Dan Schulman CEO of PayPal on the social value of banking services

In this article, Dan Schulman speaks to McKinsey about the social benefits of fintech and of the importance of providing access to banking services to everyone.

There are two billion people in the world that live outside of our financial system. In the United States, there are over 70 million people who live outside the financial system. This is a global issue of immense proportions.

Even if the talk contains its fair share of corporate talk, it also gives some interesting stats about the cost of banking for the less fortunates. People “spend as much as 10% of their incomes on unnecessary fees and interest rates.” Or as much as they spend on food.