digital banking examples

According to Forrester, 69% of US consumers shop more with brands that offer a consistent experience both in-store and online. Role of micro-loans in the modern financial industry. This course is an basic awareness level "street-smart quick view" of the latest happenings in new-generation world of banking from example of 15 different countries at a base-camp level. The digital banking trends listed above provide insight into the current state of modern banking and what the future possible holds for the banking industry as a whole. Found inside – Page 55Presently new FinTech entrants are moving rapidly into other traditional areas of banking as they look to expand their customer base and grow. Examples of ... The digital revolution in banking has only just begun. To calculate your bank's efficiency ratio, divide its operating expenses by its revenue. Simple adds to the digital experience by providing financial planning tools to supplement customer expectations. D. Banking dashboard example KPI: Efficiency ratio. This is the biggest concern among Filipinos who are wary of online banking. The challenges you are facing, trying to transform your internal organization into a smooth digital machine, are the same ones that everyone in all industries are facing. Vice President of Digital Banking Solutions | Company Name - City, State 12/2020 - Current. This drives down personnel costs, and the AI-assisted self-service ensures a successful customer experience. . With the availability of mobile apps, Google searches, and social media reviews, creating a digital omnichannel banking experience is more important now than ever before. As examples, these banks do not enable starting an online onboarding or booking an in-branch appointment online. But banking isn’t always about location. Money Deposits, Withdrawals, and Transfers. After years of development, the chatbot has become an integral part of Bank of America’s personalization strategy. The JPM coin brings the backing that may help digital currencies go mainstream. Money laundering is a leading source . That's exactly what the "efficiency ratio" measures in banking analytics. The biggest banking market representatives have started their digital transformation years ago and now openly tell about their success. Nonbanks have no connections to traditional banking licenses. Digital banking services are banking services that are offered to a customer on their internet-enabled computer, smartphone, or tablet. According to the latest Global Market Insights, Inc. report, the global digital banking market is set to reach $9 trillion by 2024. Found insideThe rapidly increasing spread of mobile phones, digital banking, and the use of satellites and remote sensors are examples where digital technologies are ... By contrast, in larger financial services providers, an entire department might be in charge of ATMs or self-service while a team on another side of the country might control the contact center. Found insideThese two examples indicate that the digital public space is changing ... internet banking removes the obligation to visit a bank during opening hours and, ... Found inside – Page 464One example is the impact of digital banking on moral hazard and adverse selection.8 The future of banking is full of questions and uncertainties. Found inside – Page 78The following examples of digital commerce, namely Internet-based payment systems ... financial services like various payment mechanisms and remote banking. PWC recently reported that 60 percent of Gen Z customers found their bank through recommendations from friends or family, but only about 30 percent said that a local presence was an influencing factor. The Bank of Oak Ridge, a small banking enterprise in North Carolina, realized this. In other words, consumers will be able to share their data, verify their identity, and make payments throughout the EU and EEA far more easily. As the industry grew there was a shift banking, from 2010 to 2014. WeBank by Tencent, Yolt, Lunarway, and Moven are examples of neo banks. While online banking literally limits you to the services provided by your banks like NEFT transfers, automatic payment reminders, and the likes, digital banking goes beyond this. Data analytics enable banks and credit unions to better understand consumers, identify business opportunities and reduce costs, says Boston Consulting Group. In Simple terms, digital banking is the digitization of all traditional banking activities, where banking services can be availed online without having to be . The applications of AI in banking are a $450B opportunity for the banks that take advantage of the digital transformation. Bank CIOs and CDOs, take a deep breath. Banks that invest in the customer experience trends have higher rates of recommendation, greater wallet share, and are more likely to up-sell or cross-sell products and . For instance, across the EU and EEA, the second Payment Services Directive (PSD2) requires banks to open up their data to third parties. Online and Digital Banking Disadvantages. The Future of Banking is here, and it has been ushered with the help of emerging technologies that have made the whole digital banking experience less tiresome and more seamless. The Bank of Oak Ridge leveraged digital technologies to expand its customer experience by offering additional service and support options. Found insideThus digital business is becoming synonymous with businesses leveraging ... A digital bank serves as a prime example of the digital consumer economy. For example, provide personalized digital onboarding for new checking account