Fast forward: Building the future of financial services today

Please welcome Managing Director and General Manager Worldwide Financial Services, AWS Scott Mullins.

Good morning and welcome to Wednesday at re:Invent. I'm Scott Mullins, I'm the General Manager for Financial Services at AWS, and we are delighted that you've chosen to spend part of your morning with us today as we talk about innovation that's happening in the financial services industry, and we hear from firms that are leading the industry forward to the future.

I'm thrilled to be joined today by leaders from three long-time AWS customers who are going to tell their stories:

• Sally Moore, the EVP and Head of Global Strategy M&A and Partnerships for S&P Global
• Gerard Francis, Head of Data Solutions for JPMorgan Chase
• Tal Cohen, President of Market Platforms for Nasdaq

Today, we're going to talk about the future of the financial services industry, but you'll notice that when I said that, I didn't say "the future, future, future." If you're like me, you've probably gone to a lot of industry conferences where the majority of the agenda is devoted to talking about the future of the industry or a specific topic, and trying to convince you of something that's going to make a change happen within the industry.

You're also probably on some of the same mailing lists that I'm on, where every day into your inbox comes an email that's telling you about the next thing that's going to make a big change in the industry. In fact, when I was on my way here to Vegas for this week, I received an email that alerted me to a research report that I could download that was going to tell me about the future of digital banking in 2024.

Now, I don't know about you, but when I read some of these things or I attend these conferences, I walk away from them at best not really knowing anything more than what I already knew when I walked into them or when I read the actual piece of information, and at worst I've experienced the same thing over and over and over again, and sometimes, yes, even over again.

In fact, if I go back to that research report that I was talking about, of course I downloaded it because I wanted to know what the future of digital banking was going to be next year. When I read it, it told me that one of the emerging technologies that was going to be the most impactful for banks in the next five years was blockchain. Now some of you are probably doing the math and you're thinking to yourself "Hang on a second, blockchain was invented in the late 1990s and the Bitcoin blockchain was implemented in 2009. That's 14 years of 'emerging' technology." But this is kind of the way that it goes in some cases with the way that people talk about the future.

But today, I want to draw a distinction between the future that people only talk about, and the future that actually impacts our lives today and what will matter to consumers and businesses tomorrow – in other words, the future that we actively create. That future hinges on our ability to change, to adapt, and to evolve. And the customers you're going to hear from today are leaders in this art.

So let me just be very straight with you – if you thought that we'd be talking about this today, you're going to be very disappointed in this session. And although this looks very cool and was used to great effect in a very popular Tom Cruise movie that depicts both a utopian and dystopian version of the future, we're not going to talk about this either. And if this is your vision of the future of fintech, it's very likely you might be in the wrong session this morning.

Today we're not going to have an official conversation about hand-wavy predictions that might be a little far-fetched. Instead, we're going to talk about how leading organizations across the industry are working with AWS to action the futures that they want to achieve, because creating the future is all about taking actions to do things differently.

Today, we have the ability to build things differently than we've done in the past because we have different tools at our disposal. Those tools allow us to implement change in ways we previously only could have imagined, and at a pace beyond our wildest dreams.

Now I'm not telling you that as somebody who has just experienced it at AWS – I've also experienced this firsthand. Like many of you, when I was a product manager at a financial services solution provider 10 years ago at that company, we came up with a brand new idea that we thought was actually going to revolutionize our business and bring not only differentiated value to our customers, but new revenue streams to the company.

We had a great idea and we had a business case. The only problem is we had no budget and we also had no room in our data centers at the time for any equipment that we would need to buy. Do any of these problems sound familiar to anybody in the audience or anybody that's watching online? These are very common problems in business.

And so rather than taking our business idea that we had at that time, that we believed in with a great depth of passion, and shelving it because we didn't have the ability to make the changes that we needed to, we actually reached for a different set of tools – we reached to AWS and asked them if they could help us actually impact the change that we wanted to make.

And in my experience in having done this for nearly a decade, successfully navigating change depends on three core imperatives:

First, having the advantage of choice in what you do and then how you do it.

Second, having the ability to move with speed and to move at speed with confidence.

And third, who you trust to actually help you make change happen.

The advantage of choice is at the core of what Amazon and AWS are all about. Amazon is known as the "Everything Store." And at AWS, you see that reflected in the depth of choices we provide across all of our services, and the breadth of our global infrastructure.

