[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.90,0:00:05.53,Default,,0000,0000,0000,,Corey Hajim: Today, our guest\Nis Dan Schulman, CEO of PayPal.
Dialogue: 0,0:00:05.56,0:00:09.31,Default,,0000,0000,0000,,When most of us think of PayPal,\Nwe think of buying something online
Dialogue: 0,0:00:09.33,0:00:12.70,Default,,0000,0000,0000,,or paying a friend back\Nfor a drink using Venmo.
Dialogue: 0,0:00:12.72,0:00:17.28,Default,,0000,0000,0000,,But PayPal has also become\Na major financial services player,
Dialogue: 0,0:00:17.31,0:00:20.80,Default,,0000,0000,0000,,often acting as an alternative\Nto a traditional bank.
Dialogue: 0,0:00:21.48,0:00:23.02,Default,,0000,0000,0000,,During this pandemic,
Dialogue: 0,0:00:23.04,0:00:28.10,Default,,0000,0000,0000,,PayPal has supported small businesses\Naround the world by providing loans,
Dialogue: 0,0:00:28.12,0:00:29.44,Default,,0000,0000,0000,,waiving fees
Dialogue: 0,0:00:29.46,0:00:32.23,Default,,0000,0000,0000,,and increasing cash back programs.
Dialogue: 0,0:00:32.26,0:00:34.26,Default,,0000,0000,0000,,It has also worked with the US government
Dialogue: 0,0:00:34.28,0:00:36.80,Default,,0000,0000,0000,,on its Paycheck Protection Program,
Dialogue: 0,0:00:36.82,0:00:40.17,Default,,0000,0000,0000,,as well as distributing stimulus checks.
Dialogue: 0,0:00:40.20,0:00:44.82,Default,,0000,0000,0000,,It has enabled an outpouring\Nof generosity online as well.
Dialogue: 0,0:00:45.78,0:00:47.87,Default,,0000,0000,0000,,The trend towards digital payments,
Dialogue: 0,0:00:47.89,0:00:51.45,Default,,0000,0000,0000,,or what we might now want\Nto think of as "contactless payments,"
Dialogue: 0,0:00:51.48,0:00:53.82,Default,,0000,0000,0000,,has massively accelerated,
Dialogue: 0,0:00:53.84,0:00:56.90,Default,,0000,0000,0000,,and it's changing forever\Nhow we think about commerce.
Dialogue: 0,0:00:56.92,0:00:59.68,Default,,0000,0000,0000,,So I'm really excited\Nto have Dan here with us.
Dialogue: 0,0:00:59.70,0:01:01.42,Default,,0000,0000,0000,,Thank you so much, Dan.
Dialogue: 0,0:01:03.05,0:01:06.58,Default,,0000,0000,0000,,Dan Schulman: Thanks for having me, Corey.\NPleasure to be here with you.
Dialogue: 0,0:01:06.96,0:01:09.05,Default,,0000,0000,0000,,CH: Glad to see you.
Dialogue: 0,0:01:09.68,0:01:12.33,Default,,0000,0000,0000,,So let's dive right in.
Dialogue: 0,0:01:12.35,0:01:15.99,Default,,0000,0000,0000,,Within a few months\Nof this pandemic's arrival,
Dialogue: 0,0:01:16.01,0:01:18.90,Default,,0000,0000,0000,,more than 30 million people\Nhave filed for unemployment
Dialogue: 0,0:01:18.92,0:01:21.15,Default,,0000,0000,0000,,in the United States alone.
Dialogue: 0,0:01:21.17,0:01:23.88,Default,,0000,0000,0000,,These are certainly unusual circumstances,
Dialogue: 0,0:01:23.90,0:01:27.65,Default,,0000,0000,0000,,but it seems clear we were running\Nvery close to the edge,
Dialogue: 0,0:01:27.67,0:01:30.24,Default,,0000,0000,0000,,and now so many businesses\Nand their employees
Dialogue: 0,0:01:30.27,0:01:33.55,Default,,0000,0000,0000,,are facing huge financial challenges.
Dialogue: 0,0:01:33.58,0:01:35.11,Default,,0000,0000,0000,,How worried are you?
Dialogue: 0,0:01:36.82,0:01:42.20,Default,,0000,0000,0000,,DS: Well, I think the crisis\Nhas exposed three things.
Dialogue: 0,0:01:42.22,0:01:44.97,Default,,0000,0000,0000,,Obviously, it's a health crisis
Dialogue: 0,0:01:44.100,0:01:46.100,Default,,0000,0000,0000,,for so many people.
Dialogue: 0,0:01:47.50,0:01:51.04,Default,,0000,0000,0000,,Second thing is,\Nthat health crisis has ricocheted,
Dialogue: 0,0:01:51.06,0:01:56.09,Default,,0000,0000,0000,,and the world is now\Nin an economic crisis.
Dialogue: 0,0:01:56.11,0:01:58.71,Default,,0000,0000,0000,,And the third crisis\Nthat we don't talk so much about
Dialogue: 0,0:01:58.74,0:02:00.81,Default,,0000,0000,0000,,but I think is impacting the way
Dialogue: 0,0:02:00.83,0:02:04.14,Default,,0000,0000,0000,,that we're going to live\Nour lives going forward
Dialogue: 0,0:02:04.16,0:02:07.72,Default,,0000,0000,0000,,is: this is a psychological\Ncrisis as well.
Dialogue: 0,0:02:08.39,0:02:12.85,Default,,0000,0000,0000,,People are reexamining\Ntheir place in the world,
Dialogue: 0,0:02:12.88,0:02:14.63,Default,,0000,0000,0000,,what's happening in the world,
Dialogue: 0,0:02:14.66,0:02:17.24,Default,,0000,0000,0000,,how they're going to live their lives,
Dialogue: 0,0:02:17.26,0:02:20.00,Default,,0000,0000,0000,,both in the pandemic and postpandemic.
Dialogue: 0,0:02:20.02,0:02:25.26,Default,,0000,0000,0000,,And so I think this is something\Nthat each of those phases
Dialogue: 0,0:02:25.28,0:02:27.75,Default,,0000,0000,0000,,will need to be dealt with.
Dialogue: 0,0:02:28.36,0:02:29.65,Default,,0000,0000,0000,,But you said this,
Dialogue: 0,0:02:29.68,0:02:32.22,Default,,0000,0000,0000,,and I completely agree with you:
Dialogue: 0,0:02:32.24,0:02:36.13,Default,,0000,0000,0000,,there was an economic crisis happening
Dialogue: 0,0:02:36.15,0:02:39.44,Default,,0000,0000,0000,,well before the pandemic exposed this.
Dialogue: 0,0:02:39.46,0:02:42.27,Default,,0000,0000,0000,,It's kind of like\Nthe water level came down
Dialogue: 0,0:02:42.29,0:02:45.65,Default,,0000,0000,0000,,and exposed what was already there.
Dialogue: 0,0:02:45.67,0:02:49.13,Default,,0000,0000,0000,,You had, for instance, in the US,
Dialogue: 0,0:02:49.15,0:02:54.05,Default,,0000,0000,0000,,185 million adults in the US
Dialogue: 0,0:02:54.08,0:02:58.11,Default,,0000,0000,0000,,struggling to make ends meet\Nat the end of the month.
Dialogue: 0,0:02:58.13,0:03:03.90,Default,,0000,0000,0000,,You have over 70 million adults that are\Nreally outside of the financial system,
Dialogue: 0,0:03:03.92,0:03:09.77,Default,,0000,0000,0000,,spending over 140 billion dollars\Non high interest rates,
Dialogue: 0,0:03:09.80,0:03:12.09,Default,,0000,0000,0000,,unnecessary fees
Dialogue: 0,0:03:12.11,0:03:13.57,Default,,0000,0000,0000,,and struggling as well.
Dialogue: 0,0:03:13.60,0:03:18.60,Default,,0000,0000,0000,,And so I think\Nwhat this has really done --
Dialogue: 0,0:03:18.62,0:03:22.98,Default,,0000,0000,0000,,because you can't ignore 20,\N25 percent unemployment rates --
Dialogue: 0,0:03:23.00,0:03:25.40,Default,,0000,0000,0000,,it's exposed this crisis
Dialogue: 0,0:03:25.42,0:03:30.89,Default,,0000,0000,0000,,and forced a lot of people into, maybe,\Nactions that they might not have taken
Dialogue: 0,0:03:30.92,0:03:32.74,Default,,0000,0000,0000,,without this crisis happening.
Dialogue: 0,0:03:34.51,0:03:36.04,Default,,0000,0000,0000,,CH: Yeah, I think that's right.
Dialogue: 0,0:03:36.06,0:03:38.71,Default,,0000,0000,0000,,There are so many challenges\Nand so many opportunities,
Dialogue: 0,0:03:38.73,0:03:43.42,Default,,0000,0000,0000,,and I think you've spoken\Nof this opportunity
Dialogue: 0,0:03:43.45,0:03:47.33,Default,,0000,0000,0000,,of digital transactions\Nbeing helpful to people,
Dialogue: 0,0:03:47.36,0:03:50.36,Default,,0000,0000,0000,,and obviously the trend, as you've said,
Dialogue: 0,0:03:50.38,0:03:55.15,Default,,0000,0000,0000,,has massively accelerated and pushed us\Ninto this world even further.