customers, offer online loan applications or offer the ability to meet with bank lenders via video or online chat. In 2016, TD was already using analytics and data to deliver a rich customer experience. Found inside – Page 289Examples of such means are identity cards, driving licenses, or passports. ... An example is BankID in Sweden where a citizen's Internet banking credential ... The most noticeable examples are mobile apps, e-wallet solutions, APIs, and personal finance management (PFM) tools. The importance of a personalized experience cannot be overstated. There's every reason to do that. Found inside – Page 83In a similar vein and from a retail bank's point of view, ... do not relate to banking in the primary market within which the bank operates, for example, ... So while it banks a large college population, the agricultural community . Analyzing the banking needs of younger, tech-savvy consumers - how they define their bank relationship, and find trust with their banking needs. Electronic Statements. Digital-only banking is the provision of banking financial services purely through digital mediums, on the front and back end. digital bank . Not so long ago, the majority of transactions were handled in person by bank tellers. Location: London. This makes it easier for consumers to access personalized help and has extended the bank’s customer journey well beyond the scope of its transactions. Private banking. In the evolving digital era, many new opportunities to offer services like this are emerging. Communicated regularly with territory, regional and strategic managers for daily support and strategic planning for accounts. Digital banking: The Features. In metric-driven environments like retail banking, the focus needs to be shifted away from the individual sale towards customer experience. As result, the industry with its broad potential for digital development significantly underutilizes its opportunities, especially in terms of customer experience and data sharing. Banking has always been about securing money and investing safely and effectively. Lessons From Al Ain Finance. Risk #1 Digital Banking Design This is a real pain - both for the Vendor and the Bank. The banking industry still needs individuals who can string key elements of the customer experience together on a personal level, especially when systems fail. Money Deposits, Withdrawals, and Transfers. The open banking concept zeroes in on disrupting the current status of banking and improving nearly all aspects related to ownership, sharing, and utilization of . Vice President of Digital Banking Solutions | Company Name - City, State 12/2020 - Current. Finally, digital challengers are coming up with new ways of establishing their physical presence across the UK. Hence, they also connect individuals and businesses in rural areas. While there is a tendency among people to confuse this term with online banking, digital banking is definitely not the same as the former. Owned in part by a handful of major banks, the service is designed to help consumers share money with friends and family. It serves customers’ needs without the tedium normally associated with sending money between users and across different banking institutions. Digital banking is a term that refers to high levels of digitalization of different banking processes, from front-end to back-end. Moreover, digital wallets eliminate the need for physical banks and companies in order to open and maintain a bank account. This small change created an emotional connection with customers by improving the customer experience. The banking system as we know it is undergoing some dramatic changes. Tips even provides access to documents and addresses that may help with, for example, planning for a baby. Found inside – Page 90While a pure Internet bank is just a computer, in practice some personal services are needed to handle special cases. Examples include when the customer has ... while others may prefer traditional banking. Found insideQuite often, the digital transformation of a bank requires years of ... For example, I have encountered examples of when the banks tried to refresh their ... Online currencies like Bitcoin brought changes in the concept of fiat currencies. Delightfully simple. Online banking focuses on digitizing the "core" aspects of banking, but . Running on blockchain technology, cryptocurrencies use a decentralized network of ledgers to track changes within the system, preventing fraud and government interference. Digital technology has made websites the new storefronts, whilst banking and financial planning are now consolidated into a single end-to-end user experience. Top 10 features are: 1. As banking evolves, banks' marketing strategies must also. D. Banking dashboard example KPI: Efficiency ratio. A holistic customer-centric experience makes digital banking fun and meaningful. Customers want personalization, real-time interactions, great customer service, and outstanding customer support—and now they want it all digitally too. TD can boost customer engagement and brand loyalty by delivering the tools, resources, and guidance that the customers need to succeed. The center is the first of its kind in the region, and it has proven to be quite a success in helping DBA implement digital transformation. This is a double edged sword: Financial services institutions can have more effective digital transformation initiatives . For example, Tips might track how much a customer spends at Starbucks or the grocery store and produce insights to help users budget more effectively. The most common form of digital money is the money that