I'm going to take you on a journey. And this journey is really about where is the future of retail banking. There's been a lot of conversation, and you have to understand that this journey started three years ago. And I'm going to take you from the beginning to where we are today. And what I'm hoping is that there's going to be a spark of insight. There's going to be some ideas that we're going to share with you that may make you think differently of what the retail banking industry could look like in the future.
So think the future retail banking is a journey. Do we have it right? Who can predict the future? And about three years ago, we went through a repositioning of the company, and we looked at why do clients hire us? Like, why do we do so much work in China? Why do we do so much work in the US as a Canadian firm, and in Canada? And one of our unique things is the ability, as designers, of looking at what the future could be. And I was a huge Star Trek fan. And if I look now at all the technology when I grew up that Captain Kirk was using, it's all come to life. The only thing is the transporter hasn't happened yet, but it's coming. But I'm sure it's going to happen. And the belief is if you can envision it, visualize it, then you can create it and build that bridge. So I'm hoping that you can see some of the thoughts that we had. In order to predict the future or help define the future, you need to bring context. So I'm going to share with you a video here.
This video was used as the foundation for our online research we did, focus groups we did, some of the workshops we did in the banking industry.
So when you look at this video, I'm kind of curious. I pegged 2030. How many of you believe that this is going to happen in 2030? Raise your hands. Sooner? Is there anybody here who thinks it's going to happen before 2030? I see, yeah. I think a lot of the technology that we're showing is actually happening now. The issue isn't that the technology exists. The issue is that it hasn't been mass commercialized in the marketplace. It's not yet a ritual in how we live our lives, but it's coming very quickly. And we use this video because to do research and ask people, "What do you think of this branch of the future?" It's hard if you don't have the context of what life would be in that future. And so we use this as a platform. But the question, and this is a question a lot of banks are asking. I was just reading a stat from Financial Brands Forum as recently as this morning that something like
1,300 branches have been closed last year. So a lot of financial institutions are closing their branches. Now, I think that that stat is a bit misleading because there was a huge growth in 2006 and '7 where banks were opening incredible number of branches. And so I think this is a leveling off. But it really begs the question, in the future, what is the role of the branch? What is the role of the physical presence? And that was the question we asked ourselves three years ago when we started on this journey.
And why we care about that is that we really are focused on the future, and more importantly, we care about the emotional connection between the consumer and your brand. So what is the role of the branch experience in connecting the consumer with that emotional experience? And I can say that we've got a lot of experience in the banking industry. These are some of the banks we've worked on in the history of our company. Some of these are active clients today. We're working on four different financial institutions as we speak today. Three of them in China. And people ask, why did you go to China? It's not because I want to increase my air miles, although that's done a really good job. I'm there because there's this old saying that says, "The future is already here. It's just not evenly distributed." China, for a lot of categories ... is in the future. If you look at transportation, I would even say banking, they're way ahead of us.
Mobile wallet, they're way ahead of us. Digital technology, they're way ahead of us. And so we went there to learn what's happening in the banking industry and how we can play a role.
Again, this wasn't just JP getting up in the morning and having a new thought about the future of banking. This is an extensive piece of work that our company took on. I would say in fees alone, it was about $350,000 of investment of time in our company. We did everything from two workshops. We did a retail banking workshop in Miami with about 75 bankers for four hours, and then BAI in Vegas, we did another workshop with another 75 bankers. And these are bankers globally. And interesting, some of the insights was, for example, Ireland. If you want to look at the future of what happens to the banking industry when it comes to the value brand, go to Ireland. 3% of all their transactions happen at the branch level. 3%. Norway have just banned actual currency. There's no longer any currency in Norway. And so those have a huge impact. They still have a lot of branches in Ireland, but the purpose of those branches have shifted. And so we can learn from other people.
We've done three online studies. We did some neuro research studies, some virtual reality studies, and obviously we've done a lot of other forensic review of what's in the marketplace, and I'll share a lot of these insights with you today.
So future-proofing, what does that look like? How do you get on this journey to look at the future? What are the steps you take? Well, the first thing you need to do is be anchored in today. And I'm going to walk through my presentation of some research we did about what are the current trends happening in the marketplace today for the banking industry, specifically retail banking. And then I'm going to walk you through some videos and some creative of what we think the future could have been based on some scenario planning. And then obviously we took those different concepts, and we actually took them to research and validate them in Canada, the US, and the UK. So we wanted to get a sense in addition to some working groups, focus groups. So let's start with the known state, the things that we know today, the things that you're probably going to nod your head, some you may scratch your head.