Dialogue: 0,0:03:55.17,0:03:56.90,Default,,0000,0000,0000,,So I'm curious:
Dialogue: 0,0:03:56.92,0:04:00.21,Default,,0000,0000,0000,,What does the world\Nlook like without cash?
Dialogue: 0,0:04:00.24,0:04:01.41,Default,,0000,0000,0000,,Or less cash?
Dialogue: 0,0:04:01.43,0:04:03.89,Default,,0000,0000,0000,,What are the advantages\Nand what are the challenges
Dialogue: 0,0:04:03.91,0:04:05.62,Default,,0000,0000,0000,,of making that transition?
Dialogue: 0,0:04:06.89,0:04:12.12,Default,,0000,0000,0000,,DS: I think some of the trends that are\Nemerging coming out of this pandemic
Dialogue: 0,0:04:12.14,0:04:15.70,Default,,0000,0000,0000,,or coming into it\Nand as we look forward is,
Dialogue: 0,0:04:15.72,0:04:22.66,Default,,0000,0000,0000,,clearly, this has been a discontinuous\Nchange in the trend line
Dialogue: 0,0:04:22.68,0:04:25.88,Default,,0000,0000,0000,,as we move from physical to digital.
Dialogue: 0,0:04:25.91,0:04:32.44,Default,,0000,0000,0000,,I think we've accelerated\Nmany forms of digital capabilities
Dialogue: 0,0:04:32.46,0:04:34.96,Default,,0000,0000,0000,,by three to five years.
Dialogue: 0,0:04:34.98,0:04:38.81,Default,,0000,0000,0000,,And that can be from digital payments
Dialogue: 0,0:04:38.84,0:04:41.64,Default,,0000,0000,0000,,to telemedicine
Dialogue: 0,0:04:41.66,0:04:46.37,Default,,0000,0000,0000,,to really changing the face of retail
Dialogue: 0,0:04:46.40,0:04:48.54,Default,,0000,0000,0000,,and how we think about retailing,
Dialogue: 0,0:04:48.56,0:04:52.20,Default,,0000,0000,0000,,changing the face of entertainment,
Dialogue: 0,0:04:52.23,0:04:57.16,Default,,0000,0000,0000,,even changing the way governments\Nthink about managing and moving money
Dialogue: 0,0:04:57.18,0:05:01.26,Default,,0000,0000,0000,,and really thinking about\Ndigital currencies going forward.
Dialogue: 0,0:05:01.29,0:05:05.92,Default,,0000,0000,0000,,And so I think there are\Na tremendous number of changes
Dialogue: 0,0:05:05.94,0:05:07.52,Default,,0000,0000,0000,,that will occur
Dialogue: 0,0:05:07.54,0:05:10.38,Default,,0000,0000,0000,,during this pandemic and coming out of it.
Dialogue: 0,0:05:10.40,0:05:13.60,Default,,0000,0000,0000,,Digital payments is obviously\None of the big ones that will happen.
Dialogue: 0,0:05:13.63,0:05:16.92,Default,,0000,0000,0000,,I mean, cash has been around\Nfor quite some time,
Dialogue: 0,0:05:16.95,0:05:19.06,Default,,0000,0000,0000,,thousands of years.
Dialogue: 0,0:05:19.08,0:05:23.31,Default,,0000,0000,0000,,I would not be so bold\Nas to predict its full demise.
Dialogue: 0,0:05:23.33,0:05:26.65,Default,,0000,0000,0000,,Many people have been wrong doing that.
Dialogue: 0,0:05:26.68,0:05:30.01,Default,,0000,0000,0000,,But there is no question right now
Dialogue: 0,0:05:30.03,0:05:34.31,Default,,0000,0000,0000,,that you will see an acceleration\Nof the demise of cash.
Dialogue: 0,0:05:34.33,0:05:38.61,Default,,0000,0000,0000,,Last year, you had\Nover 18 trillion dollars of cash
Dialogue: 0,0:05:38.63,0:05:40.59,Default,,0000,0000,0000,,spent at retail.
Dialogue: 0,0:05:40.61,0:05:43.66,Default,,0000,0000,0000,,Eighty-five percent\Nof the world's transactions today
Dialogue: 0,0:05:43.69,0:05:45.89,Default,,0000,0000,0000,,are done in cash still.
Dialogue: 0,0:05:46.45,0:05:50.59,Default,,0000,0000,0000,,But the really big change right now
Dialogue: 0,0:05:50.61,0:05:52.28,Default,,0000,0000,0000,,towards digital payments,
Dialogue: 0,0:05:52.31,0:05:57.89,Default,,0000,0000,0000,,and that's both the advent\Nand the acceleration of commerce
Dialogue: 0,0:05:57.91,0:05:59.08,Default,,0000,0000,0000,,that's happening,
Dialogue: 0,0:05:59.10,0:06:04.36,Default,,0000,0000,0000,,as well as the shift to in-store\Ncontactless payments, as you said,
Dialogue: 0,0:06:04.39,0:06:09.47,Default,,0000,0000,0000,,and the real impetus for that\Nis health reasons.
Dialogue: 0,0:06:09.49,0:06:11.98,Default,,0000,0000,0000,,People do not want to hand over money.
Dialogue: 0,0:06:12.00,0:06:14.83,Default,,0000,0000,0000,,They do not want to touch screens.
Dialogue: 0,0:06:14.85,0:06:18.32,Default,,0000,0000,0000,,They don't want to pick up a pen\Nand sign at the point of sale.
Dialogue: 0,0:06:18.35,0:06:22.50,Default,,0000,0000,0000,,And so there is a demand
Dialogue: 0,0:06:22.53,0:06:25.90,Default,,0000,0000,0000,,for contactless payments\Nand digital payments
Dialogue: 0,0:06:25.92,0:06:30.50,Default,,0000,0000,0000,,to keep social distancing\Nrequirements in place,
Dialogue: 0,0:06:30.53,0:06:32.92,Default,,0000,0000,0000,,to protect the health of cashiers,
Dialogue: 0,0:06:32.95,0:06:35.69,Default,,0000,0000,0000,,to protect the health of consumers.
Dialogue: 0,0:06:35.71,0:06:42.39,Default,,0000,0000,0000,,And I think we are going to see,\Nwe are already seeing in our business,
Dialogue: 0,0:06:42.41,0:06:46.36,Default,,0000,0000,0000,,a surge in digital payments\Nacross the world.
Dialogue: 0,0:06:47.96,0:06:49.100,Default,,0000,0000,0000,,CH: It seems like a great opportunity,
Dialogue: 0,0:06:50.02,0:06:54.05,Default,,0000,0000,0000,,but how do we make sure\Nthat this transition is inclusive?
Dialogue: 0,0:06:54.07,0:06:57.86,Default,,0000,0000,0000,,I mean, you've talked about\Nhow so many people are underserved
Dialogue: 0,0:06:57.89,0:07:00.58,Default,,0000,0000,0000,,by the traditional banking industry.
Dialogue: 0,0:07:00.61,0:07:03.22,Default,,0000,0000,0000,,How do we make sure that those people
Dialogue: 0,0:07:03.24,0:07:05.01,Default,,0000,0000,0000,,have that opportunity?
Dialogue: 0,0:07:05.03,0:07:06.95,Default,,0000,0000,0000,,And it feels like a smartphone
Dialogue: 0,0:07:06.98,0:07:09.19,Default,,0000,0000,0000,,becomes an essential item.
Dialogue: 0,0:07:09.21,0:07:11.19,Default,,0000,0000,0000,,How do we address that?
Dialogue: 0,0:07:12.16,0:07:13.48,Default,,0000,0000,0000,,DS: Yeah.
Dialogue: 0,0:07:13.50,0:07:20.38,Default,,0000,0000,0000,,I do think that a mobile\Nis really a key to unlocking this.
Dialogue: 0,0:07:20.80,0:07:23.73,Default,,0000,0000,0000,,I've often said that, really,
Dialogue: 0,0:07:23.76,0:07:28.57,Default,,0000,0000,0000,,one of the big moon shots\Nfor the financial services industry
Dialogue: 0,0:07:28.59,0:07:31.72,Default,,0000,0000,0000,,is this idea of not just\Nfinancial inclusion.
Dialogue: 0,0:07:31.74,0:07:34.28,Default,,0000,0000,0000,,Most people define financial inclusion
Dialogue: 0,0:07:34.31,0:07:37.78,Default,,0000,0000,0000,,by somebody having\Naccess to a bank account,
Dialogue: 0,0:07:37.80,0:07:41.17,Default,,0000,0000,0000,,but just having access to a bank account\Nis not nearly enough.
Dialogue: 0,0:07:41.19,0:07:43.81,Default,,0000,0000,0000,,I think what we need to aim for
Dialogue: 0,0:07:43.83,0:07:46.40,Default,,0000,0000,0000,,is how do we think about financial health?
Dialogue: 0,0:07:46.43,0:07:49.58,Default,,0000,0000,0000,,How do we make sure\Nthat people have the ability
Dialogue: 0,0:07:49.61,0:07:52.83,Default,,0000,0000,0000,,to have some wherewithal
Dialogue: 0,0:07:52.86,0:07:59.62,Default,,0000,0000,0000,,to create savings to withstand some kind\Nof financial shock to the system?
