Case study: Jefferies on intelligent automation and the T+1 mandate

Today, investors expect timely and correct settlement of trades - not doing so can be both costly and risky. Transparent trading originates behind the scenes, and middle and back offices must effectively automate the key processes that underpin successful trading. This is now more important than ever, as firms must quickly renew processes for the SEC's T+1 settlement mandate.  Join Ryan Clare, Head of Corporate Change Management and Digital Transformation Lead at Jefferies, and John Almeida,  Global Head of Wealth and Asset Management at ServiceNow, to learn how asset managers can elevate client services with timely and correct trade settlements, real-time trade status updates, and connected employees.

Transcript :

Brian Heimer (00:07):

Good morning. Thanks everybody for being here. Welcome to the first case study of Invest 2023. I am Brian Heimer, Editor-in-Chief of Financial Planning. I am going to introduce our panel this morning. We will be hearing from Jefferies on intelligent Automation and the T+1 mandate. So to get started, join me in welcoming to the stage Ryan Clare, Head of Corporate Change Management and Digital Transformation Lead at Jefferies and John Alameida, who is Global Head of Wealth and Asset Management at ServiceNow.

John Almeida (00:40):

Thank you, Brian. When Brian first introduced the keynote at the beginning, there were three themes that he mentioned that we would be covering today. This will be your favorite one right around regulation. Who does not love a dose of regulation on a Monday morning? It is my first bad joke. But anyway, we are here to talk about Trading Operations, Intelligent Automation, and the T+1 mandate. Speaking of regulation, we do have an impending compelling event that is coming next year. In case you have not heard from the SEC, we will talk more about that in a minute around T+1. If you are thinking this does not impact you because you are only in Financial Advisory Land, wrong, it will impact everyone, whether you are a Wealth Manager, an Asset Manager, a Bank, a Capital Markets Firm. We will talk more about that in a minute. So I am with ServiceNow. Did we skip?

(01:39)

Nope. There it is. Sorry. I am with ServiceNow, a Publicly Traded Company. I am not a Lawyer, but that is our forward-looking statement slide as Brian, I will leave it at that. As Brian mentioned earlier, my name is John Almeida. I am the Global Head of Wealth and Asset Management at ServiceNow. In case you can not tell by the accent someone, some think I am from Long Island, it is actually Rhode Island where I am from based, which is neither a Rhode nor an Island discuss. It is a saturday night live joke way back when. And Ryan Clare is a Global Head of Corporate Program Management at Jefferies. We are thrilled to have him talk with us a little bit later and he will give you a proper introduction on that a little bit later on. That is our agenda for today. We will keep it nice and simple. You are stuck with me for the next few minutes. I will talk to you about the challenge and the opportunity as we see it in the industry around this mandate.

(02:29)

Excited to talk to Ryan about what Jefferies has been doing to mitigate this impending legislation that is coming from the SEC and then time permitting, although I doubt it, we will try to sneak in some Q and A. So let us dive right in with the challenge as we see it in the market. So I have been mentioning this for a minute, but it is, it is important that reiterated is that the industry at large is gearing up for that T+1 settlement. To get technical, it is SEC rule 15 C 6-1. The SEC has exactly said that when the date of they are going to implement this, which is May 28th of next year, so less than a year, the T+1 mandate will be implemented. For those of you with operations in Canada, Canada has agreed as a country to follow suit with the United States.

(03:22)

So the Canadian Securities Administrators, the CSA and the CDS, which is the Canadian Depository for Securities, has agreed that they will follow suit with the US on May 28th of next year for T+1 settlement, which is kind of unusual. Usually Europe and the rest of the world kind of does this legislation first. North America tends to sit back a little bit and see how it goes, but this time It is the complete opposite. So what is this all about? It should be obvious we are settling a trade one business day after it is executed from what it currently is at T+2 or two business days. In case you are wondering, the last time the settlement cycle was shortened in the US was back in 2017. So by the time this hits, it will have been seven years since the SEC did anything about settlement going from T+3 to T+2.

