The newlywed niche: How Iroquois Federal's new growth model is engaging customers

Grab your lunch and join the team from Hitched as they share their firsthand experience of launching a digital bank, built for the unique and surprising financial needs of new couples. Walter Hasselbring & Linda Hamilton, executive sponsors of the project for Iroquois Federal, join Nymbus’ Liz High to share why they are passionate about the newlywed niche. This case study shares the good, challenging, and rewarding process behind Hitched —including the go-to-market strategy that has attracted 6,000 people before the bank has even opened its [virtual] doors.

Transcription:

00;00;09;24 - 00;00;35;10
Liz High

Okay. Welcome, everybody. Thank you for joining us and bringing your lunches along today. And my name is Liz High. I'm EVP of Nymbus Labs, part of Nymbus, LLC. And we're here today to talk with Chip and Linda from Iroquois Federal, who will be talking about a new bank, a digital only bank that we're bringing to market very shortly.

00;00;35;16 - 00;00;51;00
Liz High

Called Hitched and will be sharing the learnings of going through that process of planning, building and launching a new digital bank So would you like to introduce yourself and tell us a little bit about Iroquois history?

00;00;51;13 - 00;01;20;20
Chip Hasselbring

Sure. First of all, I've been with Iroquois Federal for 43 years. I started out as a loan counselor and quickly and moved into a savings club director position in addition to the loan counselor which also moved into a marketing officer position. After several years, I became the deposit manager in our largest branch in Danville and then became the branch manager, then vice president of lending for the organization and then Chief Operating Officer.

00;01;21;00 - 00;01;50;13
Chip Hasselbring

Prior to being named President and CEO in 2015 Iroquois Federal is a thrift. It started back in 1883 when a group of businessmen and [inaudible] pooled their funds and made their first home loan. After continuing that process for a number of years. To the present point, we've grown to have seven locations in four contiguous counties in central Illinois and one loan production office in Osage Beach, Missouri.

00;01;50;16 - 00;02;01;17
Chip Hasselbring

That's a whole other story. But again we've been progressing. We try to be proactive and try to take care of the communities that we're in and definitely committed to technology.

00;02;02;16 - 00;02;14;17
Liz High

Thank you, Chip. And Linda why don't you do the same? Talk a bit about your role. And I'm really interested in just sharing a bit around the vision and the mission and the values of Iroquois as an organization.

00;02;15;16 - 00;02;38;15
Linda Hamilton

Sure. Great. Liz, thank you. I'm executive vice president and chief operating officer at the bank. We're a community bank We're focused on the communities that we serve. We develop personal, loyal relationships with our customers. We want to help them achieve their goals and their dreams. And we want to make a positive impact in their lives and the communities we serve.

00;02;40;16 - 00;03;09;07
Liz High

Thank you, Linda. And I think that's a very natural kind of lead-in to what we're here to talk about today, which is how Iroquois is investing in and launching a highly specific digital bank. As I said, called Hitched and is aimed at very particular time in particularly younger people's lives, where you suddenly come together as a couple and you have two sets of finances.

00;03;09;07 - 00;03;45;14
Liz High

You need to combine you have suddenly joint goals that you might want to save for. You certainly have joint expenditure that you need to kind of plan for. So the next 30 minutes or so, we're going to just talk about the experiences, the good things, the bad things, the challenges that we've seen in bringing this to to market So Chip and Linda, we've been on this journey for about maybe nearly a year now since we started talking about it, and we're all really excited to go live Let's let's go back to the why build a standalone digital bank.

00;03;45;15 - 00;03;51;07
Liz High

So, Chip, from your point of view. What was it that you wanted to achieve with this offering?

00;03;51;26 - 00;04;07;07
Chip Hasselbring

Well, one of the things that we're trying to do is advance our balance sheet a little bit. And our original goal was to attract lower cost funds. And we wanted to find a way to do that. And we felt that we could do that digitally without the additional cost of brick and mortar, be a little more efficient with that process.