We provide you with the infrastructure you need, where you need it, when you need it, and how you need to use it. You can run applications that require the highest throughput, such as high volume payments platforms, or the lowest latency requirements, such as trading platforms.

And if you need to run your applications and data within a specific geographic boundary to meet data residency or sovereignty requirements, you will always choose where your data is stored and who has access to it.

As Adam Selipsky said in his keynote yesterday, there are meaningful differences in the ways that providers build and operate the infrastructure that they provide, and these differences matter to organizations that need to meet strict regulatory requirements and the high expectations of customers.

Speed matters in business. We only have to look back just a few years to the global pandemic to be reminded that there are times when the timeline for change needs to be measured in weeks or days, and not in years-long projects.

From helping some of the largest financial institutions in the world create new contact centers over a weekend to serve tens of thousands of agents in call centers, to harnessing machine learning to automate loan origination through the distribution of relief funds to those in need, AWS helped make some amazing things happen during the pandemic in an amazingly short period of time.

And we also need to look no further than today to recall that outside events can accelerate the need for change at speed. As AI continues to advance, customers are leaning into Amazon SageMaker, JumpStart Amazon bedrock foundation models from us as well as from leading providers, and our custom chipsets for training and inference to bring experiments with generative AI to the fore, and then also take those experiments and put them into production as quickly as possible.

Being able to move forward and backwards quickly with confidence reduces the risk associated with change. And the things that make the financial services industry work – mission critical applications that power banking, payments, trading, clearing and settlement, and risk management – have exacting requirements for ensuring that the global economy functions: availability, uptime, reliability, resiliency.

These aren't just noble aspirations for our industry – they are business imperatives and regulatory requirements, and the basis of the trust between a financial institution and their clients. They're also the basis for how AWS advises our financial institution customers on how to build and operate mission critical applications using our services, which is the foundation upon which we work to earn your trust every single day.

Being able to leverage the power of trust in a partnership means being able to rely on your partner for undifferentiated heavy lifting, and together focusing on delivering differentiated value.

These three imperatives – seizing the advantage of choice, moving at speed and confidence, and leveraging the power of trust – are the difference between far-fetched and feasible when it comes to navigating change successfully.

And as we survey the sea of change that is being made across the industry and within financial institutions, today three actions stand out as having the most impact in delivering the most value:

First, continually making enhancements to the customer experience.

Second, converting data into information, information into insights, and doing that at a faster and faster rate.

And then last, fortifying mission critical applications to improve the industry's resiliency.

Today, we're going to hear from S&P Global, JPMorgan Chase, and Nasdaq on the actions they're taking to build the future of the industry today.

So whether you operate a B2C or B2B business, or both, a constant is that your customers' preferences will continue to evolve and their expectations are only going to continue to grow.

When I first joined AWS almost a decade ago, financial institutions were just beginning to run their mobile applications and their websites on AWS. And that was indeed a breakthrough 10 years ago because running those applications on AWS provided the performance and availability those institutions needed to actually serve their customers in a much more consistent way.

Now of course we've come a very long way from those moments, with services now like Amazon Connect changing customer service channels to relationship channels, and providing a foundation for informed and personalized interactions with customers.

These interactions are now the norm as consumers expect financial institutions to know them and to also recommend existing offers and products that they need when they need them.

AWS is working with leaders in the industry to enhance customer experience by moving beyond simply reacting to data and proposing next best offers of products, but actually working to predict what customers want and building new offerings to meet them.

Brazil's Inter bank builds a super app that allows access to both financial and non-financial services within a single application, providing customers with simple and seamless experiences.

If you happened to attend NatWest's breakout session yesterday, you heard how they're taking personalization to the next level for millions of customers using the power of AWS and generative AI.

Another organization that continues to invest in anticipating and meeting the future needs of its clients is S&P Global. Please join me in welcoming Sally Moore to the stage to share the actions that S&P is taking to continually improve client experience, and the investments they're making in generative AI to fuel new value creation.

[Sally Moore's presentation]

Thank you, Sally, for sharing how S&P Global is continually improving the client experience and how you're harnessing AWS AI services to create new value streams.

Now let's pivot to our second imperative – turning information into insights faster.

You know, you don't really hear the term "big data" that much anymore. And well, that's because we don't really think of mastering large data sets as an instrumental challenge anymore.

