1062. News: Targeted support lands, FIS and Anthropic team up to reshape banking, and Monzo expands to Spain

26:40So there's a real ROI play when you go to a bank and you say, hey, we can remove the number of investigators you have. We can reduce case times. Fewer customers have to be falsely investigated. You can make it so there's no requests for information because if you've ever been investigated for something like this, you know, maybe right now you have to phone and provide all this information. But realistically, the bank already had it. It's just hard to get to. So I think it makes a lot of sense. I think it's maybe regardless of what the stock market thinks, because FIS popped, I think, 5 % on this announcement, which is, you know, a non-significant number number.

27:11I think the reality is for the for these valuations to make sense, the banks need to figure out how they can turn AI into a way that benefits their customers and benefits their revenue. And I think a lot of banks see that as personalization, which I think is like the next frontier of where banks are going to be taking this, whether it be personalization of advice, as we were talking about earlier, personalization of products, like, I think that is one of the underexplored areas. But I think it makes sense given what we see in the market broadly of use cases being tackled, but I had to start with financial crime.

27:40And I think everyone likes the idea of fighting crime and makes for a great headline, which I think is really important with these big announcements. Well, it's true, isn't it? I mean, nobody likes to see the criminals winning, particularly, you know, particularly given the amount of money that's then funding organized crime and, you know, making all of our communities less safe. So yeah, definitely with you on that. Okay. Well, on that note, we'll take a quick pause here and be back very shortly.

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29:08So before we get back into the news, we wanted to tell you about our latest Insights show. So if you enjoyed the conversation we just had about targeted support, I've got good news. We got a whole further discussion about it in our most recent episode where we explored the gap between guidance and advice. It's out now. Just head to the episode below this one. Now, back to the news. So our next story, which I think may well have been written by John, is that Monzo is to launch in Spain as it ramps up. its EU expansion plans. So Monzo is set to launch in Spain, marking a significant step in its European expansion strategy.

29:44The European Digital Bank has established offices in Barcelona and Madrid, with more than 50 employees already in place, and plans to grow the teams further. It has also appointed former Western Union and N26 executive Francisco Sierra as country manager. The move follows Monzo securing a European banking license in Ireland, enabling it to operate across the European Union and offer products such as deposits, lending, and mortgages. Spain will become Monzo's second European market after Ireland, and it enters a competitive landscape that already includes digital banks like Revolut, N26, and Santander subsidiary OpenBank.

30:23John, let's bring you in first. How big a deal is this move into Spain? What do you think? Yeah, well, thank you for recognizing my story. I do appreciate that. I might just bore you very quickly there's an annoying trait of journalists when they talk about stories they nearly ran but couldn't quite get over the line and without sounding conceited i did kind of know this was going to happen and i did take this to monzo at the end of last year that they were going to launch in spain and the reason i i'm really sounding big-headed now the reason i knew this is one way journalists get stories is to look at um job openings on websites and monzo's had scores of job openings for jobs in Spain for about a year.

31:06So I kind of knew it was going to happen. But when I took it to Monzo, Monzo played it down and said, we're just setting up an engineering hub and we're not actually launching in Spain. So I've picked myself up a bit there, but it wasn't a massive surprise to me. It's good for me because it gives me something else to write about. I guess they're always going to, I mean, I guess I'm not an expert on challenger banks. But I mean, I guess there was only a few markets that were going to go they've launched in Ireland, as you said, I guess they're either going to go, they're going to go into a big Western market.

31:38So it was either going to be France, Spain, Germany, or Scandinavia, maybe. And I wish them well, I'm just thinking that the idea of a challenger bank seems quite passé and old fashioned now to me. So if I'm living in Spain, and I see a TV ad or a billboard for a new challenger bank. If I saw that 10 years ago, I might think, wow. But if I see that now, I'm thinking, kind of, so what? I think, but I do wish Monzo well. I do too. Rosie, let's bring you in. John makes a great point there. I mean, what gives a British digital bank the right to go and set up in Spain, in Madrid, and expect to win Spanish customers, right?

32:21You know, when Monzo launched in the UK 10 years ago, its proposition was well ahead of where the British banks were at the time. But at that point, the Spanish banks were ahead of the British banks. And banks like BBVA, Santander, CaixaBank, they've got strong customer propositions. Like, how is Monzo going to make this work? What do you think? Yeah, I think, well, the branch network in Spain has collapsed by 54 % since 2008. And so there is a large underserved population who need better financial tools. But Monzo entering Spain isn't the same as Monzo entering Ireland. Spain's bank culture is different.