00;04;07;11 - 00;04;28;13
Chip Hasselbring

And we want to bring in deposits from outside of our general market area without cannibalizing the ones that we already had and the customers and doubling up on costs there. So those are the things that we wanted to do The interesting thing when this was working with the young people and starting new relationships was, was their need for financial literacy in general.

00;04;28;13 - 00;04;38;26
Chip Hasselbring

That's something we've tried to support throughout our organization all along. So that was that was a natural attraction to the program that that development of the and providing that financial literacy for the new people.

00;04;39;23 - 00;04;50;03
Liz High

Yeah. No, absolutely makes sense. And I mean, Linda, from from your point of view, what was the, you know, the operational drive to to get Hitched out to the market?

00;04;51;25 - 00;05;16;27
Linda Hamilton

Well, we wanted to extend our reach with a different brand. We had been thinking about how to accomplish that for quite some time. And like many banks our size, we could not figure out either exactly where to start or how to get it done. We don't have the staff to commit full time to this project, and we don't have the in-house marketing expertise that we know we need to do it.

00;05;16;27 - 00;05;43;13
Linda Hamilton

So that's why we decided to look for a partner and we found Nymbus. And they introduced us to Hitched, which is a niche brand for us. And it's already well defined. It is has been thoroughly researched, branded, packaged. It's ready to go. Just what we were looking for and they presented a couple of other niches, but we really kept coming back to Hitched because it has a really clear market.

00;05;43;25 - 00;06;03;14
Linda Hamilton

We know exactly who we're looking for and had a solid business plan that came with it. Plus it's kind of it's a really fun brand, which is like icing on the cake, I guess, on the wedding cake. And plus we could actually visualize success because Nymbus actually map that all out for us.

00;06;04;00 - 00;06;34;08
Liz High

Yeah. And I think that's one of the things before the three of us all started working together. We hit a lot of market and marketing research into the niche proposition. So we had a very clear addressable market. We knew how to find those people. We researched their pain points and challenges. So the whole solution, the technology the way the service was delivered, the content strategy that supported it, was already written in customer research.

00;06;34;15 - 00;06;51;26
Liz High

So truly understanding the needs of new couple as as we kind of came in. So just talking really personally, I know there's the institutional drivers to release Hitched, but what were your personal connections with the brand and the idea?

00;06;52;17 - 00;07;17;17
Chip Hasselbring

I think that to me the big thing was back to the financial literacy and the joy, financial literacy that fits in with what we try to do with our customers as a community bank anyway. And to make that part of this process, I think made a lot of sense to us as the new couple starts to work as a team to become one and where they need to think like a couple and not like individuals anymore.

00;07;17;22 - 00;07;36;19
Chip Hasselbring

And they may have each had their own financial relationships with different banks and then they have to struggle through to choose one or the other and maybe prioritize who's in charge at that point. Not necessarily. We can be that new bank and that new relationship and we can all develop at the same time. So I think that's a really good thing.

00;07;36;22 - 00;07;56;05
Chip Hasselbring

And as Linda mentioned earlier, Hitched is such a fun group to work with. And again, it's a big business. The wedding planning process and stuff in that, I become very aware of it as when things have gone on. And I've even started to pick up magazines when I go out and I see things from time to time and they [inaudible] carried around with me sometimes.

00;07;56;05 - 00;08;00;04
Chip Hasselbring

But again, it's just it's just part of the process and getting involved.

00;08;00;20 - 00;08;21;09
Liz High

Yeah, absolutely. I think, you know, I say one of my favorite things is when I called Chip in a very serious meeting with his wedding magazine and his kind of nice black leather folder. And I knew at that point that he was going to be okay So, Linda, I think one of the things that you and I have done together is we have been doing market research.