Financial institutions have invested in moving beyond the static, silent approach to managing data that historically prevented them from effectively using data to manage risk, connect with customers, and measure the performance of their own businesses.

And of course one of the biggest advantages of modern data architectures, which we're seeing in a big way today, is that they ready organizations to implement machine learning capabilities at enterprise scale in a cost efficient and responsible way.

Financial institutions are working with AWS to externalize and deliver data analytics capabilities to their clients, taking their own experiences and making data capabilities and tools available to others so they can get up and running faster and easier.

Viva bank is building its new global data platform on AWS, enabling thousands of data scientists to leverage AWS machine learning and generative AI services like Amazon SageMaker and Amazon bedrock to transform how they manage and analyze data.

At SunLife, we're experimenting with several generative AI projects including using Amazon bedrock for applications to analyze market data and also to assess benefits to employee productivity.

And KX is partnering with AWS to make it easier for financial institutions to build AI-driven applications and to harness real-time data to enable faster, more informed decisions based on a comprehensive view of the financial landscape with their Kdb+ AI vector database.

Another organization that is taking action to turn data into information and offer actionable insights to its client base is JPMorgan Chase.

Please join me in welcoming Gerard Francis to the stage to share how JPMorgan is helping institutional investors evolve their data and analytics capabilities.

[Gerard Francis presentation]

Thank you, Gerard, for explaining how JPMorgan Chase is enabling its institutional clients to extract more value from data with fusion.

Now let's move to our third imperative – fortifying mission-critical applications to improve resiliency.

The pandemic underscored our mutual interdependence and the need for resilient systems that ensure continuity. And recent events have further accelerated the need for change and enhanced the focus on operational resilience.

AWS works with financial institutions to build secure and resilient cloud architectures that allow them to withstand disruptions using the cloud's inherent redundancy, geographic distribution, and automation.

This includes helping firms plan for a variety of situations from site failures to region outages, and leveraging capabilities like our new AWS mainframe modernization service to help migrate critical mainframe workloads to the cloud.

AWS also enables rapid innovation, which is key to maintaining resilience. Firms can implement changes in hours versus months and leverage cloud-native technologies to build and iterate quickly.

A great example of this is GreenSky – while they're busy transforming lending and payments, they're also transforming their technology environment, reducing latency by about 90% and deploying changes in hours compared to weeks.

And leading organizations are working with AWS to build the next generation of mission-critical market infrastructure.

CME Group is a pioneer here. They were the first marketplace to run their trading environments fully in the cloud. And today they operate their flagship trading platforms Globex and BrokerTec on AWS.

Another leader modernizing market infrastructure is Nasdaq. Please join me in welcoming Tal Cohen to discuss Nasdaq's cloud journey and their vision for the future of market technology.

[Tal Cohen presentation]

Thank you Tal for sharing Nasdaq’s experience modernizing market infrastructure on AWS. Nasdaq’s journey shows how organizations can innovate quickly, while also maintaining the highest levels of resiliency.

So in closing, today we've heard from three industry leaders who are taking action to shape the future of financial services - not someday in the distant future, but today.

By continually improving customer experiences, generating insights faster using data and AI, and building resilient systems, they are delivering differentiated value in a rapidly evolving industry.

The imperatives that are guiding these leaders are the same ones that will enable your organization to build the future you envision.

One that offers more choice, moves at speed, and is grounded in trust.

Thank you for being part of today's conversation. Please enjoy the rest of your re:Invent experience.

So users can benefit from that ideally, that data should then be integrated linked and modeled. So the data can be joined with minimal effort. On top of that, you really need data management and data quality capabilities. So users can opine on individual data points and make amendments with the appropriate controls.

The combination of the entire solution, whether it's access discovery normalization, linkage and management creates a virtual data life cycle. This allows institutional investors to unlock the full power of their data through all of the wonderful tools coming around with analytics and AI.

With Fusion, we are relentlessly focused on solving this entire problem. So the client can really benefit from clean, ready to use data delivered directly into the technology of their choice. With this clients can deliver their business results in a matter of days and weeks instead of months and years.

Moving forward. What is our approach? Our approach is to source all the data from all kinds of vendors like S&P. We just heard from Sally and service providers like JPMorgan across the entire range. It could be reference data pricing positions, transactions, company financials, benchmarks, you name it all of the data flows to the Fusion data mesh and then immediately becomes accessible to REST APIs, Snowflake, Databricks data science platforms and analytical tools.