So I'm here to tell you that this race to efficiency is going to peak. This idea of getting consumer to offload the low transaction cost of relationships to technology is going to peak. We're going to get as much as we can out of the consumer doing more of the active work. The efficiencies of eliminating paper in the branches, the efficiency of moving a lot of those administrative things to a central location, it's going to max out. We're not going to be able to squeeze a lot of efficiency, not the gains we're seeing today in the banking industry. And part of that is that we're moving so much on the digital transformation that we're actually losing the emotional connection to the consumer. And this is really important to understand. That we are been so left brain focused on those relationships that it's come at a cost of understanding what emotionally is motivating the consumers in their lives as it relates
to finance. And there's been a lot of researches. I was hoping Shane Skilling would be here from HotSpex. Shane did some research with us. He's done some research in the banking industry. Again, pioneering, we did a big study, I think it's in 2015. The question we asked is, who's winning the relationship with the consumer, emotional relationship with the consumer? Is it online retailers like Amazon and eBay, or is it the bricks and mortar retailers? And the larger the red center, the more emotionally connected that consumer is. And as you can see, the online retailer was actually winning the relationship with the consumer. And Shane shared a map, publicly shared a map of, he did an assessment of the banking industry. And by the way, you look very similar to what the retail industry looks like when it comes to the emotional connection to the consumer. You are a chore. When they go to the branch, you are a transaction, you are a chore.
I have to go there. I have to meet because this balance is not working. And some of it can be very pleasant, where they built a relationship with the universal banker or the teller, or some of it could be a hassle because there's a long line up and I have a short period of time for lunch.
Well, ModusStat is a big research firm in the US, and they did a huge study on the emotional equity of an impact the emotion has on financial brands. And really non-connected emotional financial brands, have a loss of revenue of about 52%. And when you're playing in a commoditized category, a category where differentiation is hard, that's a huge number that you're leaving on the table as a financial institution. And then they compared
financial products to other categories like BMW and Marriott, and you can see the scores. And by the way, emotional connected is a new way of evaluating the equity you have. We're all evaluating the brand equity based on NPS scores, how people recommend the financial institution to their friends. It's actually not an accurate representation of the future of the potential of your financial institution. It's the emotional connection that plays an important role. And the emotional connected consumer is willing to spend more with you. They're less likely to switch financial institutions They're less likely to consider other products and other services. So a lot of money being left on the table. And why is it that
consumers are not emotionally connected? Well, 72% of banking relationships are based on transactions. This is part of our stealth attrition study we did. I'm highlighting a very concerning number. When we asked them, "When you think of your financial institution, what do you think of?" They think of it as a place to do transaction, access money. Only 3% saw it as a place for financial advice. When you think of that insight, that only 3% of consumers perceive... And by the way, we did this study in 2017. We did it again last year as part of the concept valuation. The numbers didn't change. It was 3.7 versus 3.2. And so very concerning fact that we're so focused on transactions and making those transactions efficiently, that we lose sight that the consumers are coming to the bank for financial advice. And we'll share some more. And why is that? Why are they coming for financial advice? Because the level of anxiety today is growing.
Financial anxiety is at an all-time high. And all we have to do now is read. I don't even listen to the news anymore when I come into the office because it's depressing. Trade barriers. We're going to lower the interest right now because it looks like we're going to go into another recession. Our housing prices are through the roof. All of these factors play an important role on the anxiety. So that customer coming into the branch to do their transactions, they're coming with a high-level anxiety, and that we're not really solving as a financial institution and industry. And in our stealth attrition study, the insight was, well, if we provided better advice to you, if we provide a better experience for you, would you consolidate all your banking services with one bank? Would you buy more products from us? Would you consider not switching? And 41% said yes. That's a huge number. You connect the emotional gap,
52%. You look at what consumers are, from a brand loyalty, willing to do if you just do the things that they're asking you to do, which is provide the tools and advice to reduce their financial anxiety, you have great opportunity for growth.
