SYF
#Sure, so I would say that the bulk of sales are still done predominately in store.
But what I would say is that it's definitely shifting, and each quarter we see incremental growth on online and digital.
As we stated, our online sales were up 26% over last year, and that continues to grow every single quarter.
About a third of our applications occur digitally.
We have received about 12 million mobile applications since we've launched in 2012, and that's grown at about 80% year over year.
So that's a big growth channel for us that I think you're going to continue to see expanding.
And yes, we're seeing faster growth in the industry.
So I think the important part of digital and online is really our ability to continue to integrate with our partners.
And so one of the things we're really working hard on now, obviously, we've done Apple Pay and Samsung Pay and those things, we have digital cards on our own.
What we're seeing now is more and more retailers are creating their own apps, and we're really trying to work to be in that app so that it's a really seamless and frictionless process for the customer as they're shopping around on a mobile app of a particular retailer.
So I think you're going to see us focusing even more on that as the retailers come to us and ask us to really engage at a much higher level.
That's my point earlier.
I think there's been a little bit of a, I think, a shift in terms of how retailer are even thinking about mobile and putting a lot more emphasis and effort there.
And that's where we are very highly engaged right now across all three platforms really.
Then on your loyalty question, so, that's a trend that we've continued to see all year.
We've obviously introduced many new value propositions over the past year.
We introduced the Sam's Club 531, Amazon Prime 5%.
We've got new programs at Chevron and BP, new value proposition at Walmart, the 321.
So all of those are obviously influencing both the interchange and the loyalty lines that you see.
Generally, more loyalty is a good thing.
It means we are growing our receivables, we're generating finance charge revenue.
The lines also run back through the RSA, so there's an offset there.
And if you're looking at just the relationship between loyalty and interchange, the one thing I would just point out is this is very different than general-purpose card.
Given we have significant value propositions like Amazon where we don't charge interchange, but we still offer a very attractive value proposition, we'd expect to see loyalty increase as a percentage of interchange going forward.
That's ---+ we really don't look at those lines in isolation.
We really measure them in the context of the overall deal structure.
So look, if we have the opportunity to launch a better value proposition that's going to drive more usage on the card, generate strong receivables growth, that's a good thing for us, it's a good thing for our partners, and it really comes down to that shared economic model.
Yes, this has been a very strong year-to-date performance.
I think it's not just to temper expectations a bit, it is probably not a realistic expectation that we're going to grow revenues 12% and expenses 2%.
So we're very pleased with how we performed year to date.
We'll obviously, we can give you an outlook for 2017 when we do the call in January, but I think the important thing is we're very focused on driving operating leverage.
This is a scalable business.
Now that the infrastructure costs are in the run rate, we would expect to continue to generate positive operating leverage over the long run.
We're always working to get more efficient across the business.
We always start the year with a bunch of productivity initiatives, cutting out waste in the business, getting more efficient, moving more online, off of paper, and we use those savings that we generate there primarily to invest in long-term growth ideas, so things like mobile, data analytics, CRM.
But even taking those investments into account, we'd still ---+ our goal would be to continue to generate operating leverage going forward.
It's hard to get specific.
It will be ---+ we still expect a reduction, so more than 0 but less than 19.
It's about ---+ we're talking about basis points, it's a big estimate that we make at the end of the year, given the seasonal growth.
So I can't get more specific.
We do expect it to come down, but just not quite as much as it has in the last two years.
You have to remember, in the last two years, we were in an improving environment, so whatever we were recording in the fourth quarter was at least partially offset by improved performance.
And now it will be more reflective of growth and the normalization trends that we're seeing in the portfolio.
No, the online spend and the trends are the same.
I'd say the one area that we continue to ensure we're focused on is really ensuring the authentication of the customer.
So I think that's where approval rates might be slightly lower, just because you're dealing with an online channel versus and in-store experience.
That's a great area where we're spending a lot of time investing in new technology to really make sure we're best in class there.
So that would be the only, I think, fundamental difference.
Yes, I think we'll have that in our investor deck that will come out in a few days.
But there's really ---+ you'll see from that there's really nothing material contractually until the 2019/2020 timeframe.
Yes.
Thank you.