00;08;21;18 - 00;08;48;19
Liz High

So we have a group of people that have pre signed up. So even before it was launched, we marketed to them and we've got some nearly 6000 people that are ready to join it when the doors open. But part of that research process is really getting to know these couples that are going to serve. So, Linda, what were some of the key aha moments that you guys the research?

00;08;50;04 - 00;09;13;01
Linda Hamilton

Well, the first one was that we needed to build their confidence. They were concerned with what they knew about Hitched. They didn't know if it was a scam or what. They didn't know that there was a bank with a charger behind it. And when they learned that that was the way it was, they were very relieved because they want that confidence that there is a bank standing behind the brand.

00;09;13;14 - 00;09;36;08
Linda Hamilton

And so we start to build trust that way when they realize there's a bank chart that's very important. Also, they were unanimous in the fact that they wanted to have shared goals, shared budgeting and shared spending. But they also wanted to maintain their financial independence. They wanted his hers and our accounts. And that was very interesting.

00;09;36;08 - 00;10;01;14
Linda Hamilton

And it was good to hear because that's exactly the kind of tools that we're giving them with which it will enable them to accomplish that. They were very concerned about being equitable in their spending. In some couples, one makes a lot of more money than the other, and they wanted to make sure that they found a good way to split the finances according to each other's capabilities and be equitable about that.

00;10;01;14 - 00;10;33;05
Linda Hamilton

And our tools will help with that as well. They want a lot of financial advice. Even some of the older, more financially savvy people are still looking for financial advice, especially when it comes to larger purchases, like buying their first home or getting a car or whatever they need to do. And that fits right in with Hitched because we will be providing lots of financial education for them and we will be able to offer a digital mortgage experience when they're ready for that.

00;10;33;06 - 00;10;48;04
Linda Hamilton

So that was nice to hear. And they also want to make sure that they're on the same page with their partner. They don't want any tension when it comes to finances. They want to make sure they're working towards the same goals, and that will help build their relationship as well.

00;10;48;28 - 00;11;08;17
Liz High

Yeah, I was really interesting because I think for me, funnily enough, just last night with my team, I've got some people in my team that are just going to do that, moving in and getting engaged, phase and we came up with this idea that it's like embracing the awkward so that are just all of these conversations that you need to have that feel a little bit difficult.

00;11;08;28 - 00;11;29;00
Liz High

But actually the whole Hitched process helps you to kind of move through that and just accept the fact that not, you know, maybe you don't have the same amount of money, maybe you can't contribute equally, but everyone can contribute to a shared kind of goal. And every time I speak to people in the target market, that's a thing I hear again.

00;11;29;00 - 00;11;57;20
Liz High

And again, it helps to have those tricky starting out conversations. All right. Let's change gears a little bit. We talked about the customers. We talked about what we all like about it. But, you know, one of the challenges of doing something very different as a bank like Iroquois is how do you bring your stakeholders along? So. So tell me a bit about the story of how you got your boards to buy into Hitched.

00;11;58;17 - 00;12;20;19
Chip Hasselbring

Well, we were already in a good position because the board was already on board with the fact that digital banking is the future. They understood that expanding the digital role benefitted the whole organization, and we were doing that in-house, but we couldn't take it to the next level alone. We've been on a journey to advance our balance sheet, to move from the digital drift into a community bank roll.

00;12;20;19 - 00;12;41;09
Chip Hasselbring

And the one thing we were lacking was the checking accounts and the lower class funding accounts. We were strong in CDs. We were strong in residential lending, but we were expanding into commercial lending and we needed to fund those commercial loans. And with low cost funds so that was a natural point that we were in development.

00;12;41;09 - 00;12;58;21
Chip Hasselbring

And again, that commitment came a long time ago to stay current with technology and and that's why we don't want to become a dinosaur, because dinosaurs are extinct. And so to control our own destiny, we have to be thinking along those lines about the future and digital banking is right at the top of the list.