The outcome number two is the move to digital is driving bank attrition. And this is the other big insight. So consumers don't see you as providing financial advice. And by the way, Google does a better job of doing that than you do, and that's kind of concerning when you own the information. The other one is that we've really worked hard at eliminating the friction points in the relationship with our customers through digital technology, and that's fantastic. That doesn't mean that what we did was wrong. It just means that there's a yin and a yang. When you drive consumers to digital platforms, there's another factor that comes into play. First of all, consumers are coming to the branches to meet with people. They're coming for not technology, they're coming for relationships. This is an Accenture study that was done. This is really important to understand that I trust my bank when I can
speak to someone in person. This relationship, we call it humanizing the banking experience, is critical in building brand loyalty and building growth for financial institutions. And they're not going to do that online. They're going to do that in a physical presence. And you can say, well, video ATMs are the new rave. I can tell you right now, we've done video ATMs. I can tell you firsthand, they don't work. I'll tell you where they work in the US. They work at a drive-through ATM where the branch is closed. They work at a 24-hour ATM. If you have an issue with a bill payment and you're a shift worker and the bank is closed, that's the only time a video ATM works. Customers don't want to come to a bank and line up and have a choice between technology and a person. They're going to want to speak to the individual. And I'm sure you've all tested these things.
We also did a study last year on immersive experience. We asked, if we have all this technology and the buzzword immersive is happening in the context of publications and media, what does that mean to you as a customer? And immersive experience is not about technology. Immersive experience is about better customer service. They view technology as a way of getting better customer service. So when you're looking at your technology platforms and you're building those deeper engagements with customers, is it geared towards better service? Are you answering some of their needs when it comes to reducing onboarding, for example, from
opening a new account, which can be very tedious and tiresome.
Again, this is a study by Accenture. When they launched ATMs and video ATMs and new technology, customers said no, actually, and this is across the different demographic age groups, they want to talk to individuals. They really don't want to deal with machines. They will deal with machines if they have to, if it overcomes an issue like the branch is closed. But really, at the end of the day, they got in their car and went to the branch to talk to someone. And the branch plays an important role in our stealth attrition across all of these needs, depositing money, resolving an issue, seeking financial advice, applying for new products. The branch is your growth engine. It's not your online presence. It's not your mobile app. It is the physical branch that's going to drive growth for financial institutions now and in the future. And you can see there was a study done, I think it was Deloitte,
where the more the consumer uses your multi-channel, all the platforms, the more loyal they are to you. Well, we've actually went back and did in our stealth attribution study, found out some other big insight. We identified four key segments. Adults, really, these are advice-centric customers. They're your most loyal. Typically, these are customers that come in who have a business account with you, who have a wealth management account with you. They're coming to you primarily for advice, and they trust your advice, and they're your most loyal. Those customers typically have one to two bank accounts. That's it. Right? They don't use multiple platforms. They are very loyal to the advice. The second one is what we call branch-centric. These are consumers, older consumers,
small business owners, underbanked in the US, who rely on the physical bricks and mortar for a lot of their banking needs. And they're the, again, your second most loyal. But what's important to note at the bottom, the 9%, which is actually growing, if we did this study now, it'd probably be 12 or 13%, is what I'll call digital-only. Actually, it's 11% now because I'm thinking the study we did last year to validate the concepts, it grew to 11%. They're your least loyal customers. They're more apt to move to a non-traditional bank, an online-only bank, or one of your competitors. Whoever's got the best app, the cost of moving the account, for them, no problem. Right? It's all digital. I can do it. And so as we push consumers to digital platforms, remember, what you're doing is you're pushing them out the door. Right? And so the goal is to have them use all platforms equally and to bring a new meaning to the branch experience.
