Advancing the Small Business Banking Customer Relationship

Trust is a cornerstone of business banking relationships, but what are the attributes banks should focus on to build trust with small business banking customers? And how can a richer understanding of these factors inform banks' customer acquisition and engagement strategies? In this session, American Banker will share new insights from small business owners and leaders across the U.S. to help banking leaders answer these questions and identify opportunities for differentiation.


Transcription:

 Michael Moeser (00:10):

Everyone to the next session advancing the small business banking customer relationship. I'm Michael Moeser, your moderator for this session, and I'm joined by two speakers, Devon Bray and Josh Reeves. Devon Bray has over 20 years of leadership and banking expertise, including her most recent role at US Bank, which Devon we'll talk about in a minute. Her professional journey began as a part-time teller at Union Bank, so she's probably one of those 25 people that the last person saw online.

Devon Bray (00:45):

The worst one ever too, by the way.

 Michael Moeser (00:47):

Okay, well at least you did something because you moved on from part-time to full-time. Yes. And then Josh Reeves is the Chief Executive Officer and Co-Founder of Gusto. He leads the company in its mission to create a world where work empowers a better life and building Gusto to its full potential. So maybe Devon, if you could start off just 30 seconds, your current role, your passion for small business, and then Josh, you as well.

Devon Bray (01:13):

Absolutely. Well, good morning. Just a huge thank you to American Banker for hosting all of us who have issues, which is small business. So I am a diehard small business of those 20 years, the last 17 years have been devoted to small business, so I'm glad that we get to host a seminar where we all get to come together and commiserate and then also brainstorm and figure out how we do this and do this even better. So my passion also involves a dachshund dog, which I mentioned that I said I would mention. And then I have a daughter who is driving for the first time ever, which I did get a little text this morning that said I parked on the curb oopsies. So we're cranking right along, but it's great to be with you all.

 Michael Moeser (01:56):

Josh.

Josh Reeves (01:57):

Yeah, actually a funny connection. My co-founder, I'm assuming it'll be better. Thank you. Actually, his first job was also working as a teller at a bank. But one of our big inspiration points for building Gusto and we are obsessed with serving small business, was having family working at small business. My co-founder, who I just mentioned, his mom ran a small doctor's office. My other co-founder Tomer, his parents ran a small clothing shop. My mother-in-Law ran payroll for a small business. So truly a privilege to be able to serve this audience and connect with other leaders who deeply, deeply care about this community.

 Michael Moeser (02:37):

Super. So as a basis for our discussion today, we're going to be sharing some results from a new survey of small business owners and leaders just completed for American Bankers sponsored by Gusto embedded. And what I'll be reading here, just the methodology, and don't worry, you don't need to take pictures. The slides are available afterwards through the conference. So in Q3 we surveyed about 300 small business owners and leaders about their business banking relationships. And really it was to understand how small businesses are engaging with banks and other financial services providers to meet their needs and really to understand what drives trust between small business owners and the financial institutions they rely on. About two thirds of the folks we interviewed had 50 or fewer employees, and as you can see, just a wide variety of industries. And Josh, before we dive in, can you take a minute to talk about why Gusto was interested in partnering with American Banker on this research?

Josh Reeves (03:38):

Yeah, I mean, I think knowledge is power. I love reminding folks of the 6.2 million employers in the US over 4 million or less than five employees. So it really is the heart and soul of the economy and the chance for us to learn, share some insights. Obviously we have a lot of what we're doing that is trying to help this audience, but connect the dots and we can learn from all of you. That was really the catalyst.

 Michael Moeser (03:59):

Super, well really appreciate it. So I'm going to go through a couple of slides here and then we'll pause and we'll have the speakers provide their input, their perspectives. This first slide really what we wanted to try to do was understand who are small business owners using to rely on their business needs. Clearly retail banks, credit unions at the top, but you can see a wide variety, a really big network. I think ultimately it's leveraging a network to solve for customer pain points. One is not providing for all of them, but it's really this network that they're relying on. And we did a separate survey where we asked small business bankers themselves, so how does trust play in maintaining, building, maintaining that small business relationship? And not surprisingly, 97%, almost everybody said it was critical or very important to building and retaining that small business making relationship.

