51 Kellogg Insight In the past, our strategy had been based on providing a low-cost, broadly diversified investment product in a very high-cost overall investing envi - ronment. I think this—combined with Vanguard’s fundamental corpo - rate structure as the only investment-management company owned by our clients, meaning there’s no conflict of interest—allowed us to build a very strong reputation as trustworthy. For example, after the global financial crisis, many investors actually turned to Vanguard, because we are trusted. So that strategy has made us successful, but we also came to realize that the same thing that made us successful may not continue to make us successful in the future. The low-cost index fund—it used to be the underdog. It took us thirty years, but now it’s mainstream. Now every - body is copying. So that position becomes hard to articulate. And the client-experience factor plays such a huge role in a digital envi - ronment. The clients have been trained by the Amazons, the Apples of the world and have much higher expectations about their interactions with Vanguard. In the past they’ve been willing to say, “Hey, we know Vanguard doesn’t have the greatest website, but they’re a company we trust, they have a great product.” But in the future, those kinds of expe - riences are going to really shift and impact client loyalty. This led us to believe that we need to become better at using analytics to provide a much more individualized experience for our clients. We serve millions of investors directly. We know exactly what they do. And we have not done enough to use that insight to engage with them in a more personalized way to deliver greater financial and emotional value from investing with Vanguard. We need to treat that information about their needs and preferences as an asset. Based on insights from Jing Wang