Dialogue: 0,0:07:59.64,0:08:03.14,Default,,0000,0000,0000,,I do think that mobile phones
Dialogue: 0,0:08:03.16,0:08:06.19,Default,,0000,0000,0000,,will be the way that this occurs
Dialogue: 0,0:08:06.21,0:08:09.16,Default,,0000,0000,0000,,and will be very inclusive going forward.
Dialogue: 0,0:08:09.19,0:08:14.75,Default,,0000,0000,0000,,There are going to be something like\Nsix billion smartphones in the world
Dialogue: 0,0:08:14.78,0:08:16.77,Default,,0000,0000,0000,,over the next several years.
Dialogue: 0,0:08:16.80,0:08:19.96,Default,,0000,0000,0000,,The cost of a smartphone is plummeting.
Dialogue: 0,0:08:19.98,0:08:24.68,Default,,0000,0000,0000,,I think in India now you can buy\Na smartphone for under 25 dollars.
Dialogue: 0,0:08:24.71,0:08:29.53,Default,,0000,0000,0000,,So you're going to have ubiquity\Nof smartphones across the world,
Dialogue: 0,0:08:29.55,0:08:34.47,Default,,0000,0000,0000,,and, in fact, what's very interesting\Nis, in lower-income populations,
Dialogue: 0,0:08:34.49,0:08:39.98,Default,,0000,0000,0000,,there is a greater penetration\Nof smartphones than in higher income
Dialogue: 0,0:08:39.100,0:08:44.74,Default,,0000,0000,0000,,because the smartphone\Nis the only device that somebody has.
Dialogue: 0,0:08:44.76,0:08:50.27,Default,,0000,0000,0000,,Higher-income individuals\Nmay have desktops or iPads,
Dialogue: 0,0:08:50.29,0:08:51.47,Default,,0000,0000,0000,,that kind of thing,
Dialogue: 0,0:08:51.49,0:08:53.78,Default,,0000,0000,0000,,but lower income can afford one device,
Dialogue: 0,0:08:53.80,0:08:55.66,Default,,0000,0000,0000,,and they choose it to be a smartphone
Dialogue: 0,0:08:55.68,0:08:59.92,Default,,0000,0000,0000,,because they can get and live their life\Nthrough that one device.
Dialogue: 0,0:08:59.95,0:09:02.08,Default,,0000,0000,0000,,And think about that one device.
Dialogue: 0,0:09:02.11,0:09:06.41,Default,,0000,0000,0000,,Really, you have all the power\Nof a bank branch
Dialogue: 0,0:09:06.43,0:09:08.32,Default,,0000,0000,0000,,in the palm of your hands.
Dialogue: 0,0:09:08.34,0:09:14.49,Default,,0000,0000,0000,,And when you can start\Nto create distribution of services,
Dialogue: 0,0:09:14.52,0:09:15.99,Default,,0000,0000,0000,,financial services,
Dialogue: 0,0:09:16.02,0:09:18.04,Default,,0000,0000,0000,,through a smartphone,
Dialogue: 0,0:09:18.07,0:09:21.87,Default,,0000,0000,0000,,you then are able\Nto manage and move money
Dialogue: 0,0:09:21.89,0:09:25.26,Default,,0000,0000,0000,,in ways that we couldn't do traditionally.
Dialogue: 0,0:09:26.12,0:09:28.03,Default,,0000,0000,0000,,In the physical world,
Dialogue: 0,0:09:28.06,0:09:29.26,Default,,0000,0000,0000,,if you get a check,
Dialogue: 0,0:09:29.28,0:09:33.15,Default,,0000,0000,0000,,you need to then go\Nto a cash checking place to cash it.
Dialogue: 0,0:09:33.17,0:09:36.02,Default,,0000,0000,0000,,You stand in line for 30 minutes.
Dialogue: 0,0:09:36.04,0:09:39.56,Default,,0000,0000,0000,,They then charge you anywhere\Nbetween two and five percent
Dialogue: 0,0:09:39.58,0:09:43.74,Default,,0000,0000,0000,,to just change the format of currency
Dialogue: 0,0:09:43.77,0:09:45.56,Default,,0000,0000,0000,,from a check to cash.
Dialogue: 0,0:09:45.59,0:09:47.93,Default,,0000,0000,0000,,And then you have cash\Nand you want to pay a bill.
Dialogue: 0,0:09:47.95,0:09:49.89,Default,,0000,0000,0000,,You need to stand in line again
Dialogue: 0,0:09:49.91,0:09:51.17,Default,,0000,0000,0000,,at a bill pay,
Dialogue: 0,0:09:51.20,0:09:54.08,Default,,0000,0000,0000,,and then you have to pay maybe 10 dollars
Dialogue: 0,0:09:54.10,0:09:57.44,Default,,0000,0000,0000,,for an individual bill as a fee.
Dialogue: 0,0:09:57.47,0:10:00.34,Default,,0000,0000,0000,,If you do that via a smartphone,
Dialogue: 0,0:10:00.36,0:10:04.07,Default,,0000,0000,0000,,I believe that not only do you save\Na tremendous amount of time,
Dialogue: 0,0:10:04.10,0:10:06.34,Default,,0000,0000,0000,,because if you're outside\Nthe financial system,
Dialogue: 0,0:10:06.37,0:10:10.34,Default,,0000,0000,0000,,managing and moving money\Nis practically a part-time job
Dialogue: 0,0:10:10.36,0:10:11.59,Default,,0000,0000,0000,,to go and do that,
Dialogue: 0,0:10:11.61,0:10:15.26,Default,,0000,0000,0000,,so not only do you save time\Nand return time to individuals,
Dialogue: 0,0:10:15.28,0:10:18.83,Default,,0000,0000,0000,,but you can cut the cost of transactions
Dialogue: 0,0:10:18.85,0:10:22.66,Default,,0000,0000,0000,,by anywhere between 50 and 75 percent.
Dialogue: 0,0:10:22.69,0:10:26.63,Default,,0000,0000,0000,,And remember that $140 billion\Nnumber that I gave you?
Dialogue: 0,0:10:26.65,0:10:29.21,Default,,0000,0000,0000,,And that's just in the US.
Dialogue: 0,0:10:29.24,0:10:32.06,Default,,0000,0000,0000,,Imagine if you could cut that in half
Dialogue: 0,0:10:32.08,0:10:36.49,Default,,0000,0000,0000,,and return that to the most\Nvulnerable populations
Dialogue: 0,0:10:36.52,0:10:38.23,Default,,0000,0000,0000,,that need it most.
Dialogue: 0,0:10:38.25,0:10:41.40,Default,,0000,0000,0000,,So I think there's tremendous promise
Dialogue: 0,0:10:41.43,0:10:43.50,Default,,0000,0000,0000,,in the use of technology
Dialogue: 0,0:10:43.52,0:10:45.81,Default,,0000,0000,0000,,to help provide both inclusion
Dialogue: 0,0:10:45.83,0:10:49.34,Default,,0000,0000,0000,,and make sure there aren't\Ndigital haves and have-nots,
Dialogue: 0,0:10:49.37,0:10:52.61,Default,,0000,0000,0000,,but also to start on this journey\Ntowards financial health.
Dialogue: 0,0:10:54.20,0:10:56.43,Default,,0000,0000,0000,,CH: Yeah, I think a lot\Nof people don't realize
Dialogue: 0,0:10:56.45,0:10:59.32,Default,,0000,0000,0000,,that you don't need a bank\Naccount or even a credit card
Dialogue: 0,0:10:59.35,0:11:02.88,Default,,0000,0000,0000,,to open a PayPal account,
Dialogue: 0,0:11:02.90,0:11:05.48,Default,,0000,0000,0000,,which is super-interesting.
Dialogue: 0,0:11:05.50,0:11:08.84,Default,,0000,0000,0000,,I mean, do you see a time\Nwhere traditional banks don't exist
Dialogue: 0,0:11:08.86,0:11:13.85,Default,,0000,0000,0000,,or at least play a much smaller role\Nin the financial services industry?
Dialogue: 0,0:11:14.39,0:11:17.40,Default,,0000,0000,0000,,DS: Well, I think the entire\Nfinancial services industry
Dialogue: 0,0:11:17.42,0:11:20.31,Default,,0000,0000,0000,,is evolving right now,
Dialogue: 0,0:11:20.33,0:11:24.85,Default,,0000,0000,0000,,and so I think banks\Nwill always play a role,
Dialogue: 0,0:11:24.87,0:11:29.29,Default,,0000,0000,0000,,or as far into the future as I can see,
Dialogue: 0,0:11:29.32,0:11:30.60,Default,,0000,0000,0000,,but it will evolve.
Dialogue: 0,0:11:30.63,0:11:35.17,Default,,0000,0000,0000,,I mean, think about basic credit cards.
Dialogue: 0,0:11:35.20,0:11:37.21,Default,,0000,0000,0000,,Today, you think about a credit card,
Dialogue: 0,0:11:37.23,0:11:40.52,Default,,0000,0000,0000,,and you think about it\Npredominantly as a form factor,
Dialogue: 0,0:11:40.54,0:11:42.55,Default,,0000,0000,0000,,something that you pull\Nout of your pocket.