00;12;59;10 - 00;13;11;14
Liz High

Yeah. Okay, great. And again, Linda, from your perspective, I know we went through a lot of wrangling numbers etc.. What did you have to do to get your stakeholders on board?

00;13;13;11 - 00;13;35;02
Linda Hamilton

As you said, we went through a rigorous business planning process, including a pro forma that maps out our growth plan for ten years. We have a targeted break even point. We have a clear view of what our profitability is going to be when and this was all very essential that we went through that process to gain credibility.

00;13;35;07 - 00;13;55;20
Linda Hamilton

And so we could be confident that we were presenting well-researched, realistic numbers to the board. And we spent a lot of time with the members team. They helped us walk through this process. They ensured that we all agreed on real and achievable goals and that we could hold each other accountable to those goals.

00;13;56;19 - 00;14;17;09
Liz High

Yeah, I mean, I think that's one of the things where we're here as a team in a partnership. And I think one of the things about going through that process and making sure we have a solid business case is we all know what we're signed up for. We all know the goals that we're kind of driving towards. So stakeholders board members is one thing.

00;14;17;09 - 00;14;33;21
Liz High

Often when a new digital brand or even like a new branch in kind of old school parlance comes on board employees can feel a little bit nervous. So, Linda, what did you do to really make sure the employees were part of that journey?

00;14;35;24 - 00;15;01;24
Linda Hamilton

It was very similar to how we explained it to the board. It fits into our overall goal and visions. It enables us to attract new deposits in a wider marketplace without disrupting our current business. We can expand without brick and mortar, which is expensive. The new brand complements our existing digital strategy that we've been developing over the last few years.

00;15;02;17 - 00;15;11;00
Linda Hamilton

And most importantly, we were able to assure them that this would not impact their day to day jobs, it wouldn't affect their workload or responsibilities.

00;15;11;24 - 00;15;34;04
Liz High

So very reassuring in terms of you know, this is a good thing. It's more but it's not going to really impact your day to day roles. All right. So we're getting pretty close to to launch now. So we're all at that slightly nervous, excited stage. Let's talk a little bit about, you know, what the organization has been doing to prepare for that.

00;15;34;04 - 00;15;38;13
Liz High

So what's your kind of perspective on how we've been building up to launch?

00;15;39;05 - 00;16;02;09
Chip Hasselbring

Well, I think one of the things that we're all everybody's concerned with are the costs and the problems that are associated with the new startup of any kind, whether it's brick and mortar or the digital launch of this brand. So we've been working closely with Nymbus and making sure operationally things are falling into place and and make sure that we're staying up to speed on the marketing plans and what we're doing.

00;16;02;09 - 00;16;28;00
Chip Hasselbring

And we're going to be actively involved in the testing on this program before we actually put it out, because we want to be confident of what goes out to our customers, whether they're digital customers that are in-house, wherever they're at We have a reputation to stand up to, and that's very important to us. We're very excited about the work that Nymbus has done in advance and to have the 6,000 plus individuals in the bullpen, so to speak, ready to come out.

00;16;28;15 - 00;16;37;04
Chip Hasselbring

We're excited and, you know, starting out, getting a small percentage of that group will be a great way to get this off and running quickly.

00;16;37;22 - 00;16;44;19
Liz High

Yeah, absolutely. Can you talk a little bit off about some of the compliance preparation that you've done in some of those conversations?

00;16;44;26 - 00;17;06;07
Chip Hasselbring

Sure. We first of all, we take that part very seriously as well, and we've got a strong and strong emphasis on compliance in in-house level. We did our due diligence, so working with Nymbus and seeing it and making sure that we were aligned and on the same page there. And ultimately, our charter still falls responsible for some of the things that happen and our reputation for sure.

00;17;06;13 - 00;17;25;13
Chip Hasselbring

So we came to a comfort level. First of all, that Nymbus was concerned about compliance and doing things correctly as we were. And so that made it a good fit and that gave us the confidence to continue to move in this direction. So very important in Again, you never want to let your guard down on any of those things.