is held by banks and central government deposits. Found inside – Page 44Challenges of Governance, Leadership and HR in a Digital and Disruptive World ... We have seen examples of such banks around the world, such as Atom Bank in ... Your email address will not be published. Industry: Investment Banking, Simulation. It’s a good illustration of how companies can leverage machine learning to sense usage patterns and deliver an outstanding customer experience. Early last year, JP Morgan announced the first bank-backed cryptocurrency in the US. It remains to be seen which model consumers will adopt the fastest and how the digital banking industry will mature. The terms "challenger bank" and "neo bank" emerged a few years ago with the rise of a new type of digital bank aimed at providing tech-savvy customers mobile-first, branchless banking services. The terms "challenger bank" and "neo bank" emerged a few years ago with the rise of a new type of digital bank aimed at providing tech-savvy customers mobile-first, branchless banking services. For example, via an app-based current account product without any physical branch infrastructure. Banking and capital markets deals insights: 2021 midyear outlook. According to LucidPress, a consistent brand presentation across all platforms increases revenue by an average of 23%. Banking has been radically transformed by digital technologies in ways that have greatly benefited many consumers. Not only are digital banks easy-to-use but many are security-driven and react quickly to the latest security threats. Your email address will not be published. transfers between internal accounts. Neo banks do not have a banking license, but partner with financial institutions to offer bank-licensed services. The number of bank branches in the US has been falling. Create more repeat buyers with great CX -. This paper outlines a brief history of digital banks and discusses current examples of innovation Oracle has seen in the banking industry. To calculate your bank's efficiency ratio, divide its operating expenses by its revenue. As a study by Salesforce points out, 63% of consumers and 74% of business buyers say that they’ll even pay more for a better experience. These different business models demonstrate just how diverse the digital banking industry is becoming. Found insideSome typical examples are set out below. ... high-speed bank note handling.10 Internet banking was introduced in China by the BOC in 1996, and was quickly ... More challenger banks will emerge, and legacy financial organizations will shift their focus to offer more friendly, flexible, and digital services. A digital banking product cannot only save cost for you but could make a place for new revenue models. But there are many FIs that cannot provide this service today. Today, Monzo has more than 1 million customers, a billion dollar valuation, and plans to launch in the U.S. soon. ING, for example, has partnered with US-based fintech start-up Kabbage to serve SME customers in Europe. Unlike industries like healthcare, financial services mostly deal with structured quantitative data which makes it easier to digitize and automate processes. How it's using AI: Automation hit investment banking earlier than other bank sectors — and it hit hard. Failing to adopt an omnichannel approach is likely to lose customers. Offering secure, user-friendly digital banking journeys has never been more imperative — or complex. Whilst the terms are sometimes used interchangeably, digital banks are often the online-only arm of a bigger player in the banking sector, whilst neobanks are completely digital, existing independently to traditional banks. Digital banking is the digitization (or moving online) of all the traditional banking activities and programs services that were historically were only available to customers when physically inside of a bank branch. Much like Capital One, Russian-based Sberbank is leveraging the power of machine learning and artificial intelligence to help users control their finances better. Smaller financial institutions like local banks and credit unions may find this easier as there are fewer staff interacting with customers and thus can gain a competitive advantage. The challenges you are facing, trying to transform your internal organization into a smooth digital machine, are the same ones that everyone in all industries are facing. Found inside – Page 76Dropbox is an example of an IaaS ing software needed to support the ... -banking (online banking or Internet banking) is the provision of digital banking ... There's every incentive for them to get this right. Around 10 million customers have interacted with Bank of America’s chatbot Erica. AI-led systems in the banking sector is a massive treasury of . Creating a digital customer journey means taking steps to integrate everything into a single online platform so that the customer is handled through the same tooling, sometimes by the same people, and with the same information throughout the process. All they need to do is improve their customer journey. Found inside – Page 62In just one example, BofA is working with Quarule (www.quarule.com), ... 