BM Technologies, Inc.

as our primary driver it's also our mission but you know we want to make sure that our students know what options are available to them and we definitely believe that our account is a really great option for them and so we're going to continue to focus on the experience between when their school lets them know that they have money waiting for them and how can we make that as frictionless as an experience for them to receive that money in any of the choices that are available to them and and hopefully highlight and make our product better as we respond to what our customers are looking for. So it's an obvious choice to want to go with us. And so that then is also about engagement and then keeping them on as we expand our products roadmap over time for retention. So it's really being able to convert more upfront, engage them and get more activities through things like the cashback rewards and other products and features. and then keeping them over a lifetime by being able to expand the different products that we offer them that could align to the different stages of life that they would be going through.

Thanks, lovely. And continuing with the student side of the business, you referenced that the average spend was up. It was also up, I believe, in the BAS side of the business also. The question is, given the macroeconomic data that is out there, there's some indication, recent indication, that the consumer may be slowing, other indications that the consumer may be holding up. But what's your belief as to why your average spend is up in both of those verticals?

Yeah, Bill, this is Jim. There's a couple of factors going on. Number one, I can't discount the influx or influence of inflation, right? That's certainly a driver and our spend for across the board for both verticals. But I think also, I think it's to the elements that Loveline spoke to of increasing the usability and features, right? As our Particularly within our, our higher ed vertical as students find it easier to use our services and our products is they end up spending more and we're seeing that come through and not only pretty much all of the measures, right? Whether we look at the new account signups, which is not only. Q3 year over year, but also full nine months year over year as well. But then also the increases we're seeing coming through in spend as well. So I think it's a combination of both of those factors. There's a natural lift coming from the inflationary environment, but I think there's also the lift coming from the increased usage from our existing user base.