00;17;25;13 - 00;17;31;04
Chip Hasselbring

And we try to stay proactive with the regulators as well. So on all things, we want to be on the right page.

00;17;31;29 - 00;17;39;19
Liz High

Yeah, definitely. So. So, Linda, from your perspective, you know, how are you feeling about the approach to launch now?

00;17;41;16 - 00;18;08;01
Linda Hamilton

Well, the sign up process has been surprising. And let's put it that way with 6,000 people to test our marketing tactics. We could learn what channels drive engagement and conversation, what content resonate is what their interests are. So that was probably one of the best things we've done is to have that bullpen ready to go.

00;18;08;28 - 00;18;35;16
Linda Hamilton

We're also tapping into the world of marketing advertising already, and our initial results are showing that our cost to acquire customers is going to be substantially lower than what it is at a traditional bank or in our bank. With Hitched we're estimating that that cost to acquire is going to be right around $75, which is well below the cost to acquire a new account at a generic brick and mortar bank.

00;18;35;17 - 00;18;47;11
Linda Hamilton

So right now there's a local competitor in one of our markets that's offering $450 for someone to open a checking account. So $75 a margin to get a customer. Yeah.

00;18;48;01 - 00;19;07;03
Liz High

Absolutely. And I think that's one of the really great strengths you're going down. You know, you were very clear you wanted to secure deposits, but you wanted to do it in a low cost way. And all of the evidence so far in the kind of that demand testing suggest that then they were absolutely on the right track. All right.

00;19;07;03 - 00;19;20;28
Liz High

So we're pretty focused on, you know, the next kind of six to eight weeks. But let's talk a little bit about your long term goals for Hitched. So from your perspective, where do you see Hitched in five, ten years time?

00;19;21;24 - 00;19;40;29
Chip Hasselbring

Well, we're relationship bankers by nature, so we're starting off with the opening of this digital account, but we're really starting a relationship, and that's what we're most concerned with. And as we build their relationship as a couple, we want to build the relationship with them at the same time. And we think that will open the doors to other opportunities.

00;19;41;25 - 00;19;59;06
Chip Hasselbring

We want to ensure that we stay highly focused on the digital, which show that we are people behind the digital banking as well. We think that's important and that's what we've done, done in our own in-house operation, as well as tying those two things together. And I think from some of the focus groups, we're getting some of that feedback that's important to them.

00;19;59;06 - 00;20;11;04
Chip Hasselbring

[inaudible] That's their little security blanket to know that they've got some people back there behind the digital stuff, but they love the convenience that the digital 24/7 offers, and that is the way of the future.

00;20;12;01 - 00;20;15;18
Liz High

Yeah, absolutely. And Linda, from your perspective, how do you see the future?

00;20;17;13 - 00;20;37;24
Linda Hamilton

Well, our messaging is about partnering with them and giving them the advice and support they need during their journey will grow the relationship with deposit accounts. And when they're ready to buy a home we'll be there for them financially. Our goal is to break even quickly, of course, and we have a business model. They'll help us do that.

00;20;38;04 - 00;20;46;21
Linda Hamilton

And we've done the math and we think we're going to exceed expectations. Of course, we have goals, but we plan to blow those out of the water.

00;20;47;11 - 00;21;04;18
Liz High

Yeah, I mean, I think that's one of the things, you know, obviously, I can assure you that everyone on the Nymbus Lab see, we're all we're all 100% about that. We're actually in a big session today where we're actually thinking about, you know, what's next, what's the next big campaign, how are we kind of getting to to really grow this business?

00;21;04;27 - 00;21;32;10
Liz High

And, you know, I feel like there's so much that's gone into thinking about Hitched and planning it. We are going to really blow it out of the water. So I'm 100% with you on that. And so, Linda, you talked a lot about the pro forma and we've talked about doing the math. Can you just tell us a little bit more about what that process looks like, how you got to the numbers and kind of what we all went through?