2015; R. King, “Bank of America's Data Initiative Follows Internet Companies into ... This should be a huge relief because it means that you don't have to reinvent the wheel. This is a book of knowledge and doesn't just tell you to try harder. Life rewards those who take matters into their own hands, and this book is where to start. Found inside – Page 1962Examples of themes, categories and quotations This work was previously published in ... We found that at least one Internet banking service was used by 13 ... The digital revolution that is transforming banking is also enabling new forms of banking fraud. Found inside – Page 2... internet banking, or the self-service store, are examples of innovations. Innovation may also be a new way of doing business, and examples include ... Important digital investments have to be carried out to reach the upper category and the digital Digital banking has offered many comfortable features and possibilities to people. Digital Banking Consumer Survey 2019. A digital wallet is required to make transactions and maintain balances of cryptocurrencies Cryptocurrency Cryptocurrency is a form of digital currency . Found inside – Page 323For example, since the launch of iMac by Macintosh in 1998, ... internet banking offered by SEB Unibanka, are two vivid examples that illustrate this ... That’s why it’s important to empower your customer success manager to operate across multiple channels and systems. Digital Transformation Demands a Culture of Innovation. Here's one way to classify the current digital challenger banks based on their business models and the services they provide. Lower fees – With fewer operational costs, challenger banks can price their services more competitively. Examples of Digital Money. The digital world is in constant flux and there are already many valuable examples of digitalization in banking industry. DBA Bank is also one of the best digital transformation examples in banking; on November 30, 2017, DBS in partnership with IBM launched an RPA Centre of Excellence (CoE) in Singapore. Whilst the terms are sometimes used interchangeably, digital banks are often the online-only arm of a bigger player in the banking sector, whilst neobanks are completely digital, existing independently to traditional banks. However, the current state of SME financing in ASEAN remains both a sizeable gap to fill and opportunity to serve. Found inside – Page 56Illustrative Examples of Good Practices: What Can We Learn from Wema Bank's Digital Banking Strategy, the ALAT? Having traced Wema Bank's legitimacy journey ... The Best Time and Attendance Services and Software 2021, Step-by-Step Guide to Social Media Marketing for Small Businesses, The Best Text Message Marketing Services of 2021, Mobile Wallet Guide: Google Pay vs. Apple Pay vs. Samsung Pay, The Small Business Owner's Guide to Data Analytics, 5 Effective Ways to Beat Your Competition, 5 Simple Steps to Valuing Your Small Business. Found insideImproving Your Bank's Digital Future by Making Technology Changes Now John Best. Microsoft suite. Here are some examples. If digital services could ... The examples cited above fail to meet the definition of digital transformation—at least as defined by bank executives themselves. Checking/Saving Account Management. It also provides a digital banking market overview with an outlook on how this area can be more beneficial for banks and financial institutions. Vision Bank, for example, is based in Ada, Oklahoma, but also has locations in small towns with regional universities. On the back of this, many institutions are doing all they can to bolster their digital offerings, bridge the gap between offline and online, and create consistent omnichannel banking experiences. Banking M&A rebounded in 2021 as dealmakers count on recovery. Here are some ideas: Building a strong omnichannel banking experience is as much about consistency as it is about implementation. This brings validation to cryptocurrencies everywhere, but it also improves the customer experience for banks, broker-dealers, and corporations. Found inside – Page 12-3... the benefits of new banking technology . Uniform Commercial Code Article 4A * and digital signature legislation are examples of this first type . Online Banking puts you in control of your money as well as your time. Customers want instant access to every aspect of financial services—including their money—whenever they need it. Found inside – Page 70The best example is the “Your Bank” project which is the world's first interest-free digital banking platform developed by KuveytTurk Participation Bank in ... 5. The benefits of digital banking stress its importance by themselves. . Digital banking is the perfect example of how financial innovative technologies are shaping the future of banking through digitization. Banks don’t need to invest millions in digital marketing or social media campaigns to change customer perceptions. Find out more about customer experience and how to craft it on the Acquire blog and through our library of whitepapers and ebooks. Found inside – Page 81For example, online banking in China is increasing rapidly in popularity, ... (See hsbc.com.cn/1/2/personalbanking/e-banking/personal-internet-banking and ... Commercial Bank of Kuwait (CBK) is a good digital transformation example. Simply put, a Neo Bank is a new type of digital bank that exists . Analysing the treatment of off-balance sheet activities. 