“So that's roughly a 15 basis point headwind to NIM, all else equal, but the other effects are really what's going to drive the NIM over the longer term.”

In context

“m of card balances. Even though some of the factors you described will potentially impact card margin, it's much more about the card balances to the overall company NIM. The other is cash and securities, which you saw we had an investment portfolio at $100 billion at its peak, it was probably something like $15 billion higher than what is a more normal level and cash levels that were also really high. So you could see cash and securities coming down, which all else equal benefit NIM. And then finally, the rate effect that I just described. So really, those are the 3 things that we're primarily looking at and will ultimately have the biggest effect on NIM on a run rate basis. In terms of the next few months, the only thing that I know for sure is there's 2 fewer days in the first quarter. So that's roughly a 15 basis point headwind to NIM, all else equal, but the other effects are really what's going to drive the NIM over the longer term. John Hecht: That's great. I really appreciate that detail. I guess an unrelated follow-up is it seems like you guys have put out a lot of products over the past several quarters that may be targeting some of the fintechs and neobanks. I think you've canceled overdraft protection or moderated that. You've got early payment mechanisms. You've got direct auto type products. I guess the question is, are you able to quantify how that impacts your customer base? Do you get good cross-sell? Does it affect retention rates? Or generally speaking, how do these compete against these new banks that are trying to, I guess, disrupt the overall system? Richard Fairbank: Yes, John. Well, I love the focus that investors have on fintechs. And let's talk about the reasons for that. First of all, I think the”