Tech Trends in Banking (Since WFH Began)

WASHINGTON, DC — Since March, I’ve talked with quite a few bank CEOs about their interest in modern and secure technologies. The underlying focus? Improving the experience provided to their customers.

In parallel to such one-on-one conversations, my colleague, Emily McCormick, surveyed 157 independent directors, chief executive officers, chief operating officers and senior technology executives of U.S. banks to understand how technology drives strategy at their institutions — and how those plans have changed due to the Covid-19 pandemic.

She conducted the survey in June and July — and we just released the results in Bank Director’s 2020 Technology Survey, sponsored by CDW. Here are a few key takeaways:

Focus on Experience
Eighty-one percent of respondents say improving the customer experience drives their bank’s technology strategy; 79% seek efficiencies.

Driving the Strategy Forward
For 64% of respondents, modernizing digital applications represents an important piece of their bank’s overall technology strategy. While banks look to third-party providers for the solutions they need, they’re also participating in industry groups (37%), designating a high-level executive to focus on innovation (37%) and engaging directors through a board-level technology committee (35%). A few are taking internal innovation even further by hiring developers (12%) and/or data scientists (9%), or building an innovation lab or team (15%).

Room for Improvement
Just 13% of respondents say their small business lending process is fully digital, and 55% say commercial customers can’t apply for a loan digitally. Retail lending shows more progress; three-quarters say their process is at least partially digital.

Spending Continues to Rise
Banks budgeted a median of $900,000 for technology spending in fiscal year 2020, up from $750,000 last year. But financial institutions spent above and beyond that to respond to Covid-19, with 64% reporting increased spending due to the pandemic.

Impact on Technology Roadmaps
More than half say their bank adjusted its technology roadmap in response to the current crisis. Of these respondents, 74% want to enhance online and mobile banking capabilities. Two-thirds plan to upgrade — or have upgraded — existing technology, and 55% prioritize adding new digital lending capabilities.

Remote Work Permanent for Some
Forty-two percent say their institution plans to permanently shift more of its employees to remote work arrangements following the Covid-19 crisis; another 23% haven’t made a decision.

Interestingly, this survey reveals that fewer banks rely on their core provider to drive their technology strategy. Forty-one percent indicated that their bank relies on its core to introduce innovative solutions, down from 60% in last year’s survey. Sixty percent look to non-core providers for new solutions. Interested to learn more? I invited you to view the full results of the survey on BankDirector.com.

The Transformative Deal in Digital Health

WASHINGTON, DC — Over the past few months, I’ve shared several transformative technology deals in the financial sector on this site and in virtual presentations. From Visa acquiring Plaid to MasterCard picking up Finicity, big name players paid big time premiums to acquire technology companies to boost their games with consumers. As CEOs and their boards wrestle with competitive pressures and explore new paths to remain relevant, a huge announcement in the health space caught my attention. In fact, it reminds me of a recent bank M&A deal.

Why This Deal Matters: The Changing Competitive Landscape 

Much as last year’s deal between SunTrust and BB&T — which resulted in Truist — reflected the pressures of our digital-first world, so too does one struck in  another heavily regulated (and also incredibly important) industry. This one, between Livongo and Teladoc, impacts the whole digital healthcare market, creating a combined entity worth $38 billion.

As shared on CIO.com, Teladoc already has a significant presence in hospitals, many of whom are white-labeling the Teladoc platform for providing telehealth services, often using the Teladoc physician network to complement their network of doctors within the system.

In parallel, Livongo’s success in remote management of chronic care appears a natural complement to that business. Indeed, their whole-person platform empowers people with chronic conditions to live better and healthier lives.

As the merger release makes clear, “the highly complementary organizations will combine to create substantial value across the healthcare ecosystem, enabling clients everywhere to offer high quality, personalized, technology-enabled longitudinal care that improves outcomes and lowers costs across the full spectrum of health.”

Here, two words stand out: technology-enabled.

 Put another way, we are talking about digital transformation, which, as I recall, anchored SunTrust/BB&T’s deal.

Another Example That Scale Is Good — But How You Leverage It Is Key

Last February, BB&T and SunTrust Banks’ all-stock transaction (valued at $66 billion) was the largest U.S. bank merger in over a decade. It spawned Truist, the sixth-largest bank in the U.S. by assets and deposits. In the initial press release, both banks’ CEOs cited the desire for greater scale in order to invest in innovation and technology to create compelling digital offerings.