(04:55):

And so we decided to take an approach with this research to understand what is driving that. We asked small businesses to what extent do they trust their primary provider and then really use that to predict and drive that growth. We did a regression analysis and we basically found four key pillars that drive trust in that small business banking relationship. And then we'll talk a little later about how to move those trust levers. And without further ado, I'm going to reveal the trust and then start the questions here. So 80% of trust is driven by these four things, acting in your business's best interest, keeping your business's money safe, and we heard that a lot about in the last session, the 9 million, please, I'd like that back. Protecting your business from fraud, keeping up with customer demand and competitive alternatives. And Devon, I'd really like to start here with you. Let's talk about building trust, wanting to know your banker, the power of people. How does a bank build trust with its SMB customers by providing access to different digital tools and resources? And is there an education part in all of this?

Devon Bray (06:07):

Sure, that's a powerful question. I think trust is a really interesting concept When we think about what we do with our lives and how we show up every single day to banking. What I love on the previous slide, it's that even our bankers, our frontline teams are saying, you know what? Trust is imperative to how I show up at work. So what I think is really important for this

 Michael Moeser (06:28):

97%, yeah,

Devon Bray (06:29):

So I think is really important for this dynamic group here in this room is to start to really cultivate how do we support our front lines in delivering trust to the client experience. So often we have a resource or we're coming up with a new best technology, we have a new strategy, a new plan, and all the plans, the best laid plans all get formulated in a room and then we get 'em out to our front lines and we're like, well, how come that didn't happen? Or how come it didn't get bigger, a bigger buy-in? Or how come we're not seeing the quick fast results or the adoption that we were all looking for? What I find so powerful in this data and now looking at these pillars our clients used to look for, they were like, where's my branch and where's my ATM machine?

(07:15):

That's not long ago. And that was pre pandemic. This is what we used to look at. And I think it's so amazing that now this pivot to what is trust? And if I could just think about everyone here in this room when we are talking about our passion for the small business client and what it is that we're bringing to that business every single day, I think we have a huge challenge on our hands when we think about their story, thinking about what wakes them up every morning, and then also in the middle of the night that happens too, those stress points, those pain points. And we have an obligation to understand that story in a way that our employees can also feel empowered to understand that story. So back to your point about the education gap, I think that's where when we have an amazing solution, we have bright technology, we're going to make the difference in a client's lives. How are we informing our front lines to understand that connectivity point? I think, Amy, you did a great job earlier talking too about just that life cycle and the business cycle of a client and where is that intersection for our employees to feel like, I get this and I understand that, and I think that that pivotal moment is going to be the difference maker.

 Michael Moeser (08:26):

When does that begin in terms of the small business customer comes in, you're signing them up and you're saying this is your checking account, your savings account, what do you need? And you're thinking about other things and maybe they haven't come to you, as Josh mentioned, you've got 6.2 million employers. How do I know this person doesn't need payroll or something else? Where do I point to these? At what point does that happen?

Devon Bray (08:51):

Well, I think we're going to even talk about it even more a little bit in a little bit, but what we've been calling it on our home ground here at US Bank is it's power hour. It's in the first minute that you start to talk, that you start to engage, that trust is happening or not happening. I don't know about you, but we were just talking as little ones, a lot of little ones. Mine's 17 parking on curbs, but you get really excited when you find a pediatrician. You get really excited, you walk out of that office in that power hour and you're like, you know that you found somebody for life that you're going to trust your children with, and that feeling is a feeling of love. You're like, I feel complete. That also happens in banking. It happens when a client engages with one of our frontline employees and also potentially technology, and that's that human plus digital. When that power happens in that first hour, that's when the deepening happening happens. That's when the magic happens. It doesn't happen when we all want it here in this room. Oh, let's do a three quarterly call every quarter and we'll get in touch with them and then we're going to do the deepening. No, that deepening has to start right there in that power hour when we're first engaging with the client.