(04:16)

Europe already has some stuff in play for Affirmations, Allocations, and Confirmations. So as you can see there, the SDR and the SDR phase of CSDR already in place. But it does not mean that they settle in T+1 yet. They will probably be following suit. So I have the privilege of speaking with cap markets, firms, wealth and asset managers throughout the world. It is really a privilege that I have in learning from them. And the one thing that I learned from them is because of this impending legislation, everyone is looking to automate more and take cost out of the operation, right? Because taking 24 hours out of the system to settle trades, the big bottlenecks are around errors, fails exceptions, and all those corrections are going to have to be expedited. So for those of you working in that wonderful workflow tool known as Microsoft Office, it is not really a workflow tool, Excel a Word, an Outlook, that stuff's not really going to cut it when you are shrinking the settlement cycle by 24 hours.

(05:18)

And again, everyone is looking to lower the cost of operation, you are going to have to modernize. So everyone is going to be effective. Let me say that one more time. Capital Markets, Wealth Managers, Asset Managers, Custodians broker, broker dealers, the whole lot is going to be affected by this impending legislation. So everyone I talk to is saying, we got to enhance our systems. We do not need another system of record. We got plenty of those. What we need is a system of action across these systems of record to expedite the fails, the errors, the exceptions, the corrections that we are currently doing, say in Excel, which is not really sustainable for growth. And then lastly, risk trades executing and settling in a short period of time is going to reduce market VAR credit and liquidity risk. And if all that seems daunting, which it kind of should, the SEC is signaling that T zero or same day settlement ain't going to be that far behind.

(06:13)

So with that S and P Global Market Intelligence recently published a paper on this and they very simply said, if affirms are ready to embrace the T+1 challenge, they could gain or maintain their competitive advantage, achieve market differentiation and accelerate business growth. That is not the only paper I have been reading down at the bottom right hand. If you see that, and we can share that link with you after the presentation, the DTCC along with Sifma, Deloitte, and a few other industry luminaries about a year and a half ago published a paper called a T one Industry Implementation Playbook. In other words, knowing exactly what was coming from the SEC and this time, not taking that for granted and saying, yep, this is going to hit. We are going to publish a very lengthy implementation playbook on exactly step by step of what you have to do to get this thing going.

(07:18)

It is over 300 pages long. I read it to my chagrin over the weekend, but still it was very, very compelling and they laid out a roadmap for that. What they said was, last year firms should have been doing impact analysis, securing budgets and management buy-in. This year should be the year of building and implementing the changes process workflow can not emphasize that enough. And staffing next year should be the year, should be the year initially for testing and launching. And then of course, as I mentioned, May 28th is the actual date that T+1 will take effect. So Frank Sala does, everyone here I am assuming knows who DTCC is, right? So Frank Alala, the CEO of DTCC about two or three weeks ago published on LinkedIn. A quote that I am going to read to you verbatim because It is very important that we understand this.

(08:13)

He said, unlike the shift to T two in 2017, which mostly required additional resources, firms will need to conduct a comprehensive review of behaviors, processes, and Technology to ensure a timely and seamless transition. Recently, an industry survey by value exchange on T one readiness that was co-sponsored by DTCC found among other things that 41% of respondents, 41% said that they had not yet started T one preparations. If you are looking at that map, 41% of folks are really in these are some of these are very large firms are behind the eight ball already. And he said that 61% of buy-side firms, which is a lot of you sitting in front of me today, were unprepared for the transition. 61% in addition, more than 50% of European and Asian Pacific market participants have not defined their plans for managing area areas, including foreign exchange and securities lending.

(09:19)

So that is a concern. Again, I have the privilege of talking to a lot of firms every day, and when I ask them, are you ready for T one? The typical look I get is that deer in the headlights. So they are falling within that 61% of being unprepared for this unfortunately. So in that white paper that I referenced earlier, I should say the implementation playbook, they called out the biggest operational and technology themes are the biggest challenges to overcome should not be a surprise. Earlier we had Nuveen up here talking about the great wealth transfer and what was one of the biggest challenges that they brought up improving operational efficiencies. We hear that over and over again. Operations, operations, operations. So their HE map says that errors and fails across process and technology are the biggest challenges to get across. And about a week ago, I was on a webinar hosted by DTCC where the likes of Citi, JPMC, BNY, Mellon, Northern Trust, some very big players in the market that I am sure either you work for or of, were quite adamant in saying over and over again, custodians won't do everything.