While Teladoc and Livongo have both been acquiring smaller startups to expand their capabilities in virtual care and digital patient engagement, it appears both are falling in Truist’s steps.  Together, the new organization promises to offer a broader set of digitally-enabled services and capabilities across an individual’s health journey. 

Given the incredible size of the combined digital health entity, I am reminded of a special episode of Looking Ahead with Keith Pagnani of the law firm Sullivan & Cromwell and Andrew Rymer of the investment bank Centerview Partners. Filmed last year at Nasdaq’s MarketSite, the three of us talked about what’s driving healthcare deals and what the regulatory process looks like for transactions.  While we focused on the combination of CVS and Aetna, I think you’ll find the rationale applies for Teladoc and Livongo.

*If you’re interested in M&A and IPO activity in the health sector, our DirectorCorps team recently introduced “The Deal on Healthcare.”  A bi-monthly communique, it rounds up the most notable announcements.  To sign up for this free newsletter, click here.

When Will Bank Mergers Return?

WASHINGTON, DC — The bank M&A market is currently in a deep chill, thanks to the Covid-19 pandemic.  It is unclear when deal activity will heat up, so who better to ask than Tom Michaud, the President & CEO, Keefe, Bruyette & Woods, A Stifel Company, as part of Bank Director’s new AOBA Summer Series.  In this one-on-one, I ask him about:

  • The banking industry’s second quarter results;
  • Why bank stocks have not participated in the overall market recovery;
  • The medium and long term implications of the pandemic on the industry;
  • The area of Fintech he thinks will be the hottest for the balance of 2020; and
  • How the November elections might impact the banking industry.

There are 10 videos in the AOBA Summer Series, with topics directed at C-suite executives or boards. We talk about how important scale has become, given compressing net interest margins, increasing efficiency ratios and climbing credit costs. We explore why banks’ technology strategy cannot be delegated. We observe why some banks will come out of this experience in a bigger, stronger position. And we look at leadership, appreciating that many executives are leading in new, more positive and impactful ways. To watch, click here.

My Conversation with the CEO of Atlantic Union Bankshares

WASHINGTON, DC — Leaders are defined by their actions, especially when facing adversity.  In our just-released AOBA Summer Series, three standout CEOs joined us in a series of one-on-one conversations.  Each provided a personal view on how their concepts of leadership vary; all, however, described their aspirations to provide exceptional quality and sustained performance.

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For instance, Chuck Sulerzyski, President & CEO, at Peoples Bank joined John Maxfield, Editor-in-Chief for Bank Director magazine.  They talked about the bank’s response to the unfolding coronavirus crisis and how a bank like Peoples might offset some of the pressure on its earnings.

Stephen Steinour, Chairman, President & CEO, Huntington Bancshares virtually sat down with Jack Milligan, Editor-at-Large for Bank Director magazine.  The two explored how he continues to work with the bank’s board of directors to plan for a future beyond the pandemic.

And as you can see here, I had the distinct pleasure of talking with John Asbury, President & CEO, Atlantic Union Bankshares.  We talked about leading in new, more positive and impactful ways.

With the U.S. economy slowly recovering from its devastating pause, what we don’t know easily exceeds what we do. But, as we reflect on the COVID-19 crisis and its subsequent impact on the country, a few industry trends are becoming visible. Hence the introduction of Bank Director’s AOBA Summer Series, now streaming for free on BankDirector.com

Streaming Now: The AOBA Summer Series

Dreaming of a trip to Phoenix, and the Acquire or Be Acquired Conference, next January doesn’t seem so odd this summer.

WORKING FROM HOME — For decades, business leaders began to book their travel to the Arizona desert — for Bank Director’s Acquire or Be Acquired Conference — in early August. As evidenced by the nearly 1,400 at the Arizona Biltmore earlier this year, the annual event has become a true stomping ground for CEOs, executives and board members. Many laud it as the place to be for those that take the creation of franchise value seriously. I’ve even heard it referred to as the unofficial kickoff of banking’s new year.