Dialogue: 0,0:11:42.58,0:11:47.42,Default,,0000,0000,0000,,Sometimes there's status associated with\Nwhat you're pulling out of your pocket,
Dialogue: 0,0:11:47.44,0:11:51.63,Default,,0000,0000,0000,,depending on the color\Nof that credit card.
Dialogue: 0,0:11:51.65,0:11:55.60,Default,,0000,0000,0000,,But really I think those\Nform factors start to go away
Dialogue: 0,0:11:55.62,0:11:58.79,Default,,0000,0000,0000,,and become embedded in digital wallets.
Dialogue: 0,0:11:58.82,0:12:02.55,Default,,0000,0000,0000,,So credit will always\Nbe an important element.
Dialogue: 0,0:12:02.58,0:12:04.64,Default,,0000,0000,0000,,You know, most people in the world,
Dialogue: 0,0:12:04.66,0:12:11.39,Default,,0000,0000,0000,,it isn't that their cash outlays\Nexceed their cash intake.
Dialogue: 0,0:12:11.41,0:12:14.80,Default,,0000,0000,0000,,It's just that they're not\Nevenly distributed.
Dialogue: 0,0:12:14.83,0:12:19.06,Default,,0000,0000,0000,,So there are times where your\Ncash outflows exceed your cash intake,
Dialogue: 0,0:12:19.08,0:12:24.21,Default,,0000,0000,0000,,and there, you need some form of credit\Nto make up that difference.
Dialogue: 0,0:12:24.23,0:12:30.40,Default,,0000,0000,0000,,And so I think forms of credit\Nwill always be an important element.
Dialogue: 0,0:12:30.43,0:12:35.51,Default,,0000,0000,0000,,But the way that you extend credit\Nwill change going forward,
Dialogue: 0,0:12:35.53,0:12:38.58,Default,,0000,0000,0000,,the way that you think\Nabout scoring people
Dialogue: 0,0:12:38.60,0:12:41.68,Default,,0000,0000,0000,,in terms of can they handle credit.
Dialogue: 0,0:12:41.71,0:12:45.53,Default,,0000,0000,0000,,You know, traditionally,\Nin more developed countries,
Dialogue: 0,0:12:45.56,0:12:49.93,Default,,0000,0000,0000,,you use what's called\NFICO scores or bureau scores,
Dialogue: 0,0:12:49.95,0:12:54.35,Default,,0000,0000,0000,,but those ignore so many\Nof the financial transactions
Dialogue: 0,0:12:54.37,0:12:57.18,Default,,0000,0000,0000,,that people who are outside\Nthe financial system do,
Dialogue: 0,0:12:57.21,0:13:00.63,Default,,0000,0000,0000,,like paying rent\Nor paying their bills on time.
Dialogue: 0,0:13:00.66,0:13:06.84,Default,,0000,0000,0000,,And with the data and information\Nand machine learning around that --
Dialogue: 0,0:13:06.86,0:13:09.25,Default,,0000,0000,0000,,and we need to be careful\Nthat there aren't biases
Dialogue: 0,0:13:09.28,0:13:12.02,Default,,0000,0000,0000,,built into those algorithms --
Dialogue: 0,0:13:12.04,0:13:15.54,Default,,0000,0000,0000,,we can start to do things\Nthat could never be done before.
Dialogue: 0,0:13:15.56,0:13:18.12,Default,,0000,0000,0000,,I'll just give you one quick example.
Dialogue: 0,0:13:18.14,0:13:23.09,Default,,0000,0000,0000,,We're one of the largest providers\Nof working capital to small businesses
Dialogue: 0,0:13:23.12,0:13:24.66,Default,,0000,0000,0000,,in the world.
Dialogue: 0,0:13:24.68,0:13:28.31,Default,,0000,0000,0000,,We're probably one of the top five\Nin the United States.
Dialogue: 0,0:13:28.33,0:13:32.17,Default,,0000,0000,0000,,So we've done over 14, 15 billion dollars
Dialogue: 0,0:13:32.19,0:13:35.16,Default,,0000,0000,0000,,of lending of working capital\Nto small businesses.
Dialogue: 0,0:13:35.55,0:13:40.48,Default,,0000,0000,0000,,Seventy percent of that\Ngoes to the 30 percent of counties
Dialogue: 0,0:13:40.51,0:13:44.63,Default,,0000,0000,0000,,where 10 or more banks\Nhave closed branches.
Dialogue: 0,0:13:44.65,0:13:46.51,Default,,0000,0000,0000,,And where do banks close branches?
Dialogue: 0,0:13:46.54,0:13:49.38,Default,,0000,0000,0000,,Banks close branches in neighborhoods
Dialogue: 0,0:13:49.41,0:13:52.87,Default,,0000,0000,0000,,where the median income\Nis below the national average,
Dialogue: 0,0:13:52.90,0:13:56.46,Default,,0000,0000,0000,,which makes sense because\Nfor a branch to be profitable,
Dialogue: 0,0:13:56.48,0:13:59.15,Default,,0000,0000,0000,,they need a certain amount of deposits
Dialogue: 0,0:13:59.18,0:14:01.23,Default,,0000,0000,0000,,for that branch to actually be profitable.
Dialogue: 0,0:14:01.25,0:14:03.90,Default,,0000,0000,0000,,And so, in lower income neighborhoods,
Dialogue: 0,0:14:03.92,0:14:06.06,Default,,0000,0000,0000,,branches are starting to close.
Dialogue: 0,0:14:06.63,0:14:10.47,Default,,0000,0000,0000,,So why are 70 percent of our loans\Nin those lower income neighborhoods?
Dialogue: 0,0:14:10.49,0:14:12.28,Default,,0000,0000,0000,,It's because we do machine learning.
Dialogue: 0,0:14:12.30,0:14:15.99,Default,,0000,0000,0000,,We don't even look at FICO scores\Nor bureau scores.
Dialogue: 0,0:14:16.01,0:14:19.27,Default,,0000,0000,0000,,We look at a number\Nof different data elements.
Dialogue: 0,0:14:19.29,0:14:23.23,Default,,0000,0000,0000,,And so we can lend into\Nthose lower income neighborhoods
Dialogue: 0,0:14:23.25,0:14:25.14,Default,,0000,0000,0000,,where nobody else can,
Dialogue: 0,0:14:25.16,0:14:27.12,Default,,0000,0000,0000,,and when we do that,
Dialogue: 0,0:14:27.14,0:14:32.96,Default,,0000,0000,0000,,the average sale of a small business\Ngoes up by 22 percent.
Dialogue: 0,0:14:32.98,0:14:37.05,Default,,0000,0000,0000,,And imagine the impact that has\Non communities and neighborhoods
Dialogue: 0,0:14:37.08,0:14:39.73,Default,,0000,0000,0000,,where they can finally get\Nthe working capital
Dialogue: 0,0:14:39.75,0:14:41.73,Default,,0000,0000,0000,,to expand those small businesses.
Dialogue: 0,0:14:41.76,0:14:43.86,Default,,0000,0000,0000,,And I think that's a perfect example
Dialogue: 0,0:14:43.88,0:14:47.76,Default,,0000,0000,0000,,of the promise of what technology\Nand financial services
Dialogue: 0,0:14:47.79,0:14:49.50,Default,,0000,0000,0000,,married together can do.
Dialogue: 0,0:14:51.40,0:14:53.63,Default,,0000,0000,0000,,CH: I think it's so interesting.
Dialogue: 0,0:14:53.65,0:14:55.11,Default,,0000,0000,0000,,I'm curious.
Dialogue: 0,0:14:55.14,0:15:01.41,Default,,0000,0000,0000,,The tech industry has been criticized\Nfor amassing power over society,
Dialogue: 0,0:15:01.44,0:15:04.68,Default,,0000,0000,0000,,not that the banking industry\Nisn't criticized.
Dialogue: 0,0:15:04.70,0:15:09.15,Default,,0000,0000,0000,,But what do you say about people\Nwho might be worried about
Dialogue: 0,0:15:09.17,0:15:12.78,Default,,0000,0000,0000,,tech companies taking on\Neven more influence and control
Dialogue: 0,0:15:12.80,0:15:14.77,Default,,0000,0000,0000,,over what's happening in their lives?
Dialogue: 0,0:15:15.36,0:15:16.94,Default,,0000,0000,0000,,DS: Yeah.
Dialogue: 0,0:15:16.97,0:15:23.92,Default,,0000,0000,0000,,Well, I think what's so important\Nfor any company and tech companies
Dialogue: 0,0:15:23.94,0:15:29.70,Default,,0000,0000,0000,,is to respect the boundaries
Dialogue: 0,0:15:29.72,0:15:33.68,Default,,0000,0000,0000,,in terms of what consumers expect\Nfrom a company that serves them.