 Michael Moeser (09:58):

Josh, can we take these digital capabilities that Devon's talking about and sort of build a bridge, keeping up with the customer demands and maybe even at the power hour, that first minute as a key driver, and then really changing the role of digital product as they play in the banking relationship?

Josh Reeves (10:16):

Yeah, I think it starts with, I mean, coming from a technology background, believing that technology can be an amazing force for productivity enhancement and kind of giving humans superpowers. There's a lot of technology products out there that are really hard to use and don't accomplish the goal I just mentioned. So I think a lot of it comes down to the technology company is doing their job, but at the end of the day to the customer, they just want a solution. And when I think about a frontline person in a bank branch, like how cool is it for that person not to be fumbling through a bunch of notes on what to say versus being equipped in the moment with the right information to be highly personalized to that business owner? That's something technology can help with. So I think it's not a choose digital or non-digital.

(11:01):

I was at a dinner with a number of our customers a few weeks ago, and I met one customer who said they love Gusto and because they could onboard and self-serve without talking to a human, and right next to them, there was a customer who loved Gusto because they were able to call in, talk to a human. That person was incredibly helpful, kind, thoughtful, and gave them all the help they needed. And these were two customers who loved our product right next to each other. So I don't know any other better takeaway than you have to meet the customer where they're at. People will have a preference on what type of way to engage with your products and you have to adjust to their preference.

 Michael Moeser (11:34):

That's a great segue to the next slide in terms of that primary provider. And if you're not meeting the customer where they want to be, that's a challenge. And here when we look at, we ask the question, how many companies are you working with and who is the primary provider for products and services for your business' needs? Retail banks pop up as number one as the 68%, so that's their primary provider. But you look at this bevy of other organizations, consumer FinTech companies, online banks, credit unions, big tech, et cetera, that for some, that's the primary role. And then if you look at the second color bar, the lighter blue, that's the secondary provider. And seriously, seven out of 10 small businesses use two or more banks or FIS as key providers to the relationship. And then in terms of the frequency of change, how often do you change?

(12:27):

We ask small business owners, how often would you be willing to or likely to switch your banking relationship in the next two years? About a quarter said yes, probably. And then when we looked at organizations that were relatively new that just had that power hour with US Bank in the last five years, it's pretty high. It's about a third. And so what I want to ask both of you in this case is I want to point out that there's a long switching cycle in this market. It's not like you or I could go down to the bank and go down to the bank next street and open something because there's typically multiple things that that organization has with its banking provider. And it suggests that banks need to take a long-term view of building and sustaining those small business customer relationships. So I'll start with you, Devon. Can you talk to us about some of the work US Bank has been doing to understand what its small business customers are seeking? What does this mean to you as a banking leader? How do you secure the customer today and tomorrow? And then Josh, we'll talk about the switching cycle, but Devon, if you could.

Devon Bray (13:32):

Absolutely, and I love that we're all leaning into meeting the client where they are, and that is understanding the journey or the gaps or the lack of access that they might be experiencing. Understanding. We talk very deeply about just pain in general. It's amazing what we all are as we're going through our days, our clients are experiencing frustration, maybe a lack, and it's where we're meeting our clients. So one of the things that we're doing to invest on our foreground is we have a program called the Business Access Advisor. Now, most simply this is allowing for us to place a banker who is not with goals, does not have an intention of selling anything, but merely is serving our underserved markets with access. So providing that link between our community access programs, providing a link between banking and really ensuring that they're having tools, resources, and access to capital in new and profound ways that doesn't require a sales cycle.