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Bank CIOs and CDOs, take a deep breath. What exactly is this "A Course in Innovations of Digital Banking - a global view". A digital bank and a neobank aren't quite the same, even if they do sometimes appear that way. Instead, it is housed electronically in the form of . As a result, it can be difficult to understand the difference between all the digital banks that now exist. over 1,500 banks per year since 2015 in the US alone. A person can transfer money form one account to another, deposit written checks with the snap of a photo, and get updates on past and recent purchase with the touch of a button . Rather than forcing customers to receive cash in specific denominations—the company allowed customers to pick and choose the bills they get. information, verifiable and codifiable, and soft information, based on relationship banking. Though similar regulatory changes are taking longer to reach emerging markets like Latin America, many countries, such as Mexico, are also taking a step in the right direction with the introduction of new fintech laws. Simple has no physical branches. Passionate about AI, machine learning, chatbots, NLP, neuroscience, and meditation. For wealth management purposes, Security and fraud checks are transformed into rapid customer touchpoints. Digital transformation has disrupted the traditional banking dynamic, leading to the closure of over 1,500 banks per year since 2015 in the US alone. One way to enter new markets, offering a totally different proposition to the customers exactly is this & ;... Personalization from the banks that take advantage of the fundamental strategies of a experience! Quick to tell you to create agile financial service apps loyalty by delivering the tools resources. And brand loyalty by delivering the tools, resources, and find trust with banking. Wary of online banking in constant flux and there are already many valuable examples of State-of-the-Art experience, it sometimes. Realized this that can not apply for a mortgage or high-value loans online find trust their. The app feels small and approachable core & quot ; efficiency ratio & quot ; security fraud! Effective omnichannel strategy may be hard, but to a customer service representative in today ’ s chatbot erica from. React quickly to the demand for more complicated needs essentially replicates what effective. You real time information that you don & # x27 ; digital Community #... Banking giant BBVA storefronts, whilst banking and financial institutions to offer more friendly,,! Problematic and is often placed on customers to reach out with questions or concerns in China population, agricultural. Their customer journey, customers wish for a potential exit with Spanish banking BBVA! One vital way to classify the current digital challenger banks will emerge, and legacy financial organizations shift., Lunarway, and therefore, consumer acceptance and use of digital currency implemented REVE chat & x27. Filipinos who are wary of online banking, but it ’ s not employees, but partner with financial add... Through fintech players such as Monzo and Atom bank were some of the world #. To open and maintain a bank account on recovery plans to launch in the technologies they need do... Small stuff banking allows digital banking examples to create a more cohesive and personal digital customer journey model consumers adopt... Machines ( ATMs ) came along and streamlined the basic transaction process Article 4A and. This revolutionary advance, a consistent experience both in-store and online financial and banking services popular! Conclusions from real-life situations and upcoming real-world events exactly what the & quot ; core & quot ; core quot... What exactly is this & quot ; aspects of banking financial services mostly deal with quantitative. Illustration of how companies can leverage machine learning and artificial intelligence to help consumers share money with friends family. Transactions were handled in person by bank executives themselves, today ’ s app-based chatbot, spearheads customer for... Does n't just tell you to try harder AI: Automation hit investment banking earlier than bank! In 2021: In-depth Guide to receive cash in specific denominations—the company allowed customers to and... Remains both a sizeable gap to fill and opportunity to serve backing that may help,! The system, preventing fraud and government interference not apply for a good illustration of how companies leverage... Offered to a broader consumer base NLP, neuroscience, and find with! To reinvent the wheel journey, customers wish for a mortgage or high-value loans.. Wide variety of possibilities to people ) is a book of knowledge and n't. Without any hassle supplement customer expectations neo bank is a term that refers to high levels of in... Customers want personalization, real-time interactions, great customer service, and.. A deep breath about their success and strategic planning for accounts be confusing to know where to your! Licenses and are direct competitors of the first time that the customer journey the third consecutive.! Personalization from the banks perspective and how the digital experience by offering additional and. Most popular technology in banking analytics a high rate of crime and corruption, digital account opening ( )! Here, and corporations, State 12/2020 - current many valuable examples of.... Name - City, State 12/2020 - current and central government deposits model and incumbents will have to the! This brings validation to cryptocurrencies everywhere, but it ’ s important to empower your customer success manager operate! Ridge leveraged digital technologies to expand its customer experience in their everyday account management change... Customer satisfaction and ease of use into the equation branch infrastructure 2021: In-depth Guide product focused on customer and. S always one customer who falls through the parent company ’ s app-based chatbot spearheads... Banking centres to change customer perceptions towards a customer-centric Foundation for digital banking is a example. Useful information to address customers ’ needs without the assistance of a live operator managing and maintaining banking... Are using AI: Automation hit investment banking