33:03It's a country where financial trust is built face to face. And Monzo's entire brand architecture is built completely on the opposite of that. So, yeah, I think it's risky. it's definitely quite a different market isn't it from the UK I remember, I'm going to show my age here if you're going to Spain 10, 20 years ago there were an awful lot of branches I mean you could walk a few hundred yards and you'd come across yet another branch so the fact that the number of branches has gone down isn't surprising because there were just so many but I think you're making an interesting point there that when the weather is better than it is in this country or indeed in Canada open people are a bit more willing to go to a bank branch Go outside.

33:48Speak to people. Oben, what do you think of this? How easy is it for a digital bank to just move into another market? I mean, you know, we've seen digital banks trying to move into various different countries. I think we've had a few foreign banks trying to come into Canada. We certainly had a number trying to launch in the States. How easy is it to cut through, do you think? Yeah, I mean, as someone who moved from Canada to the States, obviously I went from a market with almost no digital banks. I think we had the big six, and then we had a couple that started to crop up to a market. It's incredibly dense with challenger banks, neobanks, what have you.

34:29And it's incredibly difficult. I mean, I think Revolut, rumor has it, is going to make another swing at the US. Monso just made a swing, and it's now maybe not. Nubank as well. And these are incredibly successful, in many cases, high cash-flowing businesses in other countries. I think every market has completely different competitive dynamics. I think Rosie's point about banking culture can't be forgotten. There's even in the United States versus the UK, there's a big enough difference that the cost to acquire a customer in the United States is exponentially higher. You compare that, I'm not sure about somewhere like Spain, but I'm sure these are real sort of mathematical equations that can break these business models very quickly.

35:05So I think you want to wish anyone luck for their global sort of world domination goals, but I think it's an incredibly hard proposition. And I don't think we've ever really seen someone do it that successfully when they've built up a huge customer base in one country and then expanded. I think, you know, the new bank model worked incredibly well in South America. And it's an interesting question whether or not they can make that work in North America. Well, I suppose the counter example is Revolut, which, I mean, yes, it started in the UK, but very quickly moved to other countries. I mean, John, is Monzo just too late?

35:36I mean, because Revolut started expanding into other European countries almost immediately, you know, within a year or two of launching, they were operating in various other European countries, whereas Monzo's waited and waited and waited and waited. Is Monzo just too late to move into the rest of Europe? I think that's a great point. I think in hindsight, the Revolut model would have been easier because, yeah, as you say, Revolut's kind of launched products and gone into markets very quickly after launch. And I think maybe Monzo's partly been hamstrung by what it was doing. I never really knew what they were doing in the US.

36:10They applied for a license, then they retracted, and then they were kind of there for a bit. And I guess in hindsight, it might have been better just to focus on either the US or Europe and just go for one license and then launch the product very quickly. Because, you know, I guess not to reiterate what I said before, It's kind of like Monzo's been around a long time. So why are they doing it now? So I don't quite get it, really. Rosie, let's imagine that sort of Monzo pulled us in and was asking for our help, which, to be clear, they're not going to. What would they need to do here to try and sort of figure out a viable strategy in Spain?

36:53I mean, they say they're going to listen to customers, which is a very good starting point. But can you see a sort of path forward for them? I actually think that the way that Monzo focuses on listening to their customers is a great strategy for Monzo. They do it more than other banks do. And you can see it in their products and their services and the way that they organize their app. You can see that they're doing it based on what their customers are asking for. So Spain has one of the oldest populations in Europe. Does it? With 20 % of its citizens being over the age of 65. And so these customers are the core deposit base of the incumbent banks in Spain.

37:39And this is interesting because when I was doing my research, I came across a petition that was started in 2022 by a 78-year-old retired doctor. And it was named, I'm old, not stupid. and he'd been trying to perform basic banking tasks after his bank removed the people at the branches and the ATMs changed and everything was replaced with apps. And so the petition went viral. The Spanish Banking Association was forced to sign a protocol committing to longer in-person hours and better ATM assistance and the Spanish government also launched an elderly digital inclusion program in response to this.

