The Bancorp, Inc. (NASDAQ:TBBK) Q2 2023 Earnings Call Transcript

Damian Kozlowski: That’s exactly right. Those are the categories. So, things like building people’s ability to access the financial system are very important for the client sets of our neobanks, especially. So, they want tools. And those – and I think people – everyone recognize that the life cycle and being the lead bank and the life cycle personally of a consumer is where you want to be. So, as they grow their portfolio financially, you want to be with them and provide them tools. So, those are exactly right. Those are the areas where there is need building across the spectrum. I mean we are one of the first, obviously, that did a couple of days early to get paid, that’s The Bancorp innovation with our partners. Things like overdrafts being free and limited, of course, not endless, but giving those tools are very important innovations that were – some of those that came with our partnerships from our larger neobank partners.

So, we want to be there for – I think we have got a very good meeting of the minds between our partners and us. I mean we have set ourselves up to try to help more than our peer group and our – the banking and service providers. And we are constantly in discussions across the board with our partners around looking at their product frameworks of where they want to go. And so that gives us incredible clarity as to what we need to build additionally to help them innovate. But it’s all around the – for the neobank, mostly around the consumer, their life cycle of wealth, adding tools that helps them, and that also increases our partners’ profitability, so it’s a win-win. And then on top of that, we have all these other verticals in healthcare and government.

There is all these that are expanding. And then we have big new wins like in corporate payments, where it’s way above expectations. That’s an area where we got into in a big way last year, and it’s really exceeded our expectations. So, it’s very broad-based. It’s very focused on what our partners want and that’s why we are investing in order to build the capabilities necessary to translate their ideas into real go-to-market products that are safe and sound and will add to the profitability of both the client and the business partner over time.

Michael Perito: Perfect. Thanks for the color Damian and appreciate you taking my questions.

Damian Kozlowski: Thank you.

Operator: There are no further questions on the phone line. So, I will turn the conference back to Damian Kozlowski for any closing remarks.

Damian Kozlowski: Thank you, operator. Thank you everyone for joining us today. Appreciate your involvement in our earnings call. And operator, you can disconnect the call.

Operator: Thank you, sir. Ladies and gentlemen, this does conclude your conference call for this morning. We would like to thank you all for participating and ask that you please disconnect your lines.