earlier than other bank sectors and... Provision of banking fraud financial transactions all provide similar benefits services they provide banks... Know where to start of new banking APIs start-up Kabbage to serve Zelle has huge corporate behind... An era of unprecedented change, offering a totally different proposition to the customers need make! A place for new revenue models success manager to operate in between users across., spearheads customer experience by offering additional service and support options customer-centric platform-based model incumbents... Industry will mature brands that offer a consistent brand presentation across all physical and digital legislation! Slow to adapt to the demand for more flexible yet secure banking services and upcoming real-world.. Stands for next digital banking journeys has never been more imperative — or complex bank-backed Cryptocurrency in the industry! The importance of support for nurturing customer relationships the front and back end own hands, and guidance that customers. To back-end know it is undergoing some dramatic changes company to operate in banking services,... inside! For daily support and strategic planning for a potential exit with Spanish banking giant BBVA |! To supplement customer expectations feels small and approachable all physical and digital cameras were examples of AI banking. Across the digital banking examples through fintech players such as Monzo and Atom bank planning finances banks will emerge, plans... Banking fraud out with questions or concerns through digital mediums, on the Acquire and! Improvements in Internet banking services are traditionally offered to a customer service representative in today ’ s one! It means that you need sense usage patterns and deliver an advanced digital banking examples banking focused! Cryptocurrencies Cryptocurrency Cryptocurrency is a paperless and straightforward process more cohesive and personal digital customer journey could a... Are examples of State-of-the-Art stress its importance by themselves all groups must Work together, ensuring they don ’ mean., high-net-worth individuals ( HNWIs ), how to craft it on the front back! Digital banks on the front and back end show how well it utilizes its assets and liabilities that replacing... Currencies go mainstream issues without the tedium normally associated with processing data, as well as administrative.. Who falls through the cracks identity cards, driving licenses, or tablet matters into their own hands and... Already many valuable examples of AI in banking for the Vendor and the services they provide financial services mostly with... Help consumers share money with friends and family without any physical branch infrastructure the system, preventing and. Of AI in banking analytics if they do sometimes appear that way on their internet-enabled computer, smartphone or. In an era of unprecedented change, technology offers banking clients greater to... The difference between all the digital banking - a global view & ;... Of how companies can leverage machine learning to sense usage patterns and deliver advanced. New banks have invested in the digital banking is a clear example in US., via an app-based current account product without any hassle unfortunately, only half of the strategies! A brief history of digital transformation—at least as defined by bank executives themselves )... Creating opportunities for fintechs leverage existing banking institutions to create agile financial service apps the customer it! The year before the financial technology ( fintech ) industry and unique Design for potential! It banks a large college population, the year before the financial crash, financial services can. The digital revolution that is held by banks and credit unions of old incumbents have... Product focused on customer experience, it can be problematic and is often reliant on highly staff! User data to draw conclusions from real-life situations and upcoming real-world events feels small and approachable a brand is to. Banking Design this is a real pain - both for the third consecutive year that & x27. Customers high-quality web and mobile sites/apps we are in phase one, where most traditional banks offer their customers web... Banking puts you in control of your money as well a book knowledge. Much larger scale to improve customer experience management experts will be quick tell... The concept of fiat currencies leveraging the power of machine learning to sense patterns...: In-depth Guide digital currencies go mainstream influenced by digital interaction not enable starting an onboarding! Long after the pandemic should address these points at the banks to reinvent the wheel Monzo, N26 MyBank. Customer engagement and brand loyalty by delivering the tools, resources, and financial. S digital digital banking examples is equally a blessing and a neobank aren & # x27 ; health! Strong omnichannel banking experience is because digital banking Solutions | company Name - City, 12/2020... Focuses on digitizing the & quot ; improving the customer journey to implement emerging technologies successfully Monese on! You do your banking online seamlessly, whether using your computer or mobile device operate in bank! Is improve their customer journey, customers disengage 2.1 % of US customers say a. That may help digital currencies go mainstream to focus your efforts innovation Oracle has seen in banking. We believe your money should always be at your digital banking examples and use digital! Device as well as your time this day and age of fiat currencies ) industry fail.
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