Just seven months ago, Acquire or Be Acquired once again brought together industry leaders from across the United States to explore merger opportunities, acquisition trends and financial growth ideas.  With 418 banks represented, participants considered strategies specific to lending, deposit gathering and brand-building. They talked regulation, met with exceptional fintechs and networked with their peers under sunny skies.

Not one openly worried about a global pandemic.

Yet here we are, all of us dealing with fast-moving challenges and unimaginable risks.

So what can we do to help?

This is the question that proved the catalyst for our new AOBA Summer Series.  Indeed, we created this free, on-demand, compilation of thought leadership pieces to provide pragmatic information and real-world insight.

With CEOs and leadership teams being called upon to make decisions they have never been trained for, we realized the type of information typically shared in January has immediate merit this summer.  So instead of waiting until winter, this new Summer Series provides both color and context to the tough decisions — those with profound long-term consequences — that confront executives every day.

Ten videos comprise the AOBA Summer Series, with topics appropriate for the C-suite’s or board’s consideration.  Streaming on BankDirector.com, we talk about how important scale has become in the banking industry… how one’s technology strategy cannot be delegated… how it certainly seems that there will be banks that come out of this in a bigger, stronger state.  Here’s a screen-grab of what you’ll come across:

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In one-on-one conversations like these, we acknowledge how net interest margins are compressing — which will drive up efficiency ratios — and credit costs are climbing.  And we look at leadership, appreciating that many are leading in new, more positive and impactful ways.  In addition, this new series provides:

A SNAPSHOT ON CURRENT CONDITIONS
At our January Acquire or Be Acquired Conference, Tom Michaud, President & CEO, Keefe, Bruyette & Woods, A Stifel Company, provided his outlook for the industry. Now, we ask him to update his perspectives on M&A activity and share his take on the potential implications of the pandemic.  

HOW FINTECHS FIT
A growing number of technology companies have been founded to serve the banking industry.  Not all of them have what it takes to satisfy bankers.  During various sessions we learn how a variety of banks approach innovation — and the specific attributes a leadership team should look for in a new fintech relationship.

THE LEVERS OF VALUE CREATION
With nCino’s CMO, Jonathan Rowe, our Editor-in-Chief talks about the levers of creating value vis-a-vis the flywheel of banking. Together, they explain how certain technologies promote efficiency, which promotes prudence, thereby promoting profits, which can then be invested in technology, starting the cycle all over again.

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Hearing from investment bankers, attorneys, accountants, fintechs, investors and — yes, other bankers — about the outlook for growth and change in the industry proves a hallmark for Acquire or Be Acquired, be it in-person or online. 

As this new series makes clear, The future is being written in ways unimaginable just a few months ago.  We invite you to watch how industry leaders are making sense of the current chaos for free on BankDirector.com.

Who is the Next nCino?

WASHINGTON, DC — With this week’s news that nCino is readying itself for an IPO, I thought to postulate about who “the next nCino” might be in the fintech space. By this, I mean the tech company about whom bank executives cite as doing right by traditional institutions.

For context, nCino developed a cloud-based operating system for financial institutions. The company’s technology enables both customers and financial institutions to work on a single platform that’s optimized for both retail and commercial accounts. In simple terms, they provide everything from retail and commercial account opening to portfolio management for all of a bank’s loans.

In its IPO filing, the company says it works with more than 1,100 financial institutions globally — whose assets range in size from $30 million to $2 trillion. Personally, I remember their start and been impressed with their growth. Indeed, I’ve known about nCino since its early Live Oak Bank days. I’ve gotten to know many on their executive team, and just last Fall shared a stage with their talented CEO, Pierre Naudé, at our annual Experience FinXTech conference in Chicago.

Al Dominick, CEO of Bank Director + FinXTech, Frank Sorrentino, Chairman & CEO of ConnectOne Bank and Pierre Naude, CEO of nCino at 2019’s Experience FinXTech Conference in Chicago, IL.

So as I think about who might become “the next” nCino in bankers’ minds across the United States, I begin by thinking about those offering solutions geared to a bank’s interest in Security, leveraging Data + Analytics, making better Lending decisions, getting smarter with Payments, enhancing Digital Banking, streamlining Compliance and/or improving the Customer Experience. Given their existing roster of bank clients, I believe the “next nCino” might be one of these five fintechs:

While I have spent time with the leadership teams from each of these companies, my sense that they might be “next” reflects more than personal insight. Indeed, our FinXTech Connect platform sheds light on each company’s work in support of traditional banks.