(14:29):

And it's more about that human connection. Because if we do go back to trust and what that looks like, let's just be honest, there hasn't always been a clear ride for banks and trust and what that bridge is. So we have to be intentional about building a bridge between, Hey, this is what we're here for, this is our intent and this is how we can grow those opportunities for those small business clients. In one other vein, and this is going to lean in nice to my friend Josh, it's how we partner with people who do it better than we do. And I think that that's a really important thing as we continue to evolve leaning on our FinTech partners and family who are doing it better than we do to get the access to those clients in a more simplified, streamlined manner. We call it the digital CFO, because like Amy, I like that, right? Because like Amy was saying, they don't have a financial advisor sitting in their pocket. They don't have a FinTech guru helping them improve their business, but we got people like Josh that do well.

 Michael Moeser (15:26):

That's key, especially if you've got five employees, the CFOs, one hat too many.

Devon Bray (15:30):

Yes.

 Michael Moeser (15:30):

Josh, please talk about that switching cycle. I'm very interested in terms of how do you stay with a bank, how do you keep that customer and what potential products could that lean into?

Josh Reeves (15:40):

Yeah, I mean this is one of the most exciting times in my opinion for small businesses because in the past, technology companies like Gusto all would focus on larger business, and that would kind of be where they would immediately shift. VCs would say, go focus up market. And now there's companies like us and others that are clearly obsessed with helping small businesses through partners. Like you all, I think it all starts with, again, the pain, the frustration they're experiencing. Something we write a lot about and think a lot about is all the different compliance requirements that are happening across the country. You have local, state, federal, over 15,000 new roles and requirements, hopefully a lot with good intent, but it still just creates this overhead for the business owner. And to your point, Devon, they don't have specialists in the back office. A lot of times they are the back office, the front office, and they're a small team and the business owner is wearing all these hats.

(16:32):

And so this is the opportunity. And the cool thing is it translates to business opportunity, but the chance for them to actually finally start having partners for some of these different jobs to be done and not have it be really expensive where they have to hire a bunch of folks, I think is exactly why folks might be switching. If a platform or a product out there isn't just solving one pain point, but now can say, we will help you with X, Y, and Z. Obviously stuff Gusto does and we obsess over is all related to things like payroll and benefits and HR and that kind of whole world. But there's a lot of other companies out there trying to tackle the different related pain points a small business has. And the cool thing is banking partners who have the relationship, who have the trust, who have that connection, don't have to go build everything themselves.

(17:17):

You have the place where they should go, they should come to you, they should go to your website, your app, your team, in person in branch, but now you can do much, much more for them. And one thing I'll add just in payroll specifically, there's about a million businesses up for grabs every year in payroll. You have 500,000 new employers started every year, and that's part of the amazing entrepreneurial mindset in America. And you have about 500,000 companies switching providers. And I don't see any reason why someone shouldn't do things like payroll with the bank. It's just a much, much closer, better win-win for everyone involved. And these monetize too. So it also drives revenue for the partner.

 Michael Moeser (17:57):

Does payroll as an example, create a stickier relationship for the bank?

Josh Reeves (18:01):

I mean, there's just very logical product things and I definitely can add, but this whole idea of a two week pay cycle, the complexity of when you do ACH debits and credits, you all live and breathe this as much as we do. We move well over a billion dollars a day if you're actually the deposit holder. By definition, the process of moving that money to get people paid on time in a reliable way faster than anything else out there becomes totally more viable. So that's a really clear employee benefit, especially if they're in financial duress, that's a clear employer benefit. And I definitely could see that leading down the path of them wanting to stay with their bank and their banking partner. Yeah.