38:21And the campaign sparked a nationwide conversation about what banks really owe their customers. And I think it's important as it's something that Monzo is really going to need to consider when entering this market. As a digital only bank with no branches, it needs to focus on delivering real value to its customers. And it needs to do this by focusing on the local banking needs. Interesting. though of course Monzo typically you think of Monzo as going for younger customers and it's partly because younger customers are more open to embracing new things but I mean I imagine Monzo would be more likely to focus on younger customers in Spain.

39:03We saw that Revolut last week was opening a branch in Barcelona. John I don't know if you have a scoop based on Monzo advertising for office managers or branch managers in Madrid and whether there's a branch coming for Monzo. But any thoughts on what Monzo might do next in Spain? No, I mean, I'll give the point I would make. I mean, it would be a blow if it doesn't work out for them in Spain. But I think, as I think two of you have mentioned, I can't think of any example of a challenger bank which has been a big success in an overseas market. So I don't think it would be the end of the world. It'll always be a core UK bank.

39:46So if it doesn't work, I'm sure it'll work out for them in Ireland, but if it doesn't work out for them in these European markets, I don't think it would be the end of the world. But I think we'll see. I mean, I guess if they made something of a success of it in Spain, then maybe they'll go into France and Scandinavia. And maybe, I mean, you mentioned the Revolut story. That's quite an interesting story. So, I mean, I don't know if that's another potential path that challenger banks can go down to increase brand awareness is have these kind of Apple-like stores. So we'll have to see how that works out for Revolut anyway.

40:20It's certainly been a strategy pursued by other firms in Spain. Firms like ING have had branches in prominent locations. It's more of a sort of advertising trick rather than actually expecting to serve lots of customers. However, I personally, I think Germany might have been an interesting market because not only is it a big market, but the German banks are much less sophisticated than the Spanish ones. So the competition is weaker in Germany. But let's see. So best of luck to Monzo. But yeah, a tough challenge that they've taken on there. Okay, our final story that we're going to go into in detail this week is that American Express Global Business Travel is to be acquired in a$6.3 billion deal.

41:03So American Express Global Business Traveler is set to go private in an all-cash deal for$6.3 billion, which is a vast amount of money, as investors bet on transforming the business through AI. The focus is on using automation and intelligent systems to improve areas like booking, disruption management, and overall travel administration, modernizing what is still a highly complex, operationally heavy space. MXGBT, as it's known, has already been investing in this direction, with acquisitions like CWT and partnerships such as with SAP Concur, along with new AI-powered capabilities across its platform.

41:39The move signals a broader push to modernize enterprise travel and expense management, which remains fragmented, complex, and operationally heavy. John, perhaps I can bring you in first. Do you think this is an exciting deal? Is this about the sort of fundamentals? Is this sort of technology transformation story? Do you think there's a lot of opportunity for AI to improve sort of travel and expense management? Yeah, I think you're right. Well, I think it is a tech transformation story. I mean, it's a good deal for shareholders. They're getting a 60 % premium on the company's stock price. But I guess what jumped out with me about this was the Long Lake, which is the company that's taken it private, is backed by General Catalyst, which are a big US VC firm.

42:33And they're making a big play in what's called AI roll ups at the moment, whereby they're backing companies in particular sectors, for instance, residential sectors. And they're backing companies who are acquiring other companies in these fields, which they think they can leverage AI and take out kind of improve the performance and take out costs of the company. So I think from my understanding, corporate travel management in some parts is right for disruption because it's behind the curve. So in terms of American Express global business travel, I think there might be opportunities to automate some of the, you know, some parts of the low hanging fruit with the business I would have thought.

43:20So, Huber, what do you think? Does that roll-up strategy sound right? You know, acquire a bunch of related businesses, put in some AI, strip out some people? I'm maybe being unfair on the venture capitalists behind it, but... No, I think you got it right. I think it kind of has echoes of private equity. I think what's really interesting is that, you know, the private equity pitch for a long time was by companies that are encumbered by overly, you know, generally high headcount and cut headcount and bring out efficiencies through technology. and now this is just has an AI lens. I think the AI rollout strategy is being played out across big funds like Thrive Capital.