Dialogue: 0,0:15:34.50,0:15:41.37,Default,,0000,0000,0000,,I think the most important brand attribute\Nthat a company can have is trust,
Dialogue: 0,0:15:41.39,0:15:45.26,Default,,0000,0000,0000,,and trust comes from the understanding
Dialogue: 0,0:15:45.28,0:15:49.22,Default,,0000,0000,0000,,that a company respects your privacy
Dialogue: 0,0:15:49.24,0:15:53.92,Default,,0000,0000,0000,,and will not sell\Nyour data or information,
Dialogue: 0,0:15:53.95,0:15:59.86,Default,,0000,0000,0000,,that it can perform transactions\Nin a secure manner
Dialogue: 0,0:15:59.89,0:16:03.88,Default,,0000,0000,0000,,so that your transactions are protected.
Dialogue: 0,0:16:03.90,0:16:07.65,Default,,0000,0000,0000,,And I think those\Nare kind of foundational,
Dialogue: 0,0:16:07.68,0:16:11.91,Default,,0000,0000,0000,,and I think any company\Nneeds to respect that.
Dialogue: 0,0:16:11.94,0:16:16.40,Default,,0000,0000,0000,,They need to assure that consumers
Dialogue: 0,0:16:16.42,0:16:20.14,Default,,0000,0000,0000,,have the privacy that they desire
Dialogue: 0,0:16:20.16,0:16:23.57,Default,,0000,0000,0000,,and the safety and security\Nthat is required
Dialogue: 0,0:16:23.60,0:16:25.26,Default,,0000,0000,0000,,to serve them the right way.
Dialogue: 0,0:16:26.81,0:16:31.95,Default,,0000,0000,0000,,CH: And obviously, you've gained\Na lot of trust with the US government.
Dialogue: 0,0:16:31.98,0:16:36.02,Default,,0000,0000,0000,,Maybe we could talk a little bit\Nabout how you've been working with them
Dialogue: 0,0:16:36.05,0:16:40.65,Default,,0000,0000,0000,,to distribute some money\Nthrough the Paycheck Protection Program.
Dialogue: 0,0:16:40.67,0:16:41.85,Default,,0000,0000,0000,,And I was curious,
Dialogue: 0,0:16:41.87,0:16:45.18,Default,,0000,0000,0000,,I've been reading about it,\Nand it sounds like
Dialogue: 0,0:16:45.21,0:16:48.18,Default,,0000,0000,0000,,30 million-ish small businesses\Nin the United States
Dialogue: 0,0:16:48.21,0:16:51.24,Default,,0000,0000,0000,,are able to get those funds,
Dialogue: 0,0:16:51.26,0:16:54.02,Default,,0000,0000,0000,,but only six million\Nhave received the loans.
Dialogue: 0,0:16:54.05,0:16:55.51,Default,,0000,0000,0000,,What do you think's happened?
Dialogue: 0,0:16:56.52,0:16:57.71,Default,,0000,0000,0000,,DS: Yep.
Dialogue: 0,0:16:57.73,0:17:03.30,Default,,0000,0000,0000,,Well, I think initially, the government --\Nand I give them a lot of credit --
Dialogue: 0,0:17:03.32,0:17:06.00,Default,,0000,0000,0000,,they responded quite quickly
Dialogue: 0,0:17:06.02,0:17:10.14,Default,,0000,0000,0000,,with a 3 trillion dollar stimulus package.
Dialogue: 0,0:17:10.16,0:17:13.04,Default,,0000,0000,0000,,These are massive numbers\Nthat were happening
Dialogue: 0,0:17:13.07,0:17:16.19,Default,,0000,0000,0000,,in very condensed time frames.
Dialogue: 0,0:17:16.21,0:17:19.65,Default,,0000,0000,0000,,We were working with various agencies,
Dialogue: 0,0:17:19.67,0:17:23.57,Default,,0000,0000,0000,,very closely with the Treasury Department,
Dialogue: 0,0:17:23.60,0:17:28.32,Default,,0000,0000,0000,,in terms of distribution of the stimulus.
Dialogue: 0,0:17:28.35,0:17:33.77,Default,,0000,0000,0000,,And they were working literally\Nnight and day on this.
Dialogue: 0,0:17:33.79,0:17:37.34,Default,,0000,0000,0000,,The Small Business Administration\Nwas working night and day.
Dialogue: 0,0:17:37.36,0:17:39.86,Default,,0000,0000,0000,,But these are volumes
Dialogue: 0,0:17:39.88,0:17:44.12,Default,,0000,0000,0000,,that have never been seen before\Nrunning through these systems,
Dialogue: 0,0:17:44.14,0:17:48.69,Default,,0000,0000,0000,,and the first tranche of those loans
Dialogue: 0,0:17:48.71,0:17:49.91,Default,,0000,0000,0000,,was very difficult.
Dialogue: 0,0:17:49.94,0:17:56.82,Default,,0000,0000,0000,,There were a lot of technical difficulties\Nin getting those out to small businesses.
Dialogue: 0,0:17:56.85,0:17:59.92,Default,,0000,0000,0000,,And that first tranche was not enough,
Dialogue: 0,0:17:59.94,0:18:04.24,Default,,0000,0000,0000,,and it was quickly used,
Dialogue: 0,0:18:04.26,0:18:08.09,Default,,0000,0000,0000,,and there are still\Na host of small businesses
Dialogue: 0,0:18:08.12,0:18:09.91,Default,,0000,0000,0000,,that needed money.
Dialogue: 0,0:18:09.93,0:18:12.21,Default,,0000,0000,0000,,The second tranche that came out
Dialogue: 0,0:18:12.24,0:18:13.78,Default,,0000,0000,0000,,is still actually in effect.
Dialogue: 0,0:18:13.80,0:18:15.71,Default,,0000,0000,0000,,It has not been used up,
Dialogue: 0,0:18:15.74,0:18:18.75,Default,,0000,0000,0000,,and we are continuing to lend on that.
Dialogue: 0,0:18:18.77,0:18:24.63,Default,,0000,0000,0000,,We've been able to lend\Nto some 50,000 small businesses.
Dialogue: 0,0:18:24.66,0:18:27.80,Default,,0000,0000,0000,,We've lent out about 1.7 billion dollars,
Dialogue: 0,0:18:27.83,0:18:30.82,Default,,0000,0000,0000,,and our loan size,
Dialogue: 0,0:18:30.85,0:18:32.40,Default,,0000,0000,0000,,which really I'm proud of,
Dialogue: 0,0:18:32.43,0:18:35.34,Default,,0000,0000,0000,,is about 31,000 dollars.
Dialogue: 0,0:18:35.36,0:18:39.52,Default,,0000,0000,0000,,The average that a bank does\Nis between 100 and 125,000 dollars.
Dialogue: 0,0:18:39.54,0:18:44.56,Default,,0000,0000,0000,,So we are lending\Nto these true small businesses
Dialogue: 0,0:18:44.58,0:18:46.72,Default,,0000,0000,0000,,on Main Street,
Dialogue: 0,0:18:46.75,0:18:52.19,Default,,0000,0000,0000,,and I'm proud that we've\Nbeen able to go do that,
Dialogue: 0,0:18:52.21,0:18:56.29,Default,,0000,0000,0000,,and I think we should give credit\Nto the US government
Dialogue: 0,0:18:56.31,0:18:58.51,Default,,0000,0000,0000,,and governments around the world
Dialogue: 0,0:18:58.54,0:19:01.36,Default,,0000,0000,0000,,that are taking this quite seriously
Dialogue: 0,0:19:01.39,0:19:05.90,Default,,0000,0000,0000,,and putting a tremendous amount,\Na percentage of their GDP,
Dialogue: 0,0:19:05.92,0:19:09.36,Default,,0000,0000,0000,,towards the rescue of small businesses
Dialogue: 0,0:19:09.38,0:19:11.100,Default,,0000,0000,0000,,and towards trying\Nto take care of consumers
Dialogue: 0,0:19:12.02,0:19:16.80,Default,,0000,0000,0000,,that find themselves\Nin really difficult straits right now.
Dialogue: 0,0:19:16.82,0:19:18.24,Default,,0000,0000,0000,,And we've been trying to,
Dialogue: 0,0:19:18.26,0:19:23.74,Default,,0000,0000,0000,,instead of people mailing out checks,\Nwhich is ridiculous in today's world --
Dialogue: 0,0:19:23.76,0:19:26.85,Default,,0000,0000,0000,,people aren't living where they think\Nthey're going to be living,
Dialogue: 0,0:19:26.88,0:19:30.48,Default,,0000,0000,0000,,they're with their parents or with friends\Nor in a different location,
Dialogue: 0,0:19:30.50,0:19:31.71,Default,,0000,0000,0000,,and mailing a check
Dialogue: 0,0:19:31.73,0:19:34.68,Default,,0000,0000,0000,,and then having to take a check\Nand go somewhere,
Dialogue: 0,0:19:34.70,0:19:37.20,Default,,0000,0000,0000,,which you can't even go\Nif you're sheltered in place,
Dialogue: 0,0:19:37.22,0:19:38.39,Default,,0000,0000,0000,,to cash it,
Dialogue: 0,0:19:38.41,0:19:41.14,Default,,0000,0000,0000,,doing that electronically\Njust makes a ton more sense --
Dialogue: 0,0:19:41.16,0:19:43.92,Default,,0000,0000,0000,,and we've been working\Nwith the IRS and Treasury
Dialogue: 0,0:19:43.94,0:19:47.67,Default,,0000,0000,0000,,and other government agencies\Nto distribute that electronically.