 Michael Moeser (18:43):

Well, this next slide should be very interesting, another reveal in terms of we took that survey, the earlier survey, and we already hypothesized, and we asked small business bankers, how are you performing against the set of pillars? And since we honed down the four trust pillars, now, we asked them, how are you performing? And we only looked at the excellent, because you always want five stars. You always want to be that excellent Uber driver, if you will. And 78%, almost 80% said, I'm excellent at keeping your businesses money safe. But when it comes to the other factors, much less so, in fact, only one in 10 said they can keep up with customer demands and competitive alternatives on an excellent level. So there's clearly an opportunity here, a weak spot. And then when we talk about the levers, what actions can banks take to build trust in core banking?

(19:37):

I want to talk about three things banks need to do here. One is getting the fundamentals right. Two is providing digital tools that enable SMBs to grow. And then what is the bank doing to serve its customers, not just today, but also tomorrow in that journey. And Devon, we talked earlier, it used to be that SMBs had to go to the bank, you had to get dressed up, figure out where the branch was, and then go meet your banker on their terms, their hours. And just in the last session, we've talked about how that has evolved to where, and Josh mentioned you got to meet the different kinds of people, the guy or gal who wants it all digital versus the one who wants to make the phone call. So what does that mean to say US Bank and as they begin to think about the struggles in terms of meeting those demands for tomorrow,

Devon Bray (20:29):

I think it's a tall order, and I think that's why we all go to work every day and why it's not a good day every day because we're all working super hard to overcome so much stress, whether it's the macroeconomic pressures, whether it's inflation, whether it's all those extra extraneous items that are kind of combating for our attention. And my goodness, when we think about the most common interface between what is our banker and our client or at home at night in their pajamas at 11 o'clock in their laptop, those are our two points that we're having to always constantly obsess about. And it's what are we doing to obsess? We can obsess about our digital interface, but what are we doing to obsess about our client experience with our banker? What are we investing in with our banker? A word that I've been really kind of investing a lot of time and heart and energy into lately is the word love. And it's not typical that you hear love and banking in the same sentence, but I will tell you, when you fall in love with your bank, the same way you fall in love with your pediatrician, and for me most recently it was my groomer for my little dachshund who is very long hair.

 Michael Moeser (21:37):

It's soon to be the shop that fixes the tires on the wheel curves.

Devon Bray (21:40):

Oh yes, that too. That too. And thinking about how we fall in love with the people or the businesses that make a difference in our lives. I think that should be as a group, how we need to be thinking differently. How are we investing in our teams that interface with our clients? So when I look at that last pillar that we were a little bit sad on, which is that 11%, are we keeping up, my goodness, we are all a part of strategy. We're all a part of the programs. We're all a part of the investment of how we're getting better, faster, how we're solving for those pain points, but what percent are we actually investing in the front lines to help them feel empowered, secured, and motivated to be that front person so we can build trust in a much more powerful way. So those are things that we're thinking about at US Bank, and I think that makes it really exciting as we start to delve into what does small business and how can we get our arms around it in a much more meaningful and with a lot more intent.

 Michael Moeser (22:38):

Josh, I guess that's a great segue transition in terms of how can fintechs partner with banks to help them where they're clearly at the 11% hour?

Josh Reeves (22:49):

I think it was just playing to prospective strengths. I mean, definitely we're going to be learning from all of you on how to build these incredible relationships and cultures and teams. Gusto today, actually, just as a side note is 2,600 people. So I spent a lot of time thinking about talent, people culture, but where we spike and where we want to bring learnings, insights to the table is in how to build really, really intuitive, easy to use software. And we're not the only one that does that, but especially in SMB, that's fairly lacking. And so most of that manifests in the context of, again, using a product. You all have digital components to your products. For us, we live and breathe, especially payroll, the ability to set up an experience where you can have it go from being painful or stressful. We always believed things like payroll are inherently delightful.

