Josh Beck: Okay, that’s very helpful. And then just in terms of maybe how banks are approaching, you know at least the next calendar year for them, obviously you know things like unemployment, things like credit losses have all been pretty actually encouraging thus far this calendar year. We heard from Credit Karma yesterday that banks to some degree, it may be the lower end of the market kind of near prime and below, are starting to be a little more conservative with respect to their marketing budgets, which are obviously very discretionary. So when they are maybe trying to be prepared you know let’s say, from whatever the scenarios are next year, you know where would you rank the priority around modernizing certainly some of their loan and deposit account systems, maybe versus other investment initiatives at some of the banks?
Pierre Naudé: As I mentioned earlier, digital transformation is an imperative long term, and most banks that we talk to do not ask us why we justify to do it anymore. They just want to know how to get there, because it is difficult you know to take out all the systems, change processes, etc. So I would say that the demand will be there, the question is whether they prioritize it. I would also tell you that whether we like it or not, the way to get inflation under control is at some point to get the labor market under control and that will impact the consumer, which will impact consumer credit. And we €“ I need to wait and see, because the banks we talk to will all tell you that they are well capitalized and that their credit risk is in good place, so it must be somebody else, which is of course interesting €“ somewhere, somebody is going to pay the price.
We see some caution like I mentioned, a cautious sentiment, but I don’t see in the U.S. necessarily a slowdown yet.
Josh Glover: And we just don’t see a lot of banks telling us today that they want a more manual process or that they want less digital engagements with their customers. So the long run opportunity is still there.
Josh Beck: Very helpful. Thank you team.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Saket Kalia from Barclays. Your question please.
Saket Kalia: Hey guys! Thanks for taking my questions here and fitting me in. Pierre, maybe for you, great to see the Bank of New Zealand win. You know I’m wondering, as you’ve made more headway internationally, are you starting to see any of the changes? Are you starting to see any changes in the sales cycles and competitiveness of those deals? I guess I’m just curious because you’ve had multiple wins now in numerous international markets. So I wonder if it’s just getting easier and maybe what type of competition you’re seeing?
Josh Glover: Hey Saket! This is Josh. Yes, we see lots of banks that want to be early, but very few that are willing to be first. So getting that first press release out, getting that first Go-Live helps us go to that market with a story based on banks that look and feel a lot like our prospect being live and enjoying nCino. So it absolutely helps.
Pierre Naudé: Yes, and as you look at €“ you know these are critical mass countries, okay. If you look at New Zealand now, it’s got critical mass and then the deals come. If you look at Canada, you win one, two, three and then boom, we’ve got the majority of the banks, okay. And the difference between the U.S. and internationally is I have to win each of those countries, because it only in country is referenceable. You know Australia and New Zealand may be slightly an exception, but the Germans want to see that other German banks are successful. We’ve got a great example, but now we have to get that market to accelerate. But the markets where we have that critical mass like New Zealand and Canada, absolutely. South Africa is coming around. We’ve got two, three customers there now. The U.K. is like that, but we would still like to see France, Spain, Germany, etc.
