Damian Kozlowski: You have to remember, we’re fairly a small piece of the pie when you’re talking about when we’re in negotiations, it’s not like we’re 50% of their cost structure. So – and it’s something that you can’t mess up. You have to be right all the time, and you have to have a profile now, especially with regulatory scrutiny, where they are sure that they are not going to have a problem on the regulatory issues. So that’s the main reason. We say no a lot of smaller business that are going to banking as a service providers for – because they don’t have the scale and they don’t have the sophistication. So we’re only dealing with the large players in the industry. We – I think we see almost all the large engagements out there and talk to people about them.
And there may that you would know. So the ones that we don’t have, we’ve been – probably been in discussions with and – those are potentially some of the programs that will be joining our ecosystem, which we will announce. But we obviously can’t do that now. But our pipeline is very consistent with our ideology of only servicing those larger sophisticated clients that are broadening their product sets. We’re doing very little start-up or banking as service business and that really supports ramping up quickly. So some – in the past, maybe 5, 7 years ago, we had much more of that type of business. Chime, for example, was in this infancy at the time, and that was kind of our portfolio, though we do have healthcare and government cards and everything back then too.
And then we also had a large general purpose reloadable platform, which has gone away across the industry. So now it’s converted themselves into the large major players that want product expansion or security in execution or regulatory confidence where we clearly have an expertise. So all that together has really played into all the investments we’re making or have made in building this very unique, very robust, very forward-looking ecosystem for the payments industry, and we’re continuing to invest in it, and we’re focusing on the biggest players with the most sophisticated complex needs who want to really change and grow their client relationships.
David Feaster: Okay. That’s good color. And then last one, maybe just touching on the expense front and to your point on the investments that you’ve made. I’m just curious how you think about the expense run rate. It sounds like the expense run rate may be relatively sticky just given the new hires. Is that fully reflected in here? How do you think about hiring and investments going forward? And then we talked about last quarter, I think the efficiency ratio maybe dipping below 40%. Is that still in the cards from your perspective as you look forward?
Damian Kozlowski: Absolutely. So, we have built into the cost structure from what we knew that we were going to have significant revenue increases this year because we had to take a position on the yield curve, obviously, and we set the balance sheet purposely to benefit from it. So, we looked into this year and said we are going to make investments. So, our people – number of people are up about 7%. And we are able – we have had very low attrition, and we are able to recruit great people. And we are going to take advantage. There is a little dislocation, obviously, in the banking industry. So, we are taking a little bit of advantage of that to make sure we set the cost structure up for the next couple of years so that we don’t have big increases.