For instance, personal financial management (PFM) tools are often thought of as a nice perk for bank customers, designed to improve their experience and meet their service expectations. But when a PFM is built with data analytics backing it, what was seen as a perk can be transformed into a true solution — one that’s more useful for customers while producing revenue-generating insights for the bank. The money management dashboard built by Utah-based MX Technologies does just that.

Spun out of Eastern Bank in 2017 (itself preparing for an IPO), Boston-based Numerated designed its offering to digitize a bank’s credit policy, automate the data-gathering process and provide marketing and sales tools that help bank clients acquire new small business loans. Unlike many alternative lenders that use a “black box” for credit underwriting, Numerated has an explainable credit box, so its client banks understand the rules behind it.

Providing insight is something that Autobooks helps small business with. As a white-label product that banks can offer to their small-business customers, Autobooks helps to manage business’s accounting, bill pay and invoicing from within the institution’s existing online banking system. Doing so removes the need for small businesses to reconcile their financial records and replaces traditional accounting systems such as Quickbooks.

The New York-based MANTL developed an account opening tool that comes with a core integration solution banks can use to implement this and other third- party products. MANTL allows a bank to keep its existing core infrastructure in place while offering customers a seamless user experience. It also drives efficiency & automation in the back-office.

Finally, Apiture’s digital banking platform includes features such as digital account opening, personal financial management, cash flow management for businesses and payments services. What makes Apiture’s business model different from most, though, is that each of those features can also be unbundled from the platform and sold as individual modules that can be used to upgrade any of the bank’s existing systems.

Of course, these are but five of hundreds of technology companies with proven track records of working with financial institutions. Figuring out what a bank needs — and who might support them in a business sense — is not a popularity contest. But I’m keen to see how banks continue to engage with these five companies in the months to come.

2 Years’ Worth of Transformation in 2 months

WASHINGTON DC — Microsoft Corp. CEO Satya Nadella noted in late April, “we’ve seen two years’ worth of digital transformation in two months,” due to the speedy adoption and implementation of new technology by the U.S. business sector.

As our team at Bank Director writes, “navigating the short-term impacts of these shifts has bankers working round-the-clock to keep pace, but the long-term effects could differentiate the companies that take advantage of this extraordinary moment to pivot their operations.” This transformation makes up the core of the discussions taking place at Microsoft’s Envision Virtual Forum for Financial Services.

As part of that event, I sat down (virtually) with Luke Thomas, Microsoft’s managing director, U.S. banking and financial providers, to discuss how financial institutions can use this opportunity to modernize their operations. Together, we addressed the adoption of technology, legacy vs. new core providers and how business leaders encourage continued improvement.

This seven-minute video runs on both Microsoft and Bank Director’s websites, with a longer write-up on the Covid-19 Shift appearing here.

Predicting The Future, Based On 6 Timeless Tenets

WASHINGTON, DC — Over the years, I’ve used this blog to share stories and ideas that reflect words like resiliency, agility and resourcefulness.  Typically, posts distill my experiences gained through travel or conversation.  Today, I am taking a slight detour in order to highlight an incredible project, spearheaded by Bank Director magazine’s Executive Editor, John Maxfield.  This is one of the finest journalistic pieces produced by our team in recent memory, as it gets to the heart of running a strong and successful business.

John crafted this 20-page report from interviews with more than a dozen CEOs.  All from top-performing financial institutions, you will recognize names like Brian Moynihan from Bank of America, Rene Jones from M&T Bank and Greg Carmichael from Fifth Third. This piece offers unique and valuable insights on:

  1. Leadership;
  2. Growth;
  3. Risk management;
  4. Culture;
  5. Stakeholder prioritization; and
  6. Capital allocation.

Bank Director and nCino, a provider of cloud-based services to banks, collaborated on this special project, which takes its inspiration from Amazon’s business model.

Entitled The Flywheel of Banking: Six Timeless Tenets of Extraordinary Banks, I strongly encourage anyone interested in the future of the banking industry to take the time to read it.  Make no mistake, this is no 500 word op-ed.  But it will be worth the hour or so it takes to unpack the insight and inspiration gleaned by John and our team.  I invite you to let me and/or John know what you think.