Dialogue: 0,0:19:49.43,0:19:51.24,Default,,0000,0000,0000,,CH: Yeah, that makes a lot of sense.
Dialogue: 0,0:19:51.26,0:19:54.31,Default,,0000,0000,0000,,It's a massive, massive project
Dialogue: 0,0:19:54.34,0:19:56.13,Default,,0000,0000,0000,,for all of us.
Dialogue: 0,0:19:56.15,0:19:59.45,Default,,0000,0000,0000,,Whitney is here with some questions\Nfrom our community.
Dialogue: 0,0:20:00.05,0:20:01.53,Default,,0000,0000,0000,,DS: Hello, Whitney.
Dialogue: 0,0:20:01.55,0:20:04.02,Default,,0000,0000,0000,,Whitney Pennington Rodgers:\NHello Dan. How are you?
Dialogue: 0,0:20:04.04,0:20:06.26,Default,,0000,0000,0000,,So the community has\Nsome interesting questions
Dialogue: 0,0:20:06.28,0:20:09.48,Default,,0000,0000,0000,,following up on what you\Nwere talking about earlier about security.
Dialogue: 0,0:20:09.50,0:20:11.18,Default,,0000,0000,0000,,We have a question from Marc --
Dialogue: 0,0:20:11.21,0:20:14.18,Default,,0000,0000,0000,,and I apologize in advance\Nif I mispronounce your name, Marc --
Dialogue: 0,0:20:14.21,0:20:15.38,Default,,0000,0000,0000,,Marc Vanlerberghe:
Dialogue: 0,0:20:15.41,0:20:17.73,Default,,0000,0000,0000,,"The move to digital cash\Ncould be one more step
Dialogue: 0,0:20:17.76,0:20:20.03,Default,,0000,0000,0000,,towards creating the perfect\Nsurveillance state.
Dialogue: 0,0:20:20.06,0:20:21.87,Default,,0000,0000,0000,,How do we avoid this from happening?"
Dialogue: 0,0:20:23.08,0:20:26.07,Default,,0000,0000,0000,,DS: Yeah, well, this is what\NI was talking about, Marc, before.
Dialogue: 0,0:20:26.10,0:20:31.52,Default,,0000,0000,0000,,I mean, I think this idea of trust
Dialogue: 0,0:20:31.54,0:20:34.30,Default,,0000,0000,0000,,is incredibly important.
Dialogue: 0,0:20:34.33,0:20:39.11,Default,,0000,0000,0000,,I think the only companies\Nthat will be successful --
Dialogue: 0,0:20:39.13,0:20:43.59,Default,,0000,0000,0000,,and I think we hold a lot of this\Nin our own hands as consumers, by the way;
Dialogue: 0,0:20:43.62,0:20:47.19,Default,,0000,0000,0000,,we need to be aware of data\Nand information that we're giving
Dialogue: 0,0:20:47.21,0:20:50.16,Default,,0000,0000,0000,,and to what companies\Nwe're doing that with --
Dialogue: 0,0:20:50.18,0:20:53.68,Default,,0000,0000,0000,,but I think the companies\Nthat will be successful
Dialogue: 0,0:20:53.70,0:20:56.42,Default,,0000,0000,0000,,are those that have\Na high degree of trust,
Dialogue: 0,0:20:56.45,0:21:00.92,Default,,0000,0000,0000,,and trust happens\Nby protecting your privacy
Dialogue: 0,0:21:00.94,0:21:05.92,Default,,0000,0000,0000,,but also very much assuring\Nthat your transactions in a digital world
Dialogue: 0,0:21:05.94,0:21:07.64,Default,,0000,0000,0000,,are safe and secure.
Dialogue: 0,0:21:07.67,0:21:11.85,Default,,0000,0000,0000,,I mean, the idea of cybersecurity
Dialogue: 0,0:21:11.87,0:21:13.55,Default,,0000,0000,0000,,has always been important,
Dialogue: 0,0:21:13.58,0:21:18.71,Default,,0000,0000,0000,,but is ever more important\Nas we move from physical to digital,
Dialogue: 0,0:21:18.73,0:21:22.37,Default,,0000,0000,0000,,and that's where\Nlarge data sets are important,
Dialogue: 0,0:21:22.39,0:21:27.82,Default,,0000,0000,0000,,because a consumer's identity\Nis stolen every two seconds.
Dialogue: 0,0:21:27.84,0:21:30.93,Default,,0000,0000,0000,,Every two seconds, some consumer\Nhas their identity stolen.
Dialogue: 0,0:21:30.96,0:21:33.45,Default,,0000,0000,0000,,And so we have to be, for instance,
Dialogue: 0,0:21:33.48,0:21:37.67,Default,,0000,0000,0000,,we have to be sure\Nthat even when you sign in
Dialogue: 0,0:21:37.69,0:21:39.88,Default,,0000,0000,0000,,with your credentials,
Dialogue: 0,0:21:39.91,0:21:42.27,Default,,0000,0000,0000,,they're actually real credentials.
Dialogue: 0,0:21:42.29,0:21:47.83,Default,,0000,0000,0000,,We have to look at 30 to 100\Ndifferent elements of that transaction
Dialogue: 0,0:21:47.85,0:21:49.99,Default,,0000,0000,0000,,to make sure it's really you
Dialogue: 0,0:21:50.02,0:21:52.70,Default,,0000,0000,0000,,before we let that money\Nout of your account.
Dialogue: 0,0:21:52.72,0:21:57.76,Default,,0000,0000,0000,,And so there is a combination\Nof making sure you have enough data
Dialogue: 0,0:21:57.78,0:21:59.90,Default,,0000,0000,0000,,to protect somebody
Dialogue: 0,0:21:59.92,0:22:04.78,Default,,0000,0000,0000,,but also assure that your privacy\Nis held sacrosanct,
Dialogue: 0,0:22:04.80,0:22:09.94,Default,,0000,0000,0000,,and I think that is a balancing act\Nand one that needs to happen
Dialogue: 0,0:22:09.96,0:22:13.04,Default,,0000,0000,0000,,in order for us to do this successfully.
Dialogue: 0,0:22:14.71,0:22:18.61,Default,,0000,0000,0000,,WPR: Great, and actually sort of going\Nfrom digital cash to digital currency,
Dialogue: 0,0:22:18.63,0:22:22.74,Default,,0000,0000,0000,,we have another question\Nfrom Simone Ross in our community
Dialogue: 0,0:22:22.76,0:22:26.39,Default,,0000,0000,0000,,about the opportunity that exists\Nfor digital currency.
Dialogue: 0,0:22:26.42,0:22:29.20,Default,,0000,0000,0000,,She mentioned that PayPal\Npulled out of Libra.
Dialogue: 0,0:22:29.22,0:22:34.57,Default,,0000,0000,0000,,What would it take for a truly inclusive\Ndigital currency to take hold here?
Dialogue: 0,0:22:35.40,0:22:36.69,Default,,0000,0000,0000,,DS: Yeah.
Dialogue: 0,0:22:36.71,0:22:41.58,Default,,0000,0000,0000,,I think there is a tremendous\Namount of promise
Dialogue: 0,0:22:41.60,0:22:45.56,Default,,0000,0000,0000,,as we think about digital currencies.
Dialogue: 0,0:22:45.59,0:22:47.92,Default,,0000,0000,0000,,Our pulling out of Libra
Dialogue: 0,0:22:47.95,0:22:53.72,Default,,0000,0000,0000,,had nothing to do with our firm conviction
Dialogue: 0,0:22:53.75,0:23:00.75,Default,,0000,0000,0000,,that blockchain and other forms\Nof maybe stable coin currencies
Dialogue: 0,0:23:01.92,0:23:03.65,Default,,0000,0000,0000,,are extremely important
Dialogue: 0,0:23:03.67,0:23:06.19,Default,,0000,0000,0000,,and can be very, very helpful,
Dialogue: 0,0:23:06.21,0:23:08.26,Default,,0000,0000,0000,,especially in different\Nparts of the world.
Dialogue: 0,0:23:08.28,0:23:12.88,Default,,0000,0000,0000,,As we think about stability\Nin different parts of the world
Dialogue: 0,0:23:12.90,0:23:16.14,Default,,0000,0000,0000,,where currencies\Ncan fluctuate up and down,
Dialogue: 0,0:23:16.16,0:23:21.24,Default,,0000,0000,0000,,to have a more stable currency\Nwhere somebody can know,
Dialogue: 0,0:23:21.26,0:23:22.86,Default,,0000,0000,0000,,if they have that,
Dialogue: 0,0:23:22.88,0:23:24.66,Default,,0000,0000,0000,,that it's going to be worth x amount,
Dialogue: 0,0:23:24.68,0:23:26.52,Default,,0000,0000,0000,,and that they can transact,
Dialogue: 0,0:23:26.54,0:23:29.28,Default,,0000,0000,0000,,either with other individuals\Naround the world
Dialogue: 0,0:23:29.31,0:23:33.33,Default,,0000,0000,0000,,or, importantly,\Nat merchants around the world.