(10:33)

So if you are on the buy side, if you are a financial services firm, a broker dealer and RA or whatever, and you are going, my hands are washed to this, my custodian is going to handle all this, John, I do not need to listen to this. Well, not necessarily. I told you that the rule that the SEC is publishing is 15C6-1. They also published a supplement to that called 15C6-2, how creative, and that it says investment advisors will have to maintain records of the Allocations, Confirmations and Affirmations for securities transactions subject to this rule requirements. So it is going to impact everyone. So as I mentioned earlier, when I talk to the firms that have the privilege of talking to about this impending legislation, this is what we typically see, right? Again, the biggest bottlenecks to getting a trade to clear and settle are errors, fails and exceptions.

(11:32)

That should be pretty obvious and should be pretty logical. But when we peel back the onion and start really looking at this, we say, well, how are you doing it now? What is the process right now? And typically what we hear is when we get thousands of emails a day, trade does not clear, does not settle all that cleanly. We have counterparties, we have mismatches, we have pricing disagreements, we have all these use cases to why a trade does not clear all that cleanly. Okay, how do you deal with it? Oh, we get emails. Okay, great. And then well then we have all these manual bespoke user-driven processes. And the reason why they are is because we have a lot of legacy platforms, a lot of homegrown technology. We heard the keynote earlier from the gentleman from altruist where innovation sometimes in this space is still lagging a little bit.

(12:18)

So a lot of swivel sharing between archaic old systems of record to get the job done, again using, and It is hard for us all, I get it. But using this and Excel and spreadsheets and Microsoft Office as your workflow and expecting that that is going to cut it for T+1 is really not going to happen. And then obviously management has a lack of oversight. So no process improvement. You are subject to a lot of risk when this hits with these types of processes. No AI insights and no productivity tracking whatsoever. So global custodian says, what does that mean? So what we are working out of spreadsheets, well, so what is a global failure rate of just 2% can result in up to 3 billion with a B dollars in losses per year. And the highest impact are opportunity costs and tied up capital that should be pretty obvious on the medium scope.

(13:16)

You got cash, liquidity, counterparty risks, and price dilution. And then on the low impact, you can read those for yourself, except I would argue that the last one called settlement penalties will probably not be low impact on May 25th, 2024, the day after T+1 goes into execution. Because when not, if you get audited, those penalties will obviously come into effect if you are not in compliance, right? All right, so what do we see as the opportunity to change this? So this is kind of what we outline and we put in front of our customers for a future vision for trading operations powered by orchestration. I cannot emphasize that enough, and Ryan, I will talk about this in a minute, but It is really orchestration to fundamentally shift your workforce, get them out of the low hanging fruit, low value type operations that they have to do to deal with this stuff.

(14:14)

Let them work on higher value stuff. This is what I talked about earlier with cost takeout so that you can do this a lot more fluidly. So you got to drive operational efficiencies, lower cost, better value for your clients and partners. You got to target solutions that are going to enhance everyone's experience, whether your clients, your counterparties and your operations teams, faster time to market, and then obviously a future proof resilient foundation to adapt to what is coming in the future. I mentioned earlier if T one sounds a little bit scary, imagine same day settlement, which is in my opinion going to happen and probably sooner than later, but what I mentioned earlier stands true, right? What we keep saying is a lack of, or I should say what we keep seeing is a lack of standardization. Everything's all over the place. Too many systems of record to kind of swivel chair through spreadsheets.

(15:07)

No one has auditability, no one has visibility, traceability or collaboration frankly. And you can see on that second bullet, there is an awful lot of people that have to weigh in, why did this trade not settle cleanly? what is going on? So that lack of standardization is really a concern, which leads to obviously breached SLAs. So a poor client experience, you have no straight through processing, inability to scale the business to respond to a lot of these requests. So there is awful lot of chasing and emails and phone calls to figure out what is going on. And then obviously management has no idea what is going on. So what we are proposing is let us futurize, let us future proof and get you ready for your trading operations, whether It is T one or T zero, and let us get ahead of that and We will talk to Ryan here in a minute and how they did it, because they were very efficient and very visionary in that regard to get ahead of the ball game.

(16:03)

So reduce those manual touch points. That should sound obvious in this day and age 2023, we really shouldn't be working out of Excel as our workflow tool, right? Unify the business, reduce friction in the client experience, shift from manual to straight through processing, increase your flows. you are not going to do that manually. You have a business process. You have a business challenge. The underlying enabler is always technology to get you there. And then of course provide management, the real time oversight, the escalations, the notifications, all the stuff they need to quickly get this moving. So you are settling within the mandate of the SS e C. So the path forward as we see it is, is this, if you are looking for point solutions, I would argue against that because you probably have enough of that in your business or so does your custodian. I would argue that you need a platform well beyond point solutions that helps you get there layer by layer.