43:55I guess, you know, they have a perpetuity fund. I think they even famously bought a massive group of accounting firms because there's a belief that you can transform these services into service businesses into something that looks closer to a tech company. I'm really curious to see how this plays out. I mean, I think a business like this is reliant on its quality. And I think there's always question marks when you start pulling out headcount of like, how real is this? I think we've seen even tech companies like the Klarna example we talked about earlier where there was big promise they were going to cut all this headcount and they cut all the software spend and then suddenly you start, you know, it's trickling back in and, you know, people are rolling, walking things back as they talk about it on, you know, X or Twitter.

44:37So I think it's, I'm really curious to see how this plays out. I think this is a very common strategy. I think we're going to see more of this. I think this is maybe a unique example of a, this is, it was 50 % owned by Amex. So I'm very curious to see how the cost structure looks now that it's been completely taken private because Amex is maintaining their relationship. So there's probably, it's going to be one of the biggest customers, if not the largest customer of this, even post-take private. So I'm super curious. I don't know if it's going to work. I think it's big promises, but I'm very curious to see what the cost structure looks like under the hood at scale.

45:09Yeah, me too. Rosie, what do you think about the, what do you think this might mean for customers and customer experience? Because sometimes you get a problem with customer experience, or you get bad customer experiences where the buyer is different from the users. Because in this case, the users are presumably all the employees, you know, people who are booking travel through their companies. But the buyer is actually someone in corporate purchasing or something like that. So this is the kind of scenario where companies can deliver fairly lousy experiences because the buyer is not the same person as the users.

45:41I mean, do you buy into this story that, you know, you can use AI and just greatly improve things? Or do you think this is really just about financial engineering and taking people out? Do you think there's going to be a better experience here? I know it's impossible to say, but... Yeah, well, I think the travel industry does need improvement. It's just everything about booking a flight on a hotel is just awful. Oh, that's harsh. It is. It's like, who built these apps and these websites? It's just, I don't, yeah, it's just like you're in the dark ages. So if AI could actually, if it could actually improve things, if it could actually reduce booking time and proactively make changes to people's travel plans, then it would be transformative for the end user.

46:30But I think the question is whether AI can actually do this and it can keep up with the way that travel behavior is evolving and the way that companies book trips. Like people are buying more linked trips or multi-destination travel. They're also taking longer trips and day trips, shorter trips are reducing. So if the customer behavior is evolving, can AI keep up with that? Can AI perform the level of complexity that customers need it to? But then also, do customers want to hand over that level of autonomy? It will probably make mistakes. Does the customer actually want the AI to do that for them?

47:20I'll make a plug for human travel agency. I mean, when you're doing a complex trip, it's an absolute joy to speak to a human travel agent who really knows what they're talking about and can enable you. when you're trying to put multiple pieces together, if you're just booking one flight, one train ticket, fine. But if you're actually trying to explore a place or get recommendations or whatever, human travel agents are just a blessing. See, I've never spoken with a human. That's because you're young, Rosie. Yeah, yeah. You should try it. I was just going to say, I feel like with all of these deals, you hit it on the head, Rosie.

47:52Like, is this actually going to be better? And I think if this just ends up where now, every time you try to book a flight, you talk to an AI and it does a pretty terrible job. And then now you have to ask to talk to a human three times. Three times. I think it's like the worst case scenario. Not only will this financially not make sense, it'll also be the worst possible customer experience. Because I feel like there's tons of examples. I mean, you know, if anyone's ever tried to like get through to like, I don't know, a doctor's appointment or something like that, book something in. Like how many times you have to go through a prompt menu to try to get to a person and just be like, hey, this is what I want to book.

48:24So it's I think that's like the worst case scenario here is not only is it bad financially because they can't get rid of the people. It's also bad, you know, experientially because like you said, there's, it's actually way more complicated than I think maybe we're giving it credit for. Well, slightly related. I mean, there was an interesting story which came out of Germany last month, which was Trade Republic, which I guess people know they're like a European rival to Robin Hood. And they've completely, well, they've ditched their AI chatbot. It's a bit like a klarnakaze really they've completely ditched their ai customer service chatbots and have actually employed a thousand humans simply because they were getting really bad customer service feedback from their customers across their core markets of germany and austria and that's really trade republic are a kind of high tech cutting edge on the cusper things and if they're kind of reverting back to human agents that kind of puts a different kind of light on all these voice AI startups too.