(23:39):

Why? Because it turns out people like to get paid a pretty fun thing to be a part of. Surprise, surprise. When we send an email that says, you got paid today, guess what? A hundred percent open rate and very high satisfaction. So enabling partners to be a part of that process. I really think of it fundamentally as on the employee side, you've committed hours, time of your day, week, month to this company, this small business, and now you're getting compensated for that. That's a very fair foundational concept in capitalism done. And on the employer side, you're showing gratitude and appreciation for this person's investment of time and energy. So if you kind of get away, all the compliance stuff needs to just be abstracted. That's what we do. All the filings, all the documentation, all the paperwork, all that stuff is not why a business owner starts a company.

(24:29):

It's not what motivates them. It's definitely not what excites them and motivates them to keep running their business. They start a business because they want to go offer a product to their community, offer a service to their community, build a team of five 10 people that they care about. So us collectively. But definitely where we spike is in abstracting the complexity and enabling those much more human wonderful moments to be at the fore. And that's a halo effect on NPS. That's a halo effect on brand. Biggest way we grow outside of all of our excitement to partner with folks like you is word of mouth. And I think great products should be growing fundamentally first and foremost through word of mouth. And that's been our case since we started the company 13 years ago.

Devon Bray (25:10):

And I have to just piggyback on that because what you are doing essentially with your solution is removing those hurdles, overcoming risk. And you heard it earlier, and I heard the tension in the room like it was sharp as a knife when we mentioned the word segmentation. And if you all feel the pain here in this room, your front lines feel it even more. So imagine when they're sitting in front of their client.

 Michael Moeser (25:33):

Right.

Devon Bray (25:34):

And when they're having that client interaction, all they're thinking is, how much do you make every year? How much do you make every year? Lemme get to that point. So how much annual? What are your annual sales? And then they're like, oh, you're not in my segment. So you're already losing at that point where you start fundamentally saying, Hey, segmentation is our forefront, and that's where, so your bankers are going to live and breathe in your pain. And so it's important for us to streamline, remove those complexities so we can make that intersection in that moment, that magical client and banker moment, even more special, more amplified, so they're not hovering and stressing out about what am I going to get paid? Is this going to fall on my segment and if I work really hard, do I have to give it to my partner? Those are real life things. Those are real life things that encumber our banker's experience and make it hard for all of us to achieve our numbers.

Josh Reeves (26:24):

If I could add one of the more delightful moments, you all live and breathe is a business owner had this dream, this idea, when they open the bank account, that's when it becomes real. That's happening literally in your branches or in your digital interfaces. That's an amazing moment to be a part of that isn't just a documentation thing, it's this big milestone perhaps in that person's life, they're going to tell their family, they're going to tell their friends that evening. So how to tap into that emotion is something that I think is a big opportunity.

 Michael Moeser (26:51):

Well, Josh, you touched a key customer pain point, and I want to talk about as small business owners think about adding new services, when they go to US Bank and they start thinking, I had that power hour with Devon or one of her team, and I'm thinking about adding new services, what is the top foremost thing that I, what's going to make me buy, say payroll or merchant acquiring ease of use there eliminates that pain pricing, yes, it's there. It's a competitive market. And then integration with other bank services. And so that ease of use is a key point that they said that you echoed or you've said it's important. And then when we look at people who are thinking about potentially switching, about 79% of switchers, almost four out of five said, I want to be able to integrate those non-core services like a payroll with my banking service. And then also overall, it was about 60%. So general sense, but for those folks that were very interested or potentially likely to switch it, was that moving? And so maybe could you expand on that ease of use as an entry point for a new provider?

Josh Reeves (28:06):

Yeah, I mean, I think first off, it starts with there's many pain points in the life of a business owner and them going to many, many places, calling many people, going to many websites, meeting many folks in person. It's just not ideal. They're already so so busy. So if they have someone they trust, they work with their bias. That's what the data shows. That's what definitely our experience has been, is to do more with that partner they already have in their world. From there, it's what makes sense to go do. And obviously if the pain point is related to what you're doing today, payroll and banking just have a deep, deep connection when it comes to money, movement, compliance and all the other pieces related to day-to-day running of payroll. So those are some of the biggest ingredients. Ease of use though comes down to user experience interface.