00;21;33;14 - 00;22;01;20
Linda Hamilton

Sure. First, you've got to do the market research We sized the newlywed market locally. Nationally. Found out that there are about 1.5 million in that demographic in the United States. And so then we decided to set a conservative target of bringing in about 0.04% of that 1.5 million starting with that. And then as our brand awareness grows, we'll grow over time.

00;22;02;28 - 00;22;25;21
Linda Hamilton

Then we went to the numbers based on how many customers we thought we would get. We put numbers in that we were comfortable with based on what we know about our bank and how we make money on checking accounts. For example, and that made it feel really comfortable, like something we know how to do. We the numbers made a lot of sense to us that way.

00;22;25;24 - 00;22;49;04
Linda Hamilton

We focused on interchange, but other banks might focus on other sources of income. Maybe you're big into credit cards or online lending or unsecured lending or other things. Whatever you know in your business works for you. You should use those numbers as long as the product you're selling is. It's your niche market and it's something they need and want.

00;22;49;25 - 00;23;08;00
Linda Hamilton

So once you get those numbers, it just kind of all flows and you can just come up with very comfortable conservative projections and you know, you have something you can reach and you're not overpromising and you can blow it out of the water.

00;23;09;13 - 00;23;38;02
Liz High

Yeah. Okay. Thanks for that, Linda. Yes. I have some fond memories of giant spreadsheet and the many hours that were pored over those. But to your point, the outcome is so valuable and I'm very surprised many of the clients that I work with, it's a real struggle to get their board on board. But you very much did all of that work you did and do your kind of commitment to being forward thinking.

00;23;38;02 - 00;23;54;19
Liz High

Yes. Still conservative in the kind of modeling that you were doing. So, Chip, I've heard you. We've talked a lot about deposits. We've talked about checking accounts. Do you have any plans for lending moving forward with the Hitched audience?

00;23;55;26 - 00;24;20;25
Chip Hasselbring

That's a good question. And first of all, we're talking with bankers here. So one of the things that we we do all the time is that we have to be risk managers and we have to know our customers. So we're going to start out as a new audience because we don't know these customers yet. But as they start to develop their financial plans and how they can handle their accounts and different things, we'll get to know a little bit about their habits.

00;24;21;04 - 00;24;42;08
Chip Hasselbring

And we also know already that the new couples are going to need housing. And that's something that we do naturally as well. So as we become comfortable with them, I think that's a natural progression in the relationship. And we can start to do other things with them. We already have a mortgage application process that we can do online, so it'll be an easy transition into that.

00;24;42;23 - 00;25;00;22
Chip Hasselbring

And again, I think those are the things that will make this a whole relationship in and and it takes the timing in the age of the relationship. If you add new products as the relationship develops as well, it keeps it relevant no matter how old or how long they are together. So all important things.

00;25;01;13 - 00;25;17;11
Liz High

We've learned a lot as we've gone through this process. So what are some of the real surprises that you've learned about this audience? What new things or assumptions were broken while you've been talking to the potential customers.

00;25;19;00 - 00;25;42;24
Linda Hamilton

How much they actually need the tools that we're offering them and Hitched they need help budgeting savings towards goals. Even the more financially savvy couples are still muddling through with spreadsheets and multiple apps and tools off the Internet, but they don't have anything comprehensive and easy to understand. And that's what they'll get when they get Hitched.

00;25;44;09 - 00;25;48;19
Liz High

Perfect. And what about you, Chip? Any surprises that you've got to know the customers?

00;25;49;00 - 00;26;06;16
Chip Hasselbring

I think one of my surprises is that the demographics are with an older group than what we had expected. And I think that's continuing the changes. People are starting careers and doing different things. And when they're starting families, all those things. And then there are the restarts or the do-overs that come into play as well.