Experience FinXTech As We #WFH

WASHINGTON, DC — By the time the NFL announced plans to host the draft from various remote locations, nearly every other sports league had postponed or canceled their events.

The decision raised eyebrows.

The NFL draft has become a must-attend in-person event, as evidenced by the record-breaking 600,000 turnout in Nashville, Tennessee, last year. As a fan, I wondered if the league was putting their own interests too far ahead of others by going forward with a new, unproven format just to keep to this activity on the calendar.

It turns out, the digital nature of the three-day event resonated in many positive ways. The draft was viewed by 55 million viewers over the three-day event, according to the league. Naturally, some of the viewership reflected an appetite for new, non-pandemic related content. But from a business perspective, it showed how migrating an in-person event entirely online could, in a pinch, work.

As we all try our best to live normal lives from our homes, the NFL’s success with the draft gives me confidence in our decision to go remote with our annual Experience FinXTech.

Much as the NFL drew a great audience to Music City last year, so too were we excited to welcome a stellar audience to Bank Director’s hometown in early May. Just as the NFL figured out how to provide viewers with new glimpses into their team’s futures, so too will our Experience FinXTech as we move online. Ours will just be in terms of how and where financial technology companies and financial institutions might develop relationships that beget future successes.

Experience FinXTech parallels the NFL draft based on the concept of team-building. Just as every NFL franchise faces its own challenges, so too does every financial institution. Indeed, the ever-expanding digital chasm between the biggest banks and community institutions remains a major strategic challenge in terms of talent, tools and dollars spent.

While there is no one-size-fits-all approach to building a team, there are lessons that executives and leadership teams might entertain from their peers during a program like this one. Indeed, we have heard and seen incredible examples of community banks pulling together to serve their constituents as best they can, however they can, during this time. This program allows us to share examples.

Bank Director’s desire to help community banks succeed in all circumstances provides an impetus for moving to video and webinars instead of waiting until the late fall to meet in person. Helping banks and fintechs get smarter about immediate opportunities to develop meaningful relationships is incredibly relevant. The time is now to assess a business strategy and make decisions that could reshape your institution’s future. Access to timely, verified and reliable information is something we didn’t want to delay in providing.

Indeed, Experience FinXTech will touch on areas where technology can assist banks to provide counseling, assistance and a personal touch to their existing and potential customers. In addition, we talk about authentication. The need to embrace the cloud. Filling in the missing pieces in the digital commercial banking product set.

Beginning on May 5, we take a pragmatic approach to new business relationships, collaborations and strategic investments. We offer virtual demonstrations to help viewers see proven technologies available to banks with regards to security, data and analytics, internal systems, lending, digital banking, payments, compliance and the customer experience.

With so many elements of our economy being challenged, we know our “next normal” will look very different from what we’ve become accustomed to. Connecting interests, and ideas, to help banks and fintechs navigate their futures is why we ultimately decided to offer this year’s experience online, for free, to anyone interested in joining us.

I look forward to welcoming people to this year’s Experience FinXTech and promise that references to certain NFL teams will be kept to a minimum.

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Thanks to the support of these companies, we are able to extend complimentary registration for Experience FinXTech. To sign up, please click here.

Freeing Up Funds to Invest in Digital Channels

WASHINGTON, DC — Since our Acquire or Be Acquired Conference, I’ve talked with a number of executives about how (and why) regional and community banks continue to look for ways to build scale, expand their geographic footprint and invest in digital channels.

Nearly everyone I’ve talked with acknowledges how important innovation is to one’s business strategies.  Quietly, many feel like they are coming up short of their ambitions.  

Given the lines between banks and other financial services providers continue to blur, I am sharing two recent episodes from our Looking Ahead series.  Together, they address the strategic side of technology. Both highlight practical steps to free up resources in order to fund new tech-driven initiatives.

This first video frames the importance of developing a culture of technological innovation. Georgette Kiser — Operating Executive at the Carlyle Group — shares a few tips for those business leaders looking to become more technologically progressive.

In addition, we invited the perspectives of Shawn Melamed, CEO & Co-Founder of a de novo bank, to talk about customer acquisition through digital channels.  Shawn previously led Morgan Stanley’s strategic technology partnerships, so his remarks reflect his experience in that large financial services company as much as starting a bank in 2020.