(17:02)

I would argue that you need the foundational capabilities like workflow and task management, AI and ML, which We will talk to Ryan about exactly how they are leveraging that security and compliance every step of the way. You got to have purpose-built capabilities. You need an underlying data model to handle this. Of course, you need process optimization. You need some RPA in there to handle some of that low hanging fruit. You obviously need a better employee experience. Why do they not have in operations the same command central that folks have in the front office? I used to be in this business, We have spent an awful lot of time, money, budget, effort, and marketing capabilities and CRM capabilities that goes to what is called the alpha generating side of operations. But we are 70 to 75% of the work really gets done in the middle and back office.

(17:52)

Where is their workforce optimization? Where are their guided decisions, their playbooks, their workspaces, their command central to get the work done? And I would argue it is rare that I see that. And of course, allow your counterparties and your partners to engage with you on their channel of choice to deal with these exceptions. So if I were to visualize what I was just talking about or look something like this visual task, task boards, a portal, a unified agent, workspace playbooks doc, and tell everything you need to get this done in one comprehensive platform as opposed to looking at this from a point solution perspective. So one last slide before we get to Ryan. We can hear it straight from someone who is living this and has really changed the way they operate to get within compliance. What we are saying is really integrate and communicate across any business process.

(18:48)

You spend an awful lot of time on IT technology. Where is the budget for the business processes aligned to that IT technology as well? So connect your front, middle, and back office and proof processes with automation, analytics, and ai. And when I say ai, I know that sometimes sounds very abstract, sounds a little bit scary with chat GPTs and all the stuff that is going on late. We will make it very comprehensive when we hear from Ryan in a minute. And some of the simple things that come with a platform, not a point solution that can help you with that modular reusable components. And of course you have to integrate risk and compliance tools every step of the way. So with that, I would like to introduce you to my friend and partner in crime, Ryan CLare who is here from Jefferies. And Ryan, tell us a little bit about your role, what you do at Jefferies and how it has evolved over these last few years. And I get to sit down now and relax a little bit. Okay.

Ryan Clare (19:48):

Hi everyone. I am Ryan Clare. So I have been in the US for about five years now. I work for Jefferies, which is an investment bank. We are actually just based around the corner, but we have got offices all over the place. I sort of met John and the ServiceNow team from a business standpoint, probably about two years ago now, maybe shy of that. And we were really trying to move into more of a digital transformation sort of program at Jefferies with operations. We were trying to move them from being, as you mentioned, in obvious slides where it is very high touch, slow moving, using Microsoft products to complete a task. If you had to email a client through Outlook, you'd have to download reports, consolidate stuff in Excel to be even able to communicate. So at the time I was global head of operations and controllers, which is finance program management team. I have recently changed to a different job, but I am still carrying on with a lot of the digital sort of processing and enhancements. But really what we were trying to do is just to take a platform and it ended up being ServiceNow and help us move from a very sort of old school way of operating into a new way of doing that.

John Almeida (20:59):

So Ryan, as you introduce yourself and we bring up this next slide that folks can start to read through in the value that you achieved, tell us what the biggest problem was that you were trying to solve through digital transformation related to post-trade operations. I know you touched upon that a minute ago, but could you elaborate a little bit more on that?

Ryan Clare (21:18):

Yeah, yeah. So our main focus at the time was capital markets operations. So all of the operations for trading. So very pointed for the T one par. Also CSDR. We have obviously got teams in London, processing trades and having to deal with the exceptions. We have got a number of very good legacy platforms that do what they are supposed to do very well, and that sounds silly, but what I mean by that is that they are good for a system of record, for processing trades, running an accounting trial balance, giving you some reports, doing some month end calculations, giving you a p and l, they are great at that. They are terrible at workflow. They give you no workflow. So as soon as you want to do something and contact someone or escalate it or have oversight, you are back to excel and downloading it. So we were looking for a tool that could not only just deal with decommissioning or eradicating outlook, we wanted to basically then be able to increase that by putting workflow on top of it and continue doing that.

