Dan Schulman: Financial Services Change

PayPal CEO Dan Schulman Money Quote saying digital remittance services and mobile technology are combining to democratize the finance industry to serve the less affluent better. PayPal CEO Dan Schulman said:
 

 

“There’s going to be more change in the financial services industry in the next 5 years than there’s been in the last 30” — Dan Schulman

Dan Schulman is predicting that the financial services industry will undergo rapid and significant changes over the next 5 years compared to the past 30 years. He’s suggesting that new technologies like mobile banking, cryptocurrencies, peer-to-peer payments and other digital innovations will revolutionize how consumers and businesses manage their money, make payments and access financial services.

This pace of change will be much faster than the more gradual evolution the industry experienced in previous decades. His view is that in just a few short years, the landscape of banking, lending and related businesses will be dramatically transformed by emerging digital disruptions.

Dan Schulman: Bank Branch in Hand

 
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

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.

Dan Schulman: Fintech Trends for Growth

 
Paypal CEO Daniel Schulman Money Quote saying every form of consumer financial activity is going digital and transforming all aspects of transactional commerce. Daniel Schulman said:
 

 

“Currencies of all kind are digitizing, checks are disappearing although 85% of the worlds transactions are still in cash, they’re increasingly digitizing. So you’ve got money in general digitizing and whether that be in the form of cards, digitized or actually currency itself will start to digitize as well” — Dan Schulman

Dan Schulman is quoted as saying that currencies of all kinds are becoming digital. He means that money is increasingly being used and transferred in digital forms rather than physical cash.

Schulman notes that while 85% of transactions globally are still done with cash, money is rapidly being digitized through things like debit and credit cards, digital payment apps, and cryptocurrencies.

His point is that all aspects of commerce involving the exchange of money are becoming transformed as currencies move from physical to digital formats.