Luvleen Sidhu: Yeah. Sure. So, good morning. Thank you for joining. So, our student business, I think we’ve been very forthcoming that we’ve been sort of — it’s such a beautiful business and chugs along so well that we’ve been sort of slower to kind of make the investment in marketing strategy, product development, and really the most modernized technology stack behind that. And this year we really made a concerted effort to begin really combining and focusing on marketing product and technology to begin the evolution where this doesn’t just a solid, solid business on its own, but it can really generate growth going forward as well. And so some of the things, it’s a slow and steady process that we’ve done that have helped with sort of that conversion on top of the funnel is really simple things, to be honest, Bill.
It’s — optimizing, the email journey upfront when we’re first introduced to a potential student, helping them understand what we’re really there to serve them for, how we can help them, and making sure that they — that the subject lines and that really basic things. And that’s why we’re really excited that these sorts of very small sort of tweaks are leading to strong outcomes. But we also make sure that we are making the process as frictionless as possible. So, working on — when a student comes in, finds out that they actually have money waiting, there’s a process that they have to go through a flow to understand what their choices are to make a choice. And we’ve really been working our product and tech teams and marketing teams on optimizing that experience, taking out as much friction as possible to help with conversion there.
So, again, small tactics that are making positive benefits, which makes us very hopeful that there’s a lot more opportunity here in this portfolio.
Bill Dezellem: And Luvleen, taking that one step further, you’ve mentioned that that is something that you have begun in terms of that optimizing, is there an implication that there’s a lot more to go and therefore, potentially a meaningful increases still ahead in student signups?
Luvleen Sidhu: That is what we’re aiming for. That is our hope. So, we have that target in place and we’re working every day to make sure that we can continue to grow this business.
Bill Dezellem: Great. Thank you. And then, relative to the First Sound refiling, talk to us about what the regulators are — kind of the issues that they are focused on and how the refiling will address that.
Luvleen Sidhu: Yeah. Bob, feel free to chime in. I think we have to — as you know, Bill, be very conscious of sharing sort of regulatory sort of feedback and process. But at a very high level, right, this is obviously $150 million asset bank, that over time we’re creating a $2 billion plus institution. And so the regulators questions and focus quite frankly, rightly so, are just deeply — deeper dive on understanding the infrastructure that includes, risk management, teams, policies, processes, et cetera, that would support that growth. And just taking a deeper dive to make sure that the safety and soundness of growing an institution in that regard is well set up. And so, we view this as really part of the normal process. And we are being very thoughtful about how we want to respond, and make sure that we’re really heads down focusing on creating a bank that the regulators feel and know, can support that type of growth over time.
And we’re hopeful that we can get to the finish line in 2023.
Bob Ramsey: And Bill, I’m sure as you understand, the whole regulatory process is highly confidential, and I really don’t think it would be appropriate to say any more than that at this point.
Bill Dezellem: Thank you both.
Operator: With that, I will turn the conference back over to management for any closing remarks.