Fusion also normalizes data on the way in. So therefore, regardless of the source, all the data appears consistent from the structure and identifier process, this then feeds into the actual normalization which then lands in the Fusion linked data warehouse with data management. This entire solution end to end is delivered as a managed data service to our clients. With us taking full responsibility for the data including people process and technology.

Let's look at an example where Fusion is being leveraged to use a really complex problem which is around ESG data management for an institutional investor. They would typically need to connect to lots of data sources to bring the data into their system and then deal with all the idiosyncrasies because data across providers is inherently different with gaps and different identifiers.

Fusion takes the responsibility of connecting to these providers and sources, bringing the data in doing that normalization. So all the data looks identical. Fusion then allows people to go in and express their opinions. They can go and change hierarchies. Drive different data propagation, make data overrides to make the data their own and customize to the way they think about it. They can even create their own calculations and streaming criterias.

In this way based on their setup Fusion then automatically runs bringing the data in normalizing it, applying the customer's rules and giving them the data they wanted in the clean tidy format that allows immediate lands in their warehouses and lake houses, unlocking their analytics. This is supported with full data lineage and data quality as we move forward.

These are examples where they can be used. So for instance, that data can immediately be extracted and used within Snowflake or inside Python notebooks by being available in Python notebooks. That data can immediately be used for AI and analytics on derived data. This data is completely normalized. So investors can save up to 90% of their time that they would typically spend on the data wrangling process.

In addition to that investors can apply their own opinions. Here's an example of a screen where investor might have a different opinion on what a company hierarchy should be. They can go in and express their opinion that opinion then flows to the right person to approve and once approved, that then becomes the official source with the client's opinions recorded.

Then we solve a really hard problem. In order to query data, very often, users have to be familiar with thousands of tables with the primary keys and the foreign keys. Figuring out how to join the data with Fusion. We take that all away from them. They can just come in here, express their intent in terms of what data they want to receive and what attributes they want to get. Then regardless of the source, we pull all the data in and deliver it to their destination.

In this case, with the screen, they can actually describe their own data propagation rules that gets applied to the hierarchy which gets supplied to the source data and that gets delivered down into a target destination.

Additionally, investors can also set their own rules. They might want to set rules to scream for what's the maximum amount of carbon emissions they want from a company. Those filters can be set and that data immediately gets flowed, flowed and delivered down to the investor.

They might even want to go and set their own calculations. So for instance, to calculate one particular carbon dioxide metric, they might make three data points from three data vendors because we've done the normalization in advance. It's very simple to just set up that calculation and it just works and that data runs every day. It's preserved with full lineage. So people can trace that back all the way to understand how it was manufactured.

Using this process. We effectively achieve three things. We give the client a fully managed data service where we combine the technology, the onboarding of data, the data management, the data modeling within our warehouse across all the data an investor can care about. And this really helps them accelerate and solve the data problem, enabling them to go with analytics.

They have three things building on Scott's point from earlier, they get greater choice. They only pick the services. They want to really accelerate their specific data and analytical outcomes. They get speed because rather than go and solve the problem in months and years, they can do it in days and weeks and they get trust because as JPMorgan, we take on the complete responsibility for the solution and take care of that.

So we're really happy to be working in partnership with AWS to deliver the solution. AWS gives us some few pre critical areas first. As you know, it's elastic and it's reliable, which means we can scale up and down both the short term and the long term for what's required. It's got a diverse product set with a lot of very new innovations that allows us to test things out for market fit before we really double down and invest on them. It's got high levels of resiliency, which means when we are going out and offering the service to our customers. We know we can rely on AWS for that support. We get expert guidance along the way. In addition, their partner, their network of partners allows us to really adopt strategic partners really quickly and onboard them fast. And of course, billing by seconds allows us to make sure we are only paying for what we use as we went on the Fusion journey with AWS.

They really helped us in a few key areas that allow us to be successful. The first, the infrastructure was ideal because we were able to go to market with our first launch in just a couple of months of work by the development teams. They allow us to through SAS experts in AWS, a factory to be able to benefit from a lot of that knowledge that we can leverage the architecture solutions teams helped us to architect and design a use case for a very complex financial data solution. And that guides us in how we've really built out the solution and their day to day on the ground expertise, really make sure we can tune the products to give our users and our customers what they need.