(22:16)

Not just stop with, okay, now we have got emails coming in and we have got them as cases. We want to take away the low hanging cases and automate them whether we have to respond back to the client or go out, automatically go out to the client from data-driven exercises. So when someone comes in the morning, they download a report, now they have to go and contact our clients. Well, the system can do that. They do not need to do that. They can deal with the more high value tasks that require a level of intelligence to actually work out and problem solve, which then empowers your team as well, empowers your users as well. So they are not just coming in and moving brick from one side of the room to the other all day. They can become demotivated and desensitized to the firm and then sometimes leave as well. So you want to keep motivating them and giving them interesting tasks to do it.

John Almeida (23:01):

It is an interesting byproduct. We talk about cost takeout, we talk about modernization. Cost takeout may or may not mean removing headcount. Cost takeout may be we need that headcount, but they are better suited to be doing something else than the low hanging fruit that a workflow orchestration platform should be doing in this day and age. Would you agree with that?

Ryan Clare (23:23):

Yeah, right. Yeah, a hundred percent. During the pandemic, everybody's volumes due to the volatility were going up and most firms were referring bodies of the problem to try and solve it, but you know, can not maintain that forever. So being able to deal with that capacity challenges by automating it and being able to expand to what is it like normally probably 10 to 15 of your volume goes up and you have to hire someone new. Yeah. Now you do not have to do that. You can reallocate the work to something more interesting.

John Almeida (23:52):

And they are more fulfilled and they are likely to stick around.

Ryan Clare (23:55):

To stick around and do more, more invested as well. Because a part of the build, right as well, where the legacy platforms are already built, they were sold as a point solution as you sold. You said they were sold in individual, someone would do some testing. Our actual operation users are a part of this build because they are sort of giving their requirements how to make it better because a lot of the work's manual, so there isn't really a good way of doing it. Sure. They are helping us design that.

John Almeida (24:21):

Yep, makes sense. So Ryan, what was your vision in guiding principles to achieve that vision? And what was the aha moment in realizing that a workflow, an enterprise workflow management platform like ServiceNow could help you achieve that vision?

Ryan Clare (24:37):

Yeah, so I will started off when we were just looking to eradicate email. We have got tons of email boxes floating around the globe across all different departments. I think most firms have that. So I was playing around with our technology team trying to build an email box portal, which basically instead of going into Outlook, you have ServiceNow extracting information from the exchange server and just bringing them in and creating those cases. But as we started to do that, I started to dive in and see that actually ServiceNow could do more. And really I could not get tech to help me articulate that to my boss, who's quite a senior guy in the bank. So I basically just contacted GI sales team on offline on my own. When I started talking to John and him showing me the roadmap of where CSM and FSO, the Financial Services Operations going for ServiceNow, it started to sort of say where you could be. So then you started to see what good could look like, where previously it was, okay, what do I do? How do I automate this? What is the requirements? And you are always building based on historical processes versus building based on what could be in the future.

John Almeida (25:40):

Yeah, I mean, I think you are short selling your vision a little bit, Ryan, I know you are a humble guy, but he started out by saying eradicating email. Imagine going back to your place of work and saying, for certain business processes, we are going to eradicate email. How rebellious of you to do that. But yeah, it, it is quite a daunting task, but it has to happen. It is a hard thing to get rid of. And Ryan, you are a year and a half into this. You have launched a few use cases around case management as opposed to email case management. Remind us of those initial use cases where you are now and what you are planning in the future.

Ryan Clare (26:20):

So we were looking to use ServiceNow to automate, not entirely, but automate the things that should be automated across our whole of our settlements function globally. Back the beginning of last year when we really kicked the program off, CSDR came into the mix. People did not really know what to do. They were a bit unsure of what system to use. There was a couple of product offerings out there, but they very focused on the buy-in component of CSDR, which never happened. So a lot of people were left with, okay, how do we do this now? And so we had the choice of whether doing it manually or automating it through ServiceNow. And with three months we span up a module in ServiceNow, and now We have got a claims module for dealing with CSDR. It also allowed us to prove out a lot of what we are using now in terms of the email integration, the look and feel getting user adoption, and it did not delay us from now doing pre matching. So we are basically halfway through our journey of automating settlements globally.

John Almeida (27:16):

So that that is brilliant, Ryan. And as you are talking about automation, and I mentioned earlier AI, and as I bring up this next slide, can you elaborate a little bit more on that? I know AI tends to be a scary topic and oh my goodness, we can not implement this in our enterprise. It is going to take six years. Well, you saw it did not working with us right now on a proof of concept that seems to be going really, really well. Can you talk a little bit about what we are looking at right here, the before and after?

Ryan Clare (27:45):

Yeah, so We have actually finished a proof of concept now.