49:20So I guess it's an interesting opposite view anyway. It's certainly an interesting example of technology being employed a bit too far, a bit too early. Maybe, Oban, you know, maybe you've got a view on that. I mean, we all get excited about AI. AI, it's remarkable. It's amazing what it does, but it isn't perfect. And maybe that's one of the challenges here, right? I think it does some things exceptionally well. I think there's tons of examples across our business where we've been able to hire fewer people, able to validate things faster. I mean, software engineering, that is real. People are more efficient.

49:57We're actually hiring more software engineers right now, which is maybe a contrarian take. We can build more stuff. You can tackle more problems because it unlocks all these new opportunities. So you actually hire more software engineers. So I don't see that stopping anytime soon. But I think the question from my perspective with these sort of pitches is always like, what does it actually look like under the hood? But like, you know, meta or, you know, technology companies where all of their data is neatly structured and they've been using the cloud since inception can't figure out how to pull out some of these costs.

50:24I think the assumption that a legacy business that I'm sure, I mean, is probably still running on mainframe somewhere can do this easily, I think is going to be the question. And how does that actually play out? And I think there's always this game. I think General Catalyst and these other large funds are betting on the fact that even if it's not so great for the next year, model capabilities take another leap forward. And suddenly in the year, we're all like talking how amazing it is that we have this personalized travel assistant. I'm very curious. Like I've never booked any travel using AI.

50:55And when I've tried to ask it questions about like a trip I'm taking, it's, you know, sometimes makes a pop, which is a little horrifying. But I'm really curious to see how it goes. you're going to book your honeymoon and suddenly you find yourself suggesting a restaurant that doesn't exist so maybe it's going to be I guess we're going to have to see how it plays out you can definitely imagine an AI agent helping you book a trip to some kind of fictional destination and you know you even get the human horror stories of people booking flights to Sydney and discovering it's Sydney Nova Scotia not Sydney Australia or whatever that's a horror story if you want to Bondi Beach alright well on that note we'll take a quick pause here and we will be back very shortly.

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52:38Okay, now for a quick look at a story we don't have time to cover in full, which is that Brazil is banning prediction markets and blocking 27 platforms. So Brazil has blocked access to 27 prediction market platforms, including Polymarket and Calci, after introducing new rules that effectively classify many of these services as gambling. The regulation bans contracts linked to sports, politics, elections, and cultural or social events, with the government citing concerns around consumer protection and rising debt linked to online betting behavior. There is an exception for contracts tied to financial benchmarks, but anything event-based is now off the table.

53:17Brazil joins a growing number of countries taking a tougher stance on prediction markets, While in the US, regulators are still debating whether these platforms should fall under financial regulation or gambling laws. The move could also affect domestic innovation with Brazil's stock exchange previously exploring event-based contracts ahead of the 2026 elections. This is an interesting story. I'm always keen to see controls being placed on things like gambling to help people avoid getting into trouble, avoid getting into debt and so on. And people can get overexcited by prediction markets. But realistically, if people are going to bet on things, they're going to bet on things.

53:59So I think what you actually need is better enforcement of gambling regulations rather than necessarily blocking the platforms. And there is one use that prediction markets have, is that they're quite good at exposing insider information, because often people who are betting on prediction markets know things that other people don't know. They do things that maybe they shouldn't know. And they're actually quite a useful signal to other people about what might actually happen in politics, in an election, maybe not sports so much, there's much more room for misdemeanors. misdemeanors. So I think it's a shame that Brazil has done that.

54:38I think there might have been better ways to regulate that. However, if you want to go deeper, check out our related insights episode 1049, Can You Trade the Future? The Rise of Prediction Markets. So and finally, if you ever thought B2B finance was missing a bit of North London pub energy, this one's for you. So Airwallex has launched its biggest ever ad campaign with Arsenal FC, directed by Spike Lee. So just in time for Arsenal's appearance in the Champions League final, Airwallex has launched its biggest UK marketing campaign to date, partnering with Arsenal FC and filmmaker Spike Lee for a new ad called Who Are Ya?

55:18The film is set in a North London pub and features Arsenal legends like Thierry Henry, current players including Kai Havertz, and a mix of actors and superfans, all discussing B2B payments and global finance. the idea that football fans might actually understand cross-border transfers and financial complexity much better than average thanks to years of obsessing over transfer fees contracts and club finances um i don't really know where to start on this i think this is kind of really a good idea who's a huge football fan here um over over to over to you what what do you reckon Is this going to cut through?