So that was the past. This is where we are today, and there's been a lot of work at branch transformation. A lot of you in this room have been involved in branch transformation and the merging of digital and physical. We're on this journey. But where is 2030 look like? What does that look like? Right? What does that future look like based on a future? So we use the STEEP model, which is we look at social, technology, economic, environmental, and political trends happening in the marketplace. You could argue there were a lot more-- Government plays a lot more in regulation today than ever before, and the US is even worse. Right? Social and political, just have to read the news every day. I love to be in the media business because Trump is doing a really good job of giving us great content every day. It scares the hell out of me, but that's besides the point. So these are some of the technologies you're all familiar with that are on a
journey. They've started. A lot of these have not grabbed a lot of momentum. You've got artificial intelligence, we're going to talk with the panel. The Internet of Things is going to have a huge-- 5G is going to have a huge impact on the banking industry. These technologies are going to be able to monitor every aspect of our life and be able to give us advice based on all of our transactions. It's already started now with a lot of apps. As a financial institution, this is concerning because, again, the shift of advice could be shifting to non-traditional banks. You've got AR and VR. We tested that in banks in China. Interesting enough, it's a great platform for education. It's a lousy platform for banking. So when you think of augmented reality, you should be thinking of, how do I leverage this for education? Maybe in the home, in the branch, but really not something you would want to use for entertaining the customer unless it's tied to a game
box. Mobile, obviously, we've been involved and you've been involved. Biometrics is just starting to happen, where you're not going to need your PIN. A lot of banks in the US are testing this. I think some of the banks here are looking at that. And obviously, digital technologies across all the platforms. In China, I can go in and never talk to a banker. I can open an account. I can get a credit card. I can get a debit card. Right? I can pay my bills and never talk to anybody. And I can get that done in an hour. Right? So very different approach to how you use technology, eliminate those steps in the customer journey, specifically the painful onboarding process banks have with customers for a loan, a mortgage. Why is it that I can call and in two minutes online get a mortgage, but I have to go through hoops and 50 different forms for a bank when I borrow the same amount of money? And you're seeing that.
And then obviously, voice recognition will eliminate the keyboard. We're seeing that. It's not ritualistic. We still don't do it. We all have an app on our phone that allows us to talk to our phone, but we don't do it because it's not in us. But the next generation, the generations after them, will play an important role. But some of these other STEEP factors that you need to think about that we tracked, and we tracked this across a variety of industries. We ran a three-day workshop for one of the largest CPG brands in the US on future-proofing, looking at 20 years out, what their brand, what the consumer trends are. And these all correlate. We call it learned behavior. How we conduct ourselves in how we buy groceries has an impact on how we bank. Right? The reason we go to the airport and we use an automated kiosk to check in and we're comfortable with that is the banking industry trained us on
ATMs to do the same thing. So learned behavior. But what's important is better for me and the planet is a huge movement. All you have to do is read the paper, look at what the retailers are doing about plastic, what the government just legislated yesterday. It's just the beginning of what you're going to see. It's a grassroot. Mills? Environment, okay. Gen Z, big thing. Big thing. They make all the decisions based on how you conduct yourself and how you impact the environment. You've got humanizing business. As we push technology on one side of the equation, as we get more technology, AI, robotics, there's going to be a demand to humanize that experience, have people. It's fairly funny, we were doing a study for one of our banks in the US, and we're going to universal bankers, and we're doing focus groups. And customers coming in and saying, "So how's it feel to have someone that can take you through the entire thing?
You can get a mortgage from that person." It's almost like a private banker. And they go, "That's great. Will Sally still be my teller? Or is Sally going to lose her job? Because if Sally's losing her job, I don't like it." And so you're going to see a backlash, of how robotics and technology is eliminating jobs. We're starting to see this grassroots movement, it's going to play a bigger role in the future. Increased need for security. We're just on this journey. Shrinking middle class. This is a big concern. In North America, growth comes from the middle class. It's shrinking dramatically. It's shrinking dramatically. We're going from the middle class to poor or rich, right? That has a huge impact in how at increasing the financial anxiety consumers have in the banking sector. We have rise of the entrepreneur. We have Kunal here. Kunal works for a digital software company that does websites.
Not Kunal, sorry, George. Sorry, George. Yeah, I just went, "Who's that?"
We interviewed George. George wants to be a part of a startup company, and he represents... Sorry, I hope I don't put you on the spot. But George is representative of millennials. They don't want to work for large companies. They do to learn, but they really want to start their next Google, right? And this is a great platform for banks. And this is one of the premise of we had a choice of looking at different concepts for the banking. We focus on small business because we believe you as bankers, the biggest opportunity for you today is to deal with the small business owners. It's the most underserved category in every category. Then you've got growth of trade barriers, climate change, and mobile wallet. These are all factors we looked at when we looked at the future of the banking industry. We also looked at the customer journey, and we want to create ecosystems for the customer journey.