John Almeida (27:47):

Oh, okay. That is news to me. I did not know that. Thank you.

Ryan Clare (27:49):

And we have got about 65, 70% results, which is pretty high in our middle office team. We are pretty stoked with that. So again, as you are being in the, it sounds great, getting rid of Outlook, but all you are doing is being in the emails into ServiceNow. So if you are just doing that, you have not really got rid of Outlook, you have just transferred the problem somewhere else. Now in ServiceNow you can build the cases, there is all the playbooks and the functionality to make managing that email better, plus the oversight. And that is one of the most powerful things for us is the managers having oversight of what is going on because it is not personal emails. They are business emails knowing what Dave, John, Jane, whoever's you doing the work and being able to see what they are doing, and if they are out leave of absence, they do not come to work one day, whatever, you can just transfer their work.

(28:32)

But we still had gatekeepers going on, so you still had that big dump of emails that weren't being sorted or distributed. And I think on the last speakers it was getting the work into the right place. So we have been doing a machine learning exercise with ServiceNow where they have got a prebuilt module inside ServiceNow that allows you to have the emails coming in and be distributed and sent to the correct agent straight away. So we had about 1500 emails coming in each day, and now we are going to be probably 65 to 70% automated, putting them in the right spot every day.

John Almeida (29:07):

So we got about a minute and a half left for those of you are wondering where exactly the rubber meets the road is. We have not fully eradicated email. What We have done is we have wrapped some intelligence around that, right in the middle, at the bottom there where we see email to case intelligence. So auto categorization, language detection to determine sentiment in those emails, sentiment extraction is what I just mentioned. And then document intelligence, parlaying all that. So not really difficult concepts to comprehend or implement, but in the minute that we have left, what would be, I am just going to say one more thing. Yeah, please, please.

Ryan Clare (29:42):

So the important part of that is not the machine learning component, that is just the stepping stone, but if you can get the emails into the right place, that is when then you can use ServiceNow to kick off workflow. So then you can automate that task. So previously you had to assign it to the person, then now they work on it. The next phase for us is then to automate what they are actually working on as much as possible. Brilliant. So that will reduce that gatekeeper ring as well.

John Almeida (30:05):

Brilliant. It is such great stuff, Ryan and I think it leads us with 30 seconds left to what would be your key takeaways to everyone listening here.

Ryan Clare (30:14):

So if you did choose to go with ServiceNow, I think they are a great partner, and I am going to use the word abuse, that partnership and ask as many questions as you use their sales team. They are very helpful and want to work with you. Secondly, I would also say, look, to build a prototype, sometimes it is hard to help people conceptualize what you are trying to build. So in the beginning we built a mock portal to demonstrate internally to get funding with ServiceNow. And it looked like you could buy it off the shelf. I was asked actually, is this in production now? And I was like, no, this was, took two hours to whack up, but it was pretty good at the time. And then I would say just again working with the sales team, just understand what the capabilities are. I think for me, ServiceNow is more of a fabric layer that can sit above your legacy systems that you can continually build on.

(31:03)

We have got another two POCs going on. We have got process mining, which is called process optimization. So now we have got all of our cases in ServiceNow. We are going to be reviewing them to understand are they being operated and conducted properly? Can we further enhance them? And then the other one is We have got the research team coming in to watch our users actually using the tool as well to make recommendations. And that is all as a part of the partnership. We are not having to go out and get extra funding to get those items. It is just a partnership because ServiceNow want the talk to be successful as we do.

John Almeida (31:35):

Thank you, Ryan, and we greatly appreciate your partnership because some of this is learning for us as well as we are preparing for this T+1 mandate. So Ryan, thank you so much for being here. Thank you so much for your insights. You are living this, you are in the trenches with your teams implementing this stuff every day. We are kind of learning from you as we go along. So thanks so much for your insights. I know we are a little bit over time here. I will be very, very brief. If you want to see a demo of everything we are talking about live and living color, just scan that barcode. If I do not leave up this slide for too much time, just come see us myself. There is Laura Ryan, Sarah Largent with ServiceNow will be walking around, Ryan will be here. So if you have any questions, please do hunt us down. We are happy to answer them. And do not wait any longer. May 28th, 2024, you are going to have to implement your T+1 strategy to drive that business growth. So with that, thank you all very much for listening and we hope you enjoy the rest of the conference. Thank you very much. Thank you.