Financial inclusion
For part of my current responsibility, I'm honored to be entrusted to lead the team working on one of PayPal's highest priorities, as articulated by our CEO Dan Shulman. Since neither the product nor the announcement of the product has been made public, I cannot share any screens here. But I can talk generally about it.
Dan Shulman: We want to democratize financial services
PayPal CEO Dan Schulman
The CEO for PayPal, Dan Schulman, has laid out an inspiring vision for how PayPal will make the world better by making essential financial services obtainable by the underserved:
“Last year in the United States, people spent $138 billion on unnecessary fees and interest attached to moving and managing money. If our technology platform can help them save 50% of that—and provide incentives to save and invest more—we can help drive financial health and, we hope, enable consumers to realize their hopes and dreams. PayPal is already the world’s leading financial technology company. As we shift to being a customer champion, we’ll be able to drive even more shareholder value. There’s no disconnect at all between those things.”
See a full article at the Harvard Business Review.
PayPal is uniquely positioned to provide these essential services at a fraction of the cost.
Our financial systems don't serve most
- For the affluent:
Checking is free, credit is plentiful and cheap, and fees for dipping below an account balance minimum are seldom a concern - But for many, it’s expensive to be poor:
$60/year to maintain a checking account, $36/transaction for insufficient funds - 47% of Americans could not raise $400 in case of an emergency
- The simplest transaction – receiving a paycheck, paying bills or sending money to a loved one – can be distressingly inconvenient and disproportionately expensive
- With no other options, many are driven to use check cashing services which eat into already scarce income
PayPal can do better for the underserved
Later in 2017, we plan to release products and services to make the financial lives of these customers easier and less expensive. It is an inspiration and honor to be asked to lead the design team responsible for these products.