So I'm going to take you through... Part of this journey is we invited millennials to some focus groups. And interestingly, the research we did subsequently online with 2,000 consumers mirrored exactly what they were saying. So this Freakonomics concept that you don't need 20,000 respondents to get a read, that actually 20 or 30 people can give you the same quality of insights, they're right. And so let me walk through just some verbatims and some comments.
And they want to speak to somebody, and a branch may have one small business advisor, and then they're struggling, then they have to find an appointment, and they have to come back. So going into this place and knowing someone will be there to help me is the best thing that you could offer, essentially, right? So a- access to expertise. Yeah. Yeah, if it was specialists and stuff that you know you're going to go in, and they can have a very in-depth conversation instead of someone who's saying things like stumbling over stuff. Okay. My main challenge is similar to others, just more clientele. I just have to spread out the word. Yeah. And referrals and- So marketing would be a thing. Yeah. Yeah. At this moment, I'm working in marketing too, in marketing online, I think probably is the- For your services? Yeah. So I'm trying to educate myself. I would do seminars and one-on-one things. Yeah.
The biggest difference is when I look at things online, I also have my cellphone right beside me. I also have my house right beside me. I have basketball I played last week in the corner. I have all that kind of stuff that distracts me, where I'm sitting there one-on-one with someone, and they're telling me about their business, I have no choice but to listen more carefully. I feel if they provide more information online for us to see, "Yes, I am in debt, and these are the steps you can do based on the criteria," then it would be more helpful, and then we can get information through that form and take that information and go to the bank because we'll actually be on the same page because we have that information from online, and they have that information, and that human connection we can make with them after the fact. Kind of like the taxes and legal and we got expertise and stuff, that's great.
Whereas marketing for me wouldn't be as beneficial. So for me, that wouldn't be something I'd really care a bunch for. So a lot of insights came out of that. And what it led us to, and so here's the big aha moment for us, is that we need to move from a channel strategy, which is based on providing the same services or a curated series of services based on different footprints of branches to an ecosystem. We actually need to think of changing our banking business model. The current banking business model, when you think cash is going to go away long term, when you think there's going to be a lot of other players digitally that are going to provide the services you provide, what is it that made the banking industry so strong? How can we leverage that? It's the relationships you have. It's the accessibility. But instead of looking at customers as segments, you got to look at them as needs. Very different...
And I began with a very challenging... I was sharing this model with one of our US clients who actually read the book and gave me comments on the book. He said, "JP, we're struggling just to stay ahead when it comes to what customers want because every day there's something new." And now you're asking us to really rethink our entire business model, which, as we know, banks are risk adverse. But that's the reality. The reality is that if you don't start on this journey today to reevaluate your business model and your go-to-market model, you know what? You are going to have your lunch eaten by all of these startups, these entrepreneurs who are going to look at the next thing. And we framed this into our engagement model, and a lot of it is about solving their anxiety, giving them the advice, solving their anxiety, making it seamless and easy. Right? It's all of these things that come together that create this ecosystem.
It's providing them services beyond banking. And some of the advice, some of the conversations I had was, "GP, that's hard. We're not into small business advice. We're not into incubator models. We're not into HR. We're not..." The reality, you are. You're doing it for yourself. And I can point to OfficeMax when we got hired. We did this transformation where we moved them from selling commodities to selling services. And we developed an entire model where they could actually make more money. We actually applied the banking model. We had what you would call mortgage advisors in the bank. We called them small business advisors. And they went out in the market and sold platforms, IT, HR, websites, marketing programs, and they were extremely successful. So if they can do it, I truly believe that banks can do it. And then this ecosystem is not just for small business. There would be one for wealth, which you already have, so leveraging on that.
You'd have one for families, starting new families. You would have one for incubators. These are just some. So I'm going to take you now through a video that kind of shows you once we had these insights and these thoughts, we wanted to take this and put it into research. And this is the exercise we went through to come up with the concepts.
Building really fast. So if we're thinking 10 years out, even if we're thinking five years out in the banking industry, the notion of conventional digital is going to change and screen technology is already adapting away from screens, moving towards glass, moving towards different instances. So we started off with the four ecosystems and pods, and sort of what would the shape be of the architecture. And so, it seemed fairly obvious for millennials and young family that it have sort of that feeling of a house, a traditional sort of house shape. For small business, we did this shed design. So there's this idea of growth in the way that the building is constructed. For business, we did this long and narrow, so sort of very solid...