Dialogue: 0,0:23:33.91,0:23:40.85,Default,,0000,0000,0000,,And we are looking at all forms\Nof digital currencies right now,
Dialogue: 0,0:23:41.39,0:23:44.33,Default,,0000,0000,0000,,working hand in hand\Nwith a number of different governments,
Dialogue: 0,0:23:44.35,0:23:50.16,Default,,0000,0000,0000,,and I think we should all think about\Nhow technology is going to evolve
Dialogue: 0,0:23:50.18,0:23:53.48,Default,,0000,0000,0000,,and how currencies will evolve\Nas a result of that.
Dialogue: 0,0:23:53.50,0:24:00.49,Default,,0000,0000,0000,,And I think this crisis\Nhas really opened the eyes
Dialogue: 0,0:24:00.52,0:24:02.99,Default,,0000,0000,0000,,of many governments around the world
Dialogue: 0,0:24:03.01,0:24:08.21,Default,,0000,0000,0000,,as to the need for different tool sets
Dialogue: 0,0:24:08.24,0:24:09.75,Default,,0000,0000,0000,,to create stimulus
Dialogue: 0,0:24:09.77,0:24:15.86,Default,,0000,0000,0000,,and to efficiently and quickly\Nand effectively distribute funds
Dialogue: 0,0:24:15.89,0:24:17.68,Default,,0000,0000,0000,,to their citizens.
Dialogue: 0,0:24:19.47,0:24:22.24,Default,,0000,0000,0000,,WPR: Great. Well, I'll be back shortly\Nwith more questions,
Dialogue: 0,0:24:22.27,0:24:25.48,Default,,0000,0000,0000,,and I'd just love to remind the community\Nthat you can ask questions
Dialogue: 0,0:24:25.50,0:24:26.95,Default,,0000,0000,0000,,on the "Ask question" feature.
Dialogue: 0,0:24:26.98,0:24:29.56,Default,,0000,0000,0000,,Be sure to use the pull-down tab\Nto select Episode 2,
Dialogue: 0,0:24:29.58,0:24:30.73,Default,,0000,0000,0000,,so those questions come.
Dialogue: 0,0:24:30.76,0:24:31.91,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:24:31.93,0:24:33.30,Default,,0000,0000,0000,,DS: Thanks, Whitney.
Dialogue: 0,0:24:33.33,0:24:35.42,Default,,0000,0000,0000,,CH: Thanks, Whitney.
Dialogue: 0,0:24:35.45,0:24:38.89,Default,,0000,0000,0000,,Dan, I want to go back to something\Nwe touched on in the beginning
Dialogue: 0,0:24:38.91,0:24:41.50,Default,,0000,0000,0000,,about financial wellness.
Dialogue: 0,0:24:41.99,0:24:44.07,Default,,0000,0000,0000,,PayPal has done something unique
Dialogue: 0,0:24:44.09,0:24:49.63,Default,,0000,0000,0000,,in terms of calculating\Nhow much to pay people
Dialogue: 0,0:24:49.66,0:24:52.43,Default,,0000,0000,0000,,and how much you should spend on benefits.
Dialogue: 0,0:24:52.45,0:24:54.67,Default,,0000,0000,0000,,Traditionally, wages\Nare set by the market,
Dialogue: 0,0:24:54.69,0:24:58.57,Default,,0000,0000,0000,,but you've found that paying\Nas much or even more than other companies
Dialogue: 0,0:24:58.60,0:24:59.78,Default,,0000,0000,0000,,wasn't always enough.
Dialogue: 0,0:24:59.81,0:25:01.74,Default,,0000,0000,0000,,Can you tell us about that moment?
Dialogue: 0,0:25:03.22,0:25:04.62,Default,,0000,0000,0000,,DS: Yeah.
Dialogue: 0,0:25:05.42,0:25:11.09,Default,,0000,0000,0000,,So I said, kind of, in our opening,\Nin one of my opening statements,
Dialogue: 0,0:25:11.11,0:25:16.57,Default,,0000,0000,0000,,that two-thirds of Americans\Nstruggle to make ends meet
Dialogue: 0,0:25:16.59,0:25:18.85,Default,,0000,0000,0000,,at the end of the month.
Dialogue: 0,0:25:19.55,0:25:24.35,Default,,0000,0000,0000,,They are financially stressed,
Dialogue: 0,0:25:24.37,0:25:27.55,Default,,0000,0000,0000,,and it kind of wreaks havoc in their life.
Dialogue: 0,0:25:28.15,0:25:34.08,Default,,0000,0000,0000,,I did a study to look at PayPal employees.
Dialogue: 0,0:25:34.11,0:25:36.68,Default,,0000,0000,0000,,We did a research study,
Dialogue: 0,0:25:36.70,0:25:40.40,Default,,0000,0000,0000,,and I did it because I thought I was going\Nto get back this great information
Dialogue: 0,0:25:40.43,0:25:43.94,Default,,0000,0000,0000,,that I was going to talk about\Nat an employee meeting
Dialogue: 0,0:25:43.97,0:25:45.24,Default,,0000,0000,0000,,about how well we pay,
Dialogue: 0,0:25:45.27,0:25:47.69,Default,,0000,0000,0000,,because we pay, to your point,
Dialogue: 0,0:25:47.72,0:25:49.64,Default,,0000,0000,0000,,at or above market
Dialogue: 0,0:25:49.66,0:25:52.42,Default,,0000,0000,0000,,in every single location around the world.
Dialogue: 0,0:25:53.23,0:25:58.04,Default,,0000,0000,0000,,And what I found is, unfortunately,\Nlike the rest of the world,
Dialogue: 0,0:25:58.06,0:26:01.27,Default,,0000,0000,0000,,even though we paid at market\Nor above market,
Dialogue: 0,0:26:01.29,0:26:06.22,Default,,0000,0000,0000,,60 percent of our operations personnel,
Dialogue: 0,0:26:06.24,0:26:09.66,Default,,0000,0000,0000,,our entry-level employees,\Nour hourly workers,
Dialogue: 0,0:26:09.68,0:26:10.85,Default,,0000,0000,0000,,face the same thing.
Dialogue: 0,0:26:10.88,0:26:12.79,Default,,0000,0000,0000,,They struggle to make ends meet.
Dialogue: 0,0:26:12.82,0:26:16.01,Default,,0000,0000,0000,,And that was simply unacceptable for me.
Dialogue: 0,0:26:16.03,0:26:20.46,Default,,0000,0000,0000,,I think the world is changing
Dialogue: 0,0:26:20.48,0:26:23.84,Default,,0000,0000,0000,,in terms of the responsibility\Nof corporations,
Dialogue: 0,0:26:23.86,0:26:26.86,Default,,0000,0000,0000,,the responsibility of CEOs.
Dialogue: 0,0:26:26.88,0:26:31.32,Default,,0000,0000,0000,,We have a lot of different stakeholders\Nthat we try to satisfy,
Dialogue: 0,0:26:31.34,0:26:36.22,Default,,0000,0000,0000,,from regulators to shareholders\Nto customers to employees.
Dialogue: 0,0:26:36.25,0:26:40.40,Default,,0000,0000,0000,,But I think the number one\Nresponsibility that we have
Dialogue: 0,0:26:40.42,0:26:44.15,Default,,0000,0000,0000,,is the health -- financial health --\Nof our employees,
Dialogue: 0,0:26:44.17,0:26:47.83,Default,,0000,0000,0000,,because nothing could be\Nmore important to a company
Dialogue: 0,0:26:47.86,0:26:53.08,Default,,0000,0000,0000,,than to have financially secure,\Npassionate employees working for you,
Dialogue: 0,0:26:53.10,0:26:56.29,Default,,0000,0000,0000,,because nobody is going to serve customers
Dialogue: 0,0:26:56.32,0:27:00.38,Default,,0000,0000,0000,,better than employees\Nwho feel a part of something
Dialogue: 0,0:27:00.41,0:27:04.86,Default,,0000,0000,0000,,and feel financially secure and glad\Nto be a part of that company.
Dialogue: 0,0:27:04.88,0:27:09.33,Default,,0000,0000,0000,,And so then the real question becomes:\NHow do you measure that?
Dialogue: 0,0:27:09.36,0:27:13.26,Default,,0000,0000,0000,,Because a lot of people think\Nabout living wages or a minimum wage.
Dialogue: 0,0:27:13.28,0:27:16.44,Default,,0000,0000,0000,,And we thought that was insufficient,
Dialogue: 0,0:27:16.47,0:27:21.97,Default,,0000,0000,0000,,and we came up with a measurement\Nwe called "net disposable income,"
Dialogue: 0,0:27:21.99,0:27:23.16,Default,,0000,0000,0000,,which is, basically:
Dialogue: 0,0:27:23.18,0:27:29.19,Default,,0000,0000,0000,,After you pay taxes and\Nyour basically essential living expenses,
Dialogue: 0,0:27:29.21,0:27:35.09,Default,,0000,0000,0000,,how much money do you have\Nleft over for discretionary things
Dialogue: 0,0:27:35.11,0:27:36.90,Default,,0000,0000,0000,,or to save?
