 The ability for technology with our help to provide people with greater insight confidence on things like budgeting expenditure, what we would generally call financial literacy and financial empowerment is extraordinary, and at the bank we had a session last week where we had a couple of Harvard professors who are doing research in this sort of area, and we were taking their thinking about how technology works and what financial literacy means etc together with our ability to use data and to analyse data, provide insights to customers, and on issues like saving up for a house, how much you can afford to live comfortably on but still serve as debt, what you should be saving for superannuation over time, the ability of the technology interface, if it's very lively, together with the analytics to provide real value add to customers on managing their own financial circumstances is extraordinary, and it's a classic example of where both the customer, including business customers and the bank both benefit, because it means we're doing our part to help the customer understand how to use finances in a way which is going to maximise their wellbeing, at the same time we're able to make better assessment on risk management and all those sorts of things, so in an environment where every day we're making risk decisions and our clients are making budgeting decisions and lifestyle decisions, the ability of the technology interface plus the richness of the data to help customers and us at the same time is really quite transformational. Like most of the technological innovation we see digital currency and the distributed ledger as both a threat and opportunity, and in many ways that's the way you do need to think about it. When we think about digital currency specifically we first separated into the distributed ledger that underlying technology, which clearly is very powerful and the whole application of the blockchain and financial services is a big theme. It's still in a very experimental phase. Over the next few years I think there'll be a lot of talk about the innovation but I think the fundamental innovation at scale is probably a few years out, but it will happen and it will transform our industry because at a certain level it fundamentally changes the role of the intermediary. And if the blockchain is built out and everyone has the computing power to use the blockchain you've really got to think about what does that mean for the intermediary in a world which is increasingly on the blockchain, so that's sort of part A. The digital currency is a slightly different question because yes it's part of the same blockchain question, but because of its nature as an application dealing with currency and the nature of currency and the role of the reserve banks and regulators that's actually a different category, aligned technologically but quite different I think from a regulatory perspective. So our view on that is follow it closely, experiment a little bit with it, be close to the people who are innovating but don't try and be too predictive about the way the world is going because it's going to change and it's going to end up being something quite different from what we see today. I think the mobile wallet is already getting popular and I think it's only going to increase in popularity. It means a lot of different things to different people but broadly the way that I think we think about it is in any given device that you've got or thing that you've got whether it's a wearable or a phone or whatever it might be increasingly your financial needs and your transactional needs are contained within that device. Now there are again as is always the case a lot of debates about what the end state will be. Banks would like to think that they are going to still have a very significant role within that wallet. Others are going to try probably and push the banks back and own the customer relationship and effectively relegate the banks position to secondary in the eyes of the customer. So it's one of these areas which is evolving quickly. A lot of people believe they've got capability to bring to add value to customers and therefore the playing field is getting very broad. Now we see that what we bring to the table is a very deep understanding of financial needs and a very strong customer base. So we really feel like we've got a strong deck of cards in the game. What we need to make sure though is that we can execute well and generally where the banks are going to be challenged they've got a lot of the legacy advantages but if they can't move quickly and evolve quickly and innovate quickly those legacy advantages can pretty quickly be lost and so the mobile wallet is one area that we're particularly aware about. The relationship between technology and loyalty is very interesting because you cannot assume loyalty and although over time particularly in financial services a lot of people will say customers have a high degree of apathy et cetera that is changing because it's easier to switch. So as an incumbent banking relationship and when I opened my first account with the ASB I think when I was five I still remember the number I'm still a customer. So you get a lot of long term lawyer relationships but you can't just assume any more that because I've had it since I was five I'm going to stick with the ASB. So you've got to do more to earn the loyalty and one of the ways you can do it is by providing customers greater insight into the breadth of their financial services needs and into their budgeting and their well-being because by definition then doing more with you will present to them a bigger fuller picture of their own finances. The reality is that other companies who aren't can probably do that as well by just effectively owning the customer interface and drawing on data from banks and other sources so we don't have a natural protection to that opportunity but we are a natural player in it and our view is that given that we can play a role in deposits and loans, home loans and credit cards and superannuation and investments and insurance, life insurance, general insurance all those things we are able to show customers that the whole is greater than some of the parts and if we succeed in doing that they get benefits out of relationship we get more loyal customers and that works for both of us. When we have our strategy discussions one of the underpinning beliefs which will never be shaken is no matter how good we get at innovating and approving the customer experience aspects of what we do have commodity characteristics and price matters and there are people with inherently lower cost models competing for our customers business and they are inevitably going to do it at lower price points. It is an absolute existential imperative for the bank to evolve to a lower cost structure and that's why when we're talking about technology we always start with what it can do for the customer but equally when we're talking internally we look at the ability of analytics of artificial intelligence of robotics etc to fundamentally transform the cost base. Now that does not mean we don't need people. We do need people but it does mean that as the bank continues to grow we ought to be able to do it in a way where we're able to get much better economies of scale for our investments and if we can't do that we can be beautiful and customers love dealing with us but at the end of the day they'll go where the mortgage is cheaper or where you get a bit of a deposit rate and if we're going to compete with that aspect of what they want which we need to we must be doing it from a much, much more efficient cost base.