tech users why they chose to stick
to traditional banking. Permitted
to select more than one response,
37% said that the reason they do
not use FinTech is that they were
not previously aware of its exis-
tence. Reinforcing the importance
of increasing awareness and under-
standing of FinTech so that indi-
viduals are in an informed position
and can make better financial deci-
sions for themselves. The second
most popular reason for not using
FinTech is that 23% of non-FinTech
users believe they do not have a
use for it. Increased understanding
of FinTech services available will
help resolve the misapprehension
these individuals currently have for
FinTech and their use for it. Once
FinTech becomes more common-
place, reluctant perceptions such
as not having a use for it will dissi-
pate and consumer adoption rates
will increase. The third most popular
reason is that 17% of non-FinTech
users prefer traditional banking and
service providers. Preferring a tradi-
tional bank to a FinTech provider
is not a reason to not use FinTech,
but rather an indicator that there
is a barrier to understanding what
FinTech is and who can provide it.
FinTech can be an online platform
offered through a consumer’s tradi-
tional bank or service provider.
“Once FinTech becomes more commonplace,
reluctant perceptions such as not having
a use for it will dissipate and consumer
adoption rates will increase.”
Was not previously aware of Fintech Do not have need for it Prefer traditional bank and service providers
Do not understand how it works Do not trust it
Why do you not use a FinTech product and/or service?
37+23+17+12+12 44+22+9+14+1137%
44%
23% 22%
17%
9%
12% 14%12% 11%
All Non-FinTech User Respondents (n=292) Millennial Non-FinTech User Respondents
(18-35 yo) (n=118)

13. 13
38+6238%
No
62%
Yes
Canadian FinTech users are early
adopters of disruptive innovation.
The following data confirms that
FinTech users have a greater use
and understanding of the broad
range of products and services
available to them and that non-Fin-
Tech users may only use traditional
banking at the primary level. These
findings are presented in a consum-
er satisfaction rating scale, ranging
from 1-10 (higher numbers meaning
higher ratings), and comparing the
likes and dislikes of both FinTech
and Non-FinTech users.
FinTech Users
To understand the relative perfor-
mance of FinTech products and
traditional banking; individuals
were asked to score their satisfac-
tion of both methods. The mean
score for FinTech was 7/10 and for
traditional banking 6.6/10. These two
scores demonstrate the high level
of innovation that is taking place in
the financial service industry and
FinTech’s current disruptive inno-
vation performance while account-
ing for how long it has existed
FinTech Earns Higher Satisfaction Ratings Among Consumers
compared to traditional banking.
EVP then asked seven follow-up
questions to discover which part of
traditional banking they most liked
or disliked.
From the information below, it
is apparent that the most promi-
nent reason people dislike tradi-
tional banking is due to the “fees
and rates” (38%), but only 29% of
FinTech users agreed it was a reason
for actually switching to FinTech.
While the sample individuals are
dissatisfied with the fees and rates
of traditional banking, they do not
play a significant role in convert-
ing consumers to a different plat-
form. EVP also asked if customers
had a better experience when using
FinTech compared to traditional
banking, 62% agreed to have better
customer experience using FinTech
products than traditional banking.
16+18
17+38
39+21
26+14
29+19
27+13
29+19
Range of
products
Fees & Rates Customer
Service
Reliability &
Trust
Tech: mobile &
online banking
Branches &
ATM
Convenience
18% 38% 14% 19%21% 13% 19%
16% 17% 26% 29%39% 27% 29%
Likes
Dislikes
FinTech Users: What do you like and
dislike about your traditional bank?
Do you have a better
customer experience
using FinTech compared
to your traditional bank?

14. 14
Non-FinTech Users
EVP asked non-FinTech users
to rank their satisfaction of their
primary bank on a scale of 1-10. The
mean satisfaction score was 7.3/10,
showing that user satisfaction of
traditional banking was greater for
non-FinTech users than FinTech
users (6.6/10).
Non-FinTech users’ likes and
dislikes of traditional banking varied
from FinTech users as well. With the
exception of 57% of people disliking
the fees and rates offered through
traditional banking, non-FinTech
users were more satisfied with
their banking experiences. To gain
more perspective on why non-Fin-
Tech users were more satisfied, EVP
looked at how they use their primary
bank.
Currently, 53% do make invest-
ments and over half of those who
do not invest rank their banking
experiences as 8 out of 10 or greater.
Therefore, the satisfaction of the two
groups cannot be compared as both
groups rate their traditional bank-
ing experience based on different
features. These findings also illumi-
nate why so few Non-FinTech users
have opinions on the products and
services their primary bank’s offer.
In our sample of both FinTech and
non-FinTech users, EVP found that
46% of Canadians do not invest and
84% of those who do not invest are
non-FinTech users.
10+10
20+57
47+14
32+9
40+8
37+12
36+11
Range of
products
Fees & Rates Customer
Service
Reliability &
Trust
Tech: mobile &
online banking
Branches &
ATM
Convenience
10% 57% 9% 8%14% 12% 11%
10%
20%
32% 40%47% 37% 36%Non FinTech Users: What do you like
and dislike about your traditional bank?
Likes
Dislikes
6+3+3+3+3+3+3+9+12+12+12+21+18+21+42+27+27+18+33+271 2 3 4 5 6 7 9 108
1% 1% 1%
3%
4%
7% 7%
6%
9% 9%
2%
1% 1% 1%
4% 4%
9%
14%
11%
6%
User satisfaction of non-FinTech
users who do and do not invest
Non-FinTech users who do not invest
Non-FinTech users who invest