So we obviously expect this partnership to continue and really together we are solving one of the hardest problems for the industry analytics and AI offers amazing potential, but it's really the data that's going to unlock it. And by leveraging Fusion institutional investors can bet the benefit of all of that data really quickly and really fast.

Our team at JPMorgan has really been engaged in working and building out the solution and we're really happy to share it with you today and to and to really engage with you. If you want more information, you can find more data about it on fusion.jpmorgan.com.

Thank you for listening to us. So thank you Gerard for sharing how JPMorgan Chase is using AWS to create a unified and scalable data ecosystem for your institutional clients.

So let's now dive into our third imperative making mission critical applications stronger. Over the past few years, the industry has begun to make significant investments in modernizing the engines that collectively run the financial system to improve efficiency effectiveness and resiliency.

For instance, at Reinvent, we've heard from Italo Yano Capital One and Prudential about how they are now running applications that previously ran on mainframe on AWS. These organizations are unlocking the value of their data. They're gaining agility to deploy new business functions quickly and now have the ability to innovate faster than ever before.

Customers are using AWS to improve performance, resiliency and security while also making it easier to deliver new services and technologies to their clients. Global Payments is an organization that's doing just that they're working with AWS to transform its infrastructure to enable financial institutions to more seamlessly operate the entire life cycle of card issuance and management.

In their breakout session today, FINRA explained how they've worked with AWS to build and optimize the Consolidated Audit Trail for US securities markets that consolidate audit trail collects 400 billion events each and every day from exchanges and broker dealers and allows regulators to more efficiently and accurately track activity in US, equity and options markets.

And lastly, you may have seen the news this morning in the Financial Times. The London Stock Exchange has launched their Primary and Secondary Recognized Investment Exchanges running natively on AWS. I'm very excited as a capital markets person to see more exchanges and clearing houses following the path that Nasdaq trail blazed just over a year ago after they migrated their first regulated exchange to AWS and now with three markets live in production on AWS.

Together, we've turned something that was once considered extraordinary into all in a day's work as we continue to migrate Nasdaq's markets to be powered by AWS. To tell us more about this pioneering work. Please welcome to the stage Tal Cohen to share how Nasdaq is partnering with AWS to transform capital markets for tomorrow.

Wonderful, good morning everybody and thank you, Scott for that warm welcome. So Nasdaq, our mission has become the trusted fabric of the world's financial system audacious, right? And we do that through the markets that we operate and the mission critical infrastructure that we power around the world. And the cloud journey has been instrumental in us achieving that ambition over time and that cloud journey for us started over a decade ago, it started with us migrating noncritical workloads to the cloud. It allowed us to gain valuable insight experience, build the cloud muscle.

And during that time, we made key investments in data management and really embraced a cloud first mindset when it came to software development to future proof of of future platforms. And then over the last few years, as you just heard, we started to migrate mission critical infrastructure to the cloud. We advanced our ambitions and there are three factors or a confluence of factors that have led to this for us.

One was relat of our trading system, so it's cloud enabled and future proof. The second is COVID and the pandemic. It really taught us a lot in terms of real time capacity management and the need for greater business agility during times of uncertainty and high volatility. If you think back to the end of 2021 if you were running on prem and needed to order hardware for capacity purposes, how did that supply chain disruption impact your business and your customers?

And then third has been really just the advancement of our clients and our regulators readiness for the cloud. We've seen our, our, our, our regulators like the SEC and FINMA embrace cloud recently. And so all of this culminated as Scott just noted with Nasdaq launching the first US options exchange onto AWS in November of 2022 we followed that up with our second options market this year just a few weeks ago in November of 2023.

And in both instances, we were able to deliver value to our customers because we showed improvement from a latency in a performance perspective by 10% with each of those deployments. So we're really proud of that. And these actions have allowed Nasdaq to establish itself as a recognized leader as a thought leader for our clients when it came to adopting and integrating emerging technologies such as cloud.

And it's also allowed us to be our client's trusted partner as they consider their own modernization and transformation journey. Key to enabling our our clients modernization journey is helping them reimagine the future state of mission critical infrastructure of capital markets for Nasdaq that starts with the ecosystems and the center of gravity that we've cultivated in our own data centers where we house our markets.

