FISV
#Sure.
I wish I had a fully reliable crystal ball for this.
I would say that volatility in the market has everyone feel like there's volatility.
And we just have to continue to watch that.
The beauty of the majority of the solutions that we provide is, they're not discretionary.
And with all of the digital transformation that's occurring in the market today, there's a real need for institutions to invest and to keep up with what's going on.
Consumer expectations are growing so rapidly because of everything that's going on in the retail world and in the non-financial services world, that those expectations are requiring institutions to invest.
It's very much becoming non-discretionary.
And so I continue to believe we're going to see solid, solid growth in those kind of solutions in 2016 and in the forseeable future.
I don't know that there's much that we do that's not important to the FI.
We have very small businesses that are data-oriented businesses, which I guess you could argue are not necessarily mission critical.
But even the things that we sell that are, quote, discretionary, it's hard to know if you have to upgrade software on a solution that you use to manage risk, that purchase may be discretionary; so may have some wiggle room, but much of what we do is non-discretionary, from that perspective.
I don't think we're ever going to see a whole lot of variability in any year, almost regardless of the situation.
But clearly, I have the same crystal ball question that everyone else has.
We believe that the banking industry right now is in pretty good shape.
The rate increases will move through this year, and I think that will be generally good for banks.
I'm talking about not prospective increases, but just the December raise.
And I think that will be good.
And we'll see how the economy develops.
I think that will be the ultimate lynchpin for how banks decide to invest over the next year.
Thank you.
We feel really good about the surge in 2016, primarily because we know what's been manufactured, we know what has not been personalized, we know what isn't personalized, we know what's been ordered.
So we actually have pretty good visibility into what's going to happen in 2016.
We don't have a lot of visibility right now into what's going to happen in 2017, except for we'll know who has not issued.
And remember, you've got, in 2017, I believe it's 2017, you've got one more liability shift that's going to happen.
So we feel really pretty confident about the EMV at the level that we have incorporated it into our guidance.
I suppose it could go a little bit higher.
It could always go a little bit lower.
But it's pretty solid, at this stage.
And remember, <UNK>, that the clients have paid for a lot of the manufacturing stuff already, so they're going to want to issue these cards when they can.
And again, we have to wait for that, but as <UNK> indicated right now, we feel good about where we are in 2016 and going into 2017, also.
One other point I would make is, actually in Q4, we had more demand for BIN configuration than we could actually convert.
So we really saw this surge coming into the year, which again, helps support the confidence.
And remember, even if we have a bit of a blip up in 2016, which we believe we will, we do think that we'll get to a steady state level.
We don't see that EMV ---+ we do think that EMV will be constant on a card manufacturing and personalization basis moving forward, so long as plastic is being issued.
And I think that's going to be issued for a very long time.
And then a layer of uptick on the premium processing element of EMV.
And I think I'd also just check out what <UNK> went over at Investor Day, because it's pretty well holding as far as what we anticipated where we'd be, a little softer in 2015, obviously, but nonetheless, it's ramping as we thought it would there.
No.
It is something I still am very excited about.
It is taking longer to get scale than I would have liked.
But I am very optimistic about the runway for the solution, given the pairing of P2P with realtime, which I think changes the experience dramatically.
And then the other use cases that we have for Popmoney disbursements and some of the charities, we think are very important.
And then the last thing is, we've got a new technology that we are delivering in 2016.
We call it Card-Free Cash.
And it is a way for our debit clients, our ATM clients, to be able to access money at an ATM without a card, using the bank's mobile solution.
Well, that's actually going to be branded Popmoney across the US.
So that brand will show up across 20,000 ATMs, 30,000 ATMs.
So again, we have a good level of comfort that it will grow.
Yes, it's competitive.
But over time, I still believe the banks are going to be the ultimate winners of the P2P battle.
Thank you, <UNK>.
Thank you, everyone.
We appreciate your support.
If you have any further questions, please don't hesitate to call our Investor Relations Group.
And have a good evening.