Stable. Stable. Thank you.
Because there are so many different people, and as you said, you want to be relaxed. Different people are relaxed in different environments. So this is more for the individual who is on the go, who is on their way to work. They can get advice, and there you go. This is for someone who wants that individual support and their privacy. So if it is the same organization, the same type of small business, you don't want to be in the big work environment where everyone can hear each other's ideas. So individual spaces for individual help.
Those are the concepts. So, we
couldn't afford doing the research for all the different ecosystems. We used a small business one, as I mentioned. We saw that as the biggest opportunity. There's a response from the consumers. Overall layout, look, and feel. This resonated with their needs and what they expect of a financial institution when it comes to providing those services.
We asked in that online study, what are they looking for, for services? And what was important as you can see here, the challenge is, it's all about growth HR and trying to not do it alone. So having a partner in that process is what they're looking for. So when they go to your branch, your bank, their anxiety levels are driven by these needs.
When you look at services that you could provide as a financial institution is human resource services, business banking, obviously, and also marketing digital. These are some of the services that you could provide that help support small businesses.
And when you look at all these services and the experience, what's the role of the omni-channel? What's the role of physical, digital, and phone? And then you can see that physical and digital work well together. That it's not one in isolation. It's both working together.
And we also asked them, in the research, and again, validated in the focus groups, is they really are looking for one-on-one meetings, seminars, and virtual assistance plays a less important role. And this is the biggest challenge. We've all tried. We launched TD Wealth a long time ago, and we had seminars, and they were a huge success, but actually being able to manage those seminars and keep them fresh is a big challenge. Because when you're thinking transaction, you're not thinking of knowledge. But those are the things that customers are looking for. And basically, the last question we asked them is, could we go to a subscription economy? If we're providing all these advices, and actually, surprisingly, 53% said yes. And again, this is asking them to project in the future. We talked about services. They really didn't see how that's come to life, how you market it, how it's customized to their needs.
You can imagine if you did that, what these scores would look like.
So action steps. I've just got closing comments here. And in the book, we go into great detail. All of this is covered in great detail in the book. Biggest challenge is strong alignment. Banks are silos, very siloed structure. Even though the best banks have broken down, have worked really hard at breaking down those silos, the reality they still exist. So creating internal alignment is really important. Clearly understanding and building that bridge to the future is important. You need a champion for this assignment. So if we're looking at future-proofing the brand, looking at 10, 15 years out, we need a champion that's going to be willing to defend this project as budget cuts happen, as management shift happen, to keep on track to future-proofing the brand. And you need to put everything in perspective and emotional equity of your brand. You should be changing the way you evaluate your brands.
You should be using emotional assessment tools to determine how you're connecting with your customers. NPS score is just one small, and somewhat misleading of the equity you have with your consumers. It has to be inclusive. It has to cover all the different departments within the organization, because customer experience crosses pretty well every touchpoint, from training, HR, operations, physical presence, digital, all of those things. You need to think of this, and a lot of you have agile processes as a journey and not as an end destination, because things are going to change. What happens if we go into a global war? What happens if trade barriers get worse? What happens if there's a shortage of labor? All these factors will have an influence on how you bring this to life. You need to be agile, understand it's a journey of building stronger relationship and emotional relationship with your customers.
And obviously, having the right support is really important. Working with organizations that have the insights. And that's it. I just want to thank you very much for your time. I hope I've been able to demonstrate a compelling story how
banks need to shift their focus. It's not easy.
As some of the individuals who reviewed my book said, bankers, "AJP, this is a tall order. We're struggling with meeting the needs of today's customer, forget about 10 years from now, 50 years from now." But if you don't build that bridge, then you're going to get blindsided. You're going to be disrupted by somebody that has been thinking about those things and has delivered those solutions for those customers. And I would caution you that the firms that you should watch that are doing that are the insurance companies. A heads up. They're definitely looking at that. All you do is go to Chicago and look at Next Door, the new concept they have. If you haven't, you should go to Chicago and look at that. That's a big wake-up call. And the other is the Staples and OfficeMax of the world. They're after the same customers you're after, and they provide and will continue to try and build advice and own the advice. So there's a lot of disruptive
competitors in the marketplace that are not all banks. Thank you very much for your time. Thanks for coming.