What we've done is we, we brought the cloud to our clients. We've offered the cloud and these new capabilities as a matter of choice. We've minimized disruption and we've told our clients, you can continue to take advantage of your existing infrastructure. It's not obsolete, you can continue to use that. And that was really important and it was also important for our regulators.

In addition to that, we've been working with our partners to bring more hybrid infrastructure into our data centers. So we add greater agility, more robust capabilities and then longer term offer greater portability for those same customers.

Now, it's important to note we do have a few cloud data products and Nasdaq, most notably Verin, which is our market meeting fraud and AML product. It takes advantage of the network effect that's offered through its multi-tenant deployment model where it's able to aggregate data across all of our clients to continuously improve that product and enhance the customer experience. So it's really been a win win for us.

Now, these key investments that I mentioned in data management, the cloud, the ecosystem that we've cultivated alongside a strong governance structure that we put in place has allowed us to unleash the power of AI in a safe and responsible manner.

Today, Nasdaq has about 20 or so products that are AI powered or AI enabled and we have a number of POCs on the way that we're really excited about. And when we think about applying AI onto our business or in our products, that's the context in which we view it. And let me just give you a few examples on the business we have right now.

We're using GPT AI as a copilot or to power a copilot with our engineering teams to modernize code and to enable code code development. And our engineers are really excited about it and we think at maturity and scale it will yield a 25 to 35% uptick in productivity. And when you consider that over 30% of our workforce are engineers that's incredibly powerful, not only for the bottom line of Nasdaq, but for our customers and the experience that we can offer them in terms of in the product.

There's two that I want to highlight. There. One is we recently just got approval from the SEC for the first AI enabled order type in the cash equity markets. It's called Dynamic Mello. And I'm really excited about this because it's a context aware order type that takes in about 100 and 40 signals every 30 seconds for every single stock that trades in the US market, which is about 5 to 6000 names on any given day.

And then we're able to optimize the execution time per order as a result of this new order type. So the experience we can tailor that experience for a user for an investor for when they trade Apple versus a small cap name. So it's really delivering better outcomes for investors. We're excited about it. We're going to launch it in Q1 of 2024 and we've gotten great reception on it.

The second is a product we just put into production and it's a AI assisted investigation for fraud for a Verin platform. And the way it works is this Verin is a platform that will generate alerts for check or wire fraud at the time that load is generated, a human analyst needs to then conduct a menu of manual tasks to follow up on that investigation.

What if we can use GPT AI to automate all of those tasks allowing that analyst to focus on higher value activities and truncating the time of each investigation. And we assume we can truncate that time by about 20% or so. So it's incredibly meaningful for our customers and eventually, obviously the financial system. So that's just a great example of how we're using AI to help us fight financial crime.

So early on on our journey, we recognize right from the start that we need partners to help us accelerate our journey and ultimately drive our success. And in AWS, we found a partner that really understood and appreciated the mission critical platforms and solutions that we're delivering from a performance and a resilience perspective, we are highly regulated. There's lots of obligations that we carry. And AWS understood that right from the start.

And they've also enabled us to integrate and adopt emerging technologies like AI more cost efficiently and effectively than we otherwise would have on our own. And you heard during Adam's talk yesterday, they also offer optionality choice and that's really important to somebody like me. We want choice, we want to experiment and we've been able to do so with AWS.

So today, most of our AI R&D is on AWS SageMaker is are preferred platform for data science and, and we look forward to doing more work with AWS. So on this journey with, with AI while we're really, really pleased with our progress today, we're much more excited about the use cases we have not yet discovered.

So that and we head back to Scott and thank you all have a good day.

So thank you Tal for sharing Nasdaq's investment and transforming capital markets and how it's benefiting the entire industry. And that's the point that I want to leave us on. As we conclude our session today, each of the customers that you heard from today have shared how they've used their own experiences within AWS to make it easier for other financial institutions to innovate faster.

All the investments that these leaders are making ultimately benefit the entire industry and that creates a flywheel effect that benefits all of us putting data in the hands of consumers in the way that they want, making advanced analytics capabilities easier to access and lowering the barriers to access global markets.

These companies are moving forward fast and in doing so, they are helping others do the same. Collectively, we're moving the industry forward to the next stage in its evolution, not tomorrow, but today. And that means that the future is now.

Thank you for joining us this morning. We're looking forward to building tomorrow with all of you today.