With speculation that the Trump administration's policies could potentially boost venture capital and innovation, are you making any changes to your IT strategy to capitalize on these opportunities?

There's potential for increased partnerships and acquisitions, as recent news suggests. In the last quarter of 2024, BNY declared a new banking-as-a-service model, servicing the "customer of customer of customer" or 3C customers. This is a unique approach for a corporate bank to venture into Fintech to support its business. With policy changes supporting venture capital, I foresee more Fintech companies emerging and integrating into large corporate banking systems.

We might see a potential boost in venture capital and innovation in Europe as a result of these policies. Historically, we've leaned towards U.S. companies due to their maturity and head start. However, we may shift our IT strategy to focus more on European companies that could fill the gap left by American companies we can't access. This adjustment will allow us to capitalize on local opportunities.

We don't anticipate a significant impact from the administration changes in terms of our innovation strategy. Innovation remains crucial for our company, and we've already accounted for any potential cost implications by passing them on to our customers. Therefore, we don't foresee any immediate changes to our policy teams or strategy in response to these developments.