15. 15
36+6436%
No
64%
Yes
32+6832%
No
68%
Yes
To see how non-FinTech users
would support FinTech features
under a less intimidating pretext,
EVP asked, “Do you believe your
experience with your traditional
bank can be better if they provid-
ed more real-time information (i.e.:
notification when your credit card
is used)?” 64% of non-FinTech users
said yes, they would have a better
experience.
EVP also asked, “Do you believe
your experience with your tradition-
al bank can be better if they person-
alize offers to you based on your
existing relationship with the bank?”
68% of respondents’ state that they
would. These results demonstrate
the current barrier of understanding
FinTech currently faces.
Non-FinTech Users Show Demand for FinTech Features
Do you believe your
experience with your
traditional bank can be better
if they provided more real-
time information?
Do you believe your
experience with your
traditional bank can be better
if they personalize offers to
you based on your existing
relationship with the bank?

16. 16
After establishing Canadian demo-
graphics for FinTech users and
non-FinTech users, EVP asked the
full sample population targeted
questions about trust, transparen-
cy, and expectations of financial
services and the insurance indus-
try. Our findings show that 42% of
Canadians do not trust financial
service professionals. Low trust
demonstrates the need for trans-
parency in the fees behind prod-
ucts and services. This is further
exemplified by the fact that 52% of
individuals do not trust investment
advisors, and 75% either do not trust
stock ratings by research analysts
or choose not to invest. Despite the
issues of trust within the financial
services industry, 59% of Canadians
still believe that financial services is
an innovative industry.
The general mistrust of financial
services coupled with the belief that
there is an ability to innovate within
the sector offers a unique opportu-
nity for banks to acquire and imple-
ment their own FinTech products
and services. Doing so will help meet
the consumers’ needs for transpar-
ency and will set standards for other
banks to follow.
To understand the opinions
towards the financial services
industry, we asked how individuals
perceive profitability, competitive-
ness, and regulation of Canada’s Big
5 banks. 59% of Canadians believe
that the Big 5 banks are too profitable
and only 39% of Canadians surveyed
believe that there needs to be more
regulation.
Technology is Evolving Consumer Expectations
for the Financial Services Industry
We asked similar questions
to Canadians about the insur-
ance industry. Currently, 62% of
Canadians do not trust their insur-
ance professional, and 63% admit
that they do not believe they are
getting the best insurance rate
possible. These statistics demon-
strate the evolution of consumer
expectations and demand for trans-
parency in the insurance industry.
Unlike the financial services sector,
less than 44% of Canadians believe
the insurance industry is innovative.
Moreover, 54% felt that the
Canadian insurance industry was
too profitable. When EVP asked if
Canadians believe there is enough
regulation within the insurance
industry, 38% of Canadians surveyed
say current regulation was “okay”,
and 21% state that less regulation is
needed. The juxtaposition of profit-
ability and regulation, in this case,
demonstrates the necessity of trans-
parency within this sector of finan-
cial services.

17. 17
The information provided within
this report demonstrates Canadians’
demand for innovation in regards
to financial services. As Canadians
look for smarter ways to manage
their money, there will be an
increased desire for services that
make banking more accessible and
easier to use. However, awareness
and education remain as barriers to
adoption. Unless FinTech service
providers find cost-effective ways
to educate the population, customer
acquisition costs are likely to grow
and put this advanced method of
banking at risk. Partnerships with
larger financial institutions can help
offset these costs while providing
incumbents with a portfolio of
innovative solutions that cater to a
digital-first generation.
Conclusion

18. 18
Ray Sharma
Managing Partner: ray@evp.vc
Amir Bashir
Associate: amir@evp.vc
John Austin Kennedy
Summer Analyst
Extreme Venture Partners (EVP) is
one of Canada’s most successful
venture capital funds over the past
decade. With its focus on mobile,
EVP I (launched in 2007) achieved
superior investment returns while
helping to launch and help grow
more than 20 companies; ultimately
leading to over 1000 well paying
technology jobs in Canada.
With its second fund, EVP is excit-
ed to continue upon its track record
of discovering exceptional young
companies on the verge of break-
out. While continuing our focus on
Mobile (particularly apps, payment,
health and enterprise) we are excit-
ed to be expanding our sector inter-
est to include Big Data (including
open/social data, natural language
processing, machine learning and
analytics) and the Internet-of-
Things (wearables, robotics, drones
and connected devices).
About EVP Authors

19. 19
This report gives a comprehensive
look at the data and trends covering
FinTech in Canada. The data set collect-
ed for this report was gathered from
a random sampling of 400 Canadians,
who answered a series of 33 ques-
tions reviewing their experience with
FinTech, traditional banking, and the
financial services industry. For a confi-
dence level of 95% with a 50% chance
the sample picks a particular answer
(accounting for the worst-case scenar-
io), the confidence interval for a sample
size of 400, 292 and 108 are ± 4.9%, ±5.7%,
±9.4% respectively. When using the
information from this report, individu-
als assume the risk of misrepresenta-
tion of data. As data is split into smaller
groups, the margin for error increases.
EVP is not responsible for any misrepre-
sentation of data.
Methodology