00;26;06;23 - 00;26;23;06
Chip Hasselbring

And maybe they didn't have the financial training and literacy to make it work the first time. But now they know that's something that they need as well. So again, as we learn from those things and experiences and we know that it could be a number of things that it broadens the it runs the niche a little bit for us from an age standpoint.

00;26;23;16 - 00;26;39;27
Chip Hasselbring

And it's a good reminder to me because I've been married for 43 years and it reminds me not to forget about date night, you know, that's what keeps things going too. So again, everything we all learn from the stuff we do and get involved with and this is no exception to that. And looking forward to the launch for sure.

00;26;40;25 - 00;27;04;05
Liz High

So just to kind of close up thinking about banks and credit unions that are thinking about a digital only niche banking solution. What are the bits of wisdom that you would offer? So let's start with you, Chip. What's your piece of advice to other banks and credit unions that want to do what you're doing?

00;27;05;07 - 00;27;23;23
Chip Hasselbring

Well, I think I think it's very important that you are comfortable with what you're trying to do. And what you're trying to sell. So you have to believe in it first and know that it's the right thing for the right reason. And once you get to that point, if you if you implement it with a good plan, and you stick with it, it'll be like a vitamin to jumpstart your digital program.

00;27;23;25 - 00;27;43;21
Chip Hasselbring

And that's that's what we're looking for from Nymbus is their expertise to help us through that marketing part of it. And identifying the niche and making sure we're focused on what we're doing and how we're getting there. And don't ever give up the things that made you who you were as a community bank. Just do them differently and a little better and keep adapting so we don't become dinosaurs.

00;27;44;15 - 00;28;06;12
Liz High

Yeah, I absolutely love that. And one is the my favorite part since we were going through the brand development and strategy and planning process is when we went back and looked at the core values of [inaudible]. And you know what your mission and vision was. It aligned perfectly with the goals and everything we had with him.

00;28;06;14 - 00;28;15;04
Liz High

So it felt like a very natural progression for the institution to make sure. All right, Linda, what's your words of wisdom?

00;28;16;02 - 00;28;41;06
Linda Hamilton

Well, I have a few First of all, it's okay to pivot and change. The power of digital is that you can test, learn, evolve rapidly. You can be nimble. You can work on something that you believe in and launch it and think it's going to work. And if you don't get the results, you can move on quickly, pivot if you want to grow.

00;28;41;07 - 00;29;05;28
Linda Hamilton

It's an easy decision to choose digital because it's significantly less expensive to grow. It's much quicker. We're building a versatile platform in the process, and that's why we chose Nymbus. They have a platform ready to go back through managed operations, marketing, expertise and support, and that just gave us a rapid pathway to growth.

00;29;06;26 - 00;29;26;23
Liz High

Yeah, I mean, I think that's the you know, we've used the word partnership a number of times to do this, but I think that really is what's, what's made it. And the other word reviews a lot is fun, what's made it fun. But also, you know, what's going to make it commercially successful is all of the tools that we've brought together in a room.

00;29;26;23 - 00;29;57;04
Liz High

So we've got the, you know, your knowledge of your market. We've got the history of the Iroquois brand, we've got the trust that is imbued in that. Then we've got great technology, we've got great joint marketing activities that we're doing. And I think, I mean, pretty much a real passion to bring it to market and a real passion to actually start to do some really good and much needed things for four new holes in there in the marketplace.

00;29;57;20 - 00;30;12;21
Liz High

Well, thank you so much, Chip and Linda. I know how busy you both are and how valuable time is to thank you very much for joining me to talk about this today. And again, thank you very much to everyone who has tuned into the session. Enjoy the rest of the conference.

00;30;13;26 - 00;30;14;09
Chip Hasselbring

Thank you.

00;30;14;15 - 00;30;14;29
Linda Hamilton

Thank you.

00;30;15;00 - 00;30;15;14
Liz High

Thank you.