Dan Schulman: Bank Branch in Hand
on Monday, February 13, 2017
Daniel Schulman Money Quote saying as CEO of Paypal that mobile phones make it possible to do all consumer bank transactions from anywhere using banking apps and finance tools online. Daniel Schulman said:
“You have all the power of a bank branch in the palm of your hand right now. So basic consumer financial transactions can be done quickly, you don’t need to stand in line” — Dan Schulman
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Dan Schulman is referring to the capabilities of modern mobile technology and digital financial services. He’s noting that with a smartphone, people now have access to many of the same basic banking services as a traditional brick-and-mortar bank branch.
Services like checking balances, transferring funds, paying bills can all be done instantly from anywhere through a mobile app without needing to physically visit a bank location. His point is that mobile banking allows convenient on-the-go access to simple financial transactions through your phone, eliminating the time spent standing in line at a physical bank teller or ATM.