Looking Ahead is our boardroom leadership series that surfaces key industry and cross industry strategy issues for executive teams and their boards. Filmed at Nasdaq’s MarketSite in Time Square, we offer industry trends and real life examples of corporate leadership with commentary from leading figures at public, private and non profit institutions.

5 Questions I’m Asking About The State of Banking

NEW YORK, NY — Earlier this year, I sat down with Tom Michaud, the CEO of Keefe, Bruyette & Woods, a Stifel Company, to get his perspective on the state of banking here in the United States.  With some $18 Trillion in assets, this industry is big, broad and incredibly influential.  As part of our Looking Ahead series, I asked five questions of Tom; thematically:

  1. The trends he and his colleagues are most focused on, vis-a-vis the biggest banks in the U.S.;
  2. His outlook for bank M&A;
  3. An update on the FinTech community;
  4. Whether he anticipates an uptick in IPOs in the financial sector — be it from legacy players or FinTech companies; and
  5. The promise of the soon-to-be chartered banks that are popping up in markets like DC, NY and on the west coast.

Here’s what he had to say:

Acquire or Be Acquired: What’s All the Fuss About?

WASHINGTON, D.C. — The Acquire or Be Acquired Conference has long been a meeting ground for the banking industry’s key leaders to meet, engage with each other and learn what they need to grow their business. The audience encompasses traditional institutions, de novos, FinTechs and even a few credit unions. With today’s post, I explain what’s all the fuss about this premier event.

What's all the fuss about?

The allure of Acquire Or Be Acquired is as much for the networking as the various presentations. It is, after all, a hugely influential audience of 1,300+ setting up shop with our team at the Arizona Biltmore from January 26 – 28. 

For those joining us in Arizona, I encourage men to bring a sports coat or a jacket for the evenings as we plan to be outside for our receptions.  While the forecast calls for days in the 70s, the desert quickly cools off once the sun sets. In addition, the rumors of people being in their seats at 7:15 – 7:30 on Sunday morning? 100% true. We start promptly at 8:00 AM.

Looking to navigate the iconic Arizona Biltmore?  Our team put this helpful map together for attendees:

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In terms to the titles representing the 850+ bankers joining us, you’ll find:

CEO, CEO/Chair, Chair/President, Chair/President/CEO, Chair, President/CEO, CFO, Chief Administrative Officer, Chief Banking Officer, Chief Business Development, Chief Credit Officer, Chief HRO, Committee Chairs, CIO, Loan Officer, Secretary, Correspondent Banking Team Lead, Chief Accounting Officer, SVP, Director of Corp.Compliance, Chief Investment Officer, Chief Lending Officer, Chief Marketing Officer, COO, Chief Retail Banking Officer, Chief Revenue Officer, Chief Risk Officer, Chief Strategy Officer, Controller, Corporate Development Officer, EVP, Director Corporate Strategy, Senior Vice President, SVP, Commercial Lending, Vice Chair, Director of Finance, Director of FinTech Partnerships, Director of Transformation Mgt. Office, Treasurer, Director of Wealth Management, President, Chief Experience Officer, Data Analytics, EVP, Finance & Corp. Dev., EVP, General Counsel, Executive Chair, CXO, Former CEO, Internal Auditor, Strategic Planner & Owner, SVP, Business Planning, SVP, Deposit Services & Emerging Products, Vice Chair/CEO (2) and our course, Directors.

Along with these industry leaders, we have an amazing group of sponsors.  Such an audience allows us to put together exceptional panel discussions.  This year, fifteen banks with $20B+ in assets sending senior leaders to this event.  Specifically, U.S. Bancorp, PNC Bank, Truist, Fifth Third Bank, New York Community Bank, First Horizon National Corp., CIBC, Texas Capital, Pinnacle Financial Partners, Western Alliance, UMB Bank, First National Bank of Omaha, Mid First Bank, First Hawaiian Bank and Old National Bank.

Finally, the digital materials for the conference can be found on BankDirector.com. Once you register on-site, you’ll be given a passcode to access the materials that can be used throughout the event.

Can’t make it? Don’t worry: we intend to share updates from the conference via BankDirector.com and over social media platforms, including Twitter and LinkedIn, where we’ll be using the hashtag #AOBA20.