56:01I don't think so. I feel like they're trying to. They saw what happened with Stripes. They have their podcast where John Colson sits down and has a pint with people and thought, why don't we try to run this back with, you know, hopefully some Arsenal mega fans are really big in the B2B payments. I don't know. I'm maybe a skeptic and maybe I'll just like raise a hand and say like, I think there's a big trend right now with fintech companies in particular doing very flashy launches, videos, all these very high production things. And I do actually wonder how many bankers, how many people, how many people are actually looking for a B2B payments cross-border solution or tuning into things like this.

56:36So I don't think it's going to cut through. I think it maybe might miss the bark, but, you know, good on them for taking a big swing. It's going to be exciting to see regardless. What do you think, John? Do you think this is a good way for Airwallex to try and reach its B2B audience? Airwallex isn't as well known as Stripe, right? Does this help? that's definitely true i'm not a creative advertising expert i did see the ad and on the on the face i did quite like it i did notice as you've mentioned spike lee who i think famously is known as an arsenal fan and i think it's set in a north london pub there's nothing in the ad that felt kind of incongruous or kind of shoehorned in everything kind of fitted in with um people the people in the ad were Arsenal players or there was some association with Arsenal.

57:27As I say, I'm not a creative expert, but it was quite a breezy ad and I thought it got the point across quite well. So, I don't know, I think it's a bit of a free hit for Wallach. So, yeah, on the face of it, I quite like the ad, but whether it'll move the needle and kind of massively increase brand recognition, I don't know about that. So, Rosie, you're sitting in a pub and someone starts talking about cross-border payments. Do you get up and leave? Or do you stay? That's happened with you and I before. I think you stayed. Yeah. Well, I think the only thing I would say on this is that maybe it goes back to what we were saying about making things to do with finances more accessible to people.

58:13This could be a way to do it. What do you think, Benjamin? If we're explaining fintech through football, what industry might be next? I think analogies can be really helpful. You know, if you want people to understand things, analogies can be a really good way of helping people understand it. I think, you know, cross, you know, footballers are a great example of a sort of globally mobile workforce and exactly the sort of people who've got complex cross-border financial challenges, just like Open Here does, because you live in one country and you work in another or, you know, you're brought up in one country and you live in another and you expect potentially to retire into a third country or whatever.

58:54So I think it's a really clever idea. What's next? I can't tell you because I'm not super creative, but I see our producers are proposing that KYC should be explained through Love Island. I know, just my mind is slightly boggling.

59:14All right. Well, I think we're sort of descending into territory of slightly silly. So why don't we wrap up? This has been a fantastic conversation. Thank you so much to the three of you for joining us. Where can people find out a little bit more about you and your company's open? Let's start with you. Where can people find out a little bit more about you and a little bit more about Spade? Yeah, our website's the best place, www.spade.com, S-P-A-D-E. so definitely check us out there. I'm on LinkedIn so that's usually where I'm, Oben McTavish. I think I'm the only Oben McTavish on LinkedIn because I think I have like the LinkedIn URLs just at like slash Oben so that's great.

59:56I'm there and then on X slash Oben McT so thank you so much for having me. This is great. You might be the only Oben McTavish in the world. It's not that common a name, right? That's the hope. John, where can people find out more about you and about tech.eu? Yeah, you can go to the tech.eu website. And I'm also on X. I'm just looking at my Twitter handle now, which is at John Eddie Reynolds. And I know you've got a vast FinTech audience. I'm always interested in hearing from people with FinTech stories. So just please contact me. Fantastic. And Rosie, where can people find out more about you? You can find me as Rosie Lee on LinkedIn.

1:00:35You can also find me here at 11FS. You can check out some of my recent articles as well as briefest podcasts on the 11FS website. And as for me, Benjamin and Soar, you can also find me on LinkedIn. So that wraps up today's episode. Thank you so much for listening to today's show. If you like what you heard, please do follow us on your favorite podcast platform of choice and do recommend us to your fintech colleagues. If you want to join the conversation, seek us out on social media, just search for 11FS or Fintech Insider or you can email us at podcasts at 11fs.com. So thank you again to my three panelists.

1:01:13Thank you again to all of you for listening and goodbye.

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