(28:52):

The way the workflow is designed, the graphics that are selected, how the digital works in conjunction with the physical. If someone calls in, walks in, wants to go to the app, wants to go to the website, how does a company not ship its work chart so that the customer now experiences your org design in their interaction with you? And so those are things that we love working with partners on. Obviously we're not trying to talk too much about Gusto specifically here, but the nature of what we do in this context is enabling anyone that wants to go launch payroll without having to build it from scratch. And so there's just a lot of learnings, lessons on that user experience that we've been able to do from now serving well over 300,000 companies across the us and we're excited to share those learnings.

 Michael Moeser (29:40):

Devon, in terms of as you look to add partners to your mix of products, how do you think when you're thinking about that ease of use, does that play a role in terms of saying, yes, Gusto hits that mark, this one I want to add, et cetera?

Devon Bray (29:55):

Of course. I mean, you're always going to want somebody who makes you look good and feel smarter and act smarter. Those are all really, really sexy things when it comes to banking. But the thing is, and just to kind of go back on it, we think about that experience. We were kind of joking, but a lot of us still have our DOS platforms, we have multiple platforms. It's like, oh, you want to give this beautiful client experience, but what does the frontline have to go through to actually execute on those components? So sometimes right now, even while we're pivoting and we're trying to adopt new technology and advance our ability, AI, things like that, we dream of that. When something just pops up like the Google AI that just says, oh, Carol and Bob, the dog groomers need this today, need this. They have this much cashflow. We can't wait until that happens. That'll be an ease of use dream zone. But until then, it's really about empowering the frontline to feel that they have access to these tools and resources, understand them, and even if they don't sell them in the power hour, even just having that conversation and that future way of thinking is a really dynamic part of success overall.

 Michael Moeser (31:03):

Well, as we sort of wrap up here, any final closing thoughts? And we'll start with you, Devon, and then Josh for the audience as they think about small business.

Devon Bray (31:13):

Sure. I think in this room, we're all obsessed with being in love with small businesses and helping them to feel empowered, more successful, more dynamic to achieve the dream of why they left the corporate man, so to speak, to go fulfill on the thing that allows them to have financial freedom, to be able to be moms and dads and pick up their kids and do all the things that they love. But I think at the end of the day, we have to commit ourselves or recommit ourselves to the experience of our teams, our bankers, and thinking about our strategies and new ways and how it affects that end user, not just that I have it, not just that, let's get it out, let's meet our March timeline, but how can we do it in a COE and cohesive way that everyone feels like I can trust this

 Michael Moeser (31:58):

Super. Josh, any final thoughts?

Josh Reeves (32:00):

Yeah, I'll just add a concept that I think a lot about in company building, and it's this concept for customers of continuous onboarding, and I think that's kind of what you're partially describing. Devon is a small business owner. When they're one person and they're just starting, what are their needs given their industry, given their geography when they're three people? What are their needs when they're five people, when they're seven, if they're shrinking back to five, there is so much nuance, there is so much difference in the journey of a business. So I love the mental model of continuous onboarding because as a provider to a small business as all of us are, we're never done. We helped you. Now we can move on the journey of their spoken and unspoken need and what they need next in the next week, month, year, if we can just with a lot of these technology tools, cloud, paperless, mobile AI get better and better at giving them the things that big companies have had for decades. That's what's exciting about being a small business owner today. I think there's going to be, in the future, many, many more businesses getting started, and if the historical stat is only half of new businesses make it to year five, I think there's going to be many, many more making it past year five. So that's the positive uplifting note here of how I think technology can make a difference coupled with great talent, great people, is that it's never been a better time to be a small business owner.

 Michael Moeser (33:16):

Well, I want to thank everyone for their attention today and thank Josh Reeves and Devon Bray.