Dialogue: 0,0:27:36.92,0:27:40.20,Default,,0000,0000,0000,,And here's the really unfortunate thing --\Nand I'm not proud of this,
Dialogue: 0,0:27:40.22,0:27:42.87,Default,,0000,0000,0000,,but remember, we were paying\Nat market or above,
Dialogue: 0,0:27:42.89,0:27:47.24,Default,,0000,0000,0000,,so I thought the market would\Ntake care of this, right, by doing that --
Dialogue: 0,0:27:47.26,0:27:50.73,Default,,0000,0000,0000,,we found that for that population,
Dialogue: 0,0:27:50.76,0:27:55.66,Default,,0000,0000,0000,,they had four to six percent\NNDI, net disposable income,
Dialogue: 0,0:27:55.68,0:27:59.34,Default,,0000,0000,0000,,after paying taxes\Nand essential living expenses.
Dialogue: 0,0:27:59.37,0:28:00.53,Default,,0000,0000,0000,,That is not enough.
Dialogue: 0,0:28:00.56,0:28:03.23,Default,,0000,0000,0000,,You are going to struggle\Nto make ends meet.
Dialogue: 0,0:28:03.26,0:28:07.42,Default,,0000,0000,0000,,And by the way, NDI changes\Nlocation to location to location
Dialogue: 0,0:28:07.45,0:28:08.95,Default,,0000,0000,0000,,around the globe, right?
Dialogue: 0,0:28:08.97,0:28:14.38,Default,,0000,0000,0000,,There's a different NDI in Manila,\Na different NDI in Omaha, Nebraska,
Dialogue: 0,0:28:14.40,0:28:17.31,Default,,0000,0000,0000,,than there is in New York City, etc.
Dialogue: 0,0:28:17.33,0:28:20.86,Default,,0000,0000,0000,,And so we basically\Nsaid to ourselves,
Dialogue: 0,0:28:20.88,0:28:25.21,Default,,0000,0000,0000,,we need to take\NNDI to 20 percent.
Dialogue: 0,0:28:25.23,0:28:27.10,Default,,0000,0000,0000,,Because at 20 percent --
Dialogue: 0,0:28:27.13,0:28:30.64,Default,,0000,0000,0000,,and that's a huge shift,\Nfrom four to six to 20 percent --
Dialogue: 0,0:28:30.67,0:28:36.86,Default,,0000,0000,0000,,but at 20 percent,\Nyou actually have the ability to save
Dialogue: 0,0:28:36.88,0:28:41.72,Default,,0000,0000,0000,,and to put money away and to take care\Nof discretionary expenses.
Dialogue: 0,0:28:41.74,0:28:47.36,Default,,0000,0000,0000,,And so we did a pretty\Nmassive reorientation
Dialogue: 0,0:28:47.38,0:28:49.58,Default,,0000,0000,0000,,of our compensation systems.
Dialogue: 0,0:28:50.27,0:28:56.30,Default,,0000,0000,0000,,We lowered the cost\Nof benefits by 58 percent,
Dialogue: 0,0:28:56.32,0:28:59.60,Default,,0000,0000,0000,,because benefits\Nare like a regressive tax,
Dialogue: 0,0:28:59.63,0:29:02.68,Default,,0000,0000,0000,,you pay the same amount\Nno matter what your salary is.
Dialogue: 0,0:29:02.71,0:29:07.38,Default,,0000,0000,0000,,And so we had a lot of employees\Nwho weren't taking health care benefits,
Dialogue: 0,0:29:07.41,0:29:09.77,Default,,0000,0000,0000,,because it cost too much\Nto be able to do that.
Dialogue: 0,0:29:09.79,0:29:12.37,Default,,0000,0000,0000,,So we lowered it by 58 percent.
Dialogue: 0,0:29:12.39,0:29:16.48,Default,,0000,0000,0000,,We made every single employee\Nof PayPal a shareholder
Dialogue: 0,0:29:16.50,0:29:18.51,Default,,0000,0000,0000,,and an owner of the business,
Dialogue: 0,0:29:18.54,0:29:20.84,Default,,0000,0000,0000,,and we gave them pretty big grants
Dialogue: 0,0:29:20.87,0:29:26.12,Default,,0000,0000,0000,,so that they could be a part\Nof the success of PayPal going forward.
Dialogue: 0,0:29:26.15,0:29:29.52,Default,,0000,0000,0000,,We raised salaries where we needed\Nto go and do that.
Dialogue: 0,0:29:29.54,0:29:33.18,Default,,0000,0000,0000,,And then we wrapped all of that\Ninto a financial education program,
Dialogue: 0,0:29:33.20,0:29:36.38,Default,,0000,0000,0000,,because people had never\Ngotten equity before,
Dialogue: 0,0:29:36.41,0:29:38.06,Default,,0000,0000,0000,,they were trying to think through,
Dialogue: 0,0:29:38.08,0:29:42.40,Default,,0000,0000,0000,,"How do I save now that I've got\Nincremental dollars to go and do that?"
Dialogue: 0,0:29:42.43,0:29:49.06,Default,,0000,0000,0000,,And that cost us quite a bit\Nof money to go and do that,
Dialogue: 0,0:29:49.08,0:29:50.60,Default,,0000,0000,0000,,but I really feel,
Dialogue: 0,0:29:50.63,0:29:53.96,Default,,0000,0000,0000,,just like how we spend a lot of money\Nto take care of customers,
Dialogue: 0,0:29:53.98,0:29:57.60,Default,,0000,0000,0000,,as you mentioned up front, in COVID-19,
Dialogue: 0,0:29:57.62,0:30:03.94,Default,,0000,0000,0000,,that companies need to stand\Nfor more than just making money,
Dialogue: 0,0:30:03.97,0:30:08.30,Default,,0000,0000,0000,,for more than just maximizing\Nour profits next quarter.
Dialogue: 0,0:30:08.32,0:30:12.03,Default,,0000,0000,0000,,I firmly, firmly believe
Dialogue: 0,0:30:12.05,0:30:16.01,Default,,0000,0000,0000,,that the costs associated\Nwith taking care of our employees,
Dialogue: 0,0:30:16.04,0:30:18.22,Default,,0000,0000,0000,,taking care of our customers,
Dialogue: 0,0:30:18.24,0:30:20.95,Default,,0000,0000,0000,,will benefit us in the long run
Dialogue: 0,0:30:20.98,0:30:24.11,Default,,0000,0000,0000,,multiplefold over the costs\Nassociated with doing that.
Dialogue: 0,0:30:24.14,0:30:29.35,Default,,0000,0000,0000,,And we're already beginning\Nto see some of the impact of that.
Dialogue: 0,0:30:29.37,0:30:36.35,Default,,0000,0000,0000,,And so, I think every CEO, every company,
Dialogue: 0,0:30:36.38,0:30:39.37,Default,,0000,0000,0000,,needs to really now start to think about,
Dialogue: 0,0:30:39.40,0:30:42.44,Default,,0000,0000,0000,,especially maybe\Nas a result of this crisis,
Dialogue: 0,0:30:42.46,0:30:45.38,Default,,0000,0000,0000,,but as I mentioned,\Nwe had a crisis before this,
Dialogue: 0,0:30:45.40,0:30:49.63,Default,,0000,0000,0000,,how do we put our employees first,\Ntake care of them?
Dialogue: 0,0:30:49.66,0:30:52.64,Default,,0000,0000,0000,,Because if you do that,\Nyou'll take care of customers,
Dialogue: 0,0:30:52.66,0:30:54.29,Default,,0000,0000,0000,,and if you take care of customers,
Dialogue: 0,0:30:54.32,0:30:56.50,Default,,0000,0000,0000,,you'll take care of\Nshareholders, inevitably.
Dialogue: 0,0:30:56.50,0:31:02.29,Default,,0000,0000,0000,,And so this has been a huge part of it
Dialogue: 0,0:31:02.31,0:31:04.38,Default,,0000,0000,0000,,about for the last year or so.
Dialogue: 0,0:31:06.46,0:31:07.75,Default,,0000,0000,0000,,CH: It's so interesting,
Dialogue: 0,0:31:07.77,0:31:10.76,Default,,0000,0000,0000,,and it brings up\Nso many questions, I think,
Dialogue: 0,0:31:10.78,0:31:13.47,Default,,0000,0000,0000,,for me and probably our community as well.
Dialogue: 0,0:31:13.49,0:31:19.35,Default,,0000,0000,0000,,I mean, PayPal is a hugely\Nprofitable tech business,
Dialogue: 0,0:31:19.37,0:31:23.07,Default,,0000,0000,0000,,huge free cash flow and big margins.
Dialogue: 0,0:31:23.10,0:31:26.37,Default,,0000,0000,0000,,Do you think this model is something\Nthat every company can do,
Dialogue: 0,0:31:26.40,0:31:33.38,Default,,0000,0000,0000,,whether it's a tech company,\Na manufacture, a meatpacking business?
Dialogue: 0,0:31:33.40,0:31:36.80,Default,,0000,0000,0000,,I mean, is this what everyone\Nshould be focused on?
Dialogue: 0,0:31:37.86,0:31:42.58,Default,,0000,0000,0000,,DS: Well, I think that --\Nand I don't want to moralize
Dialogue: 0,0:31:42.61,0:31:46.53,Default,,0000,0000,0000,,or tell other companies\Nwhat they should do --
Dialogue: 0,0:31:46.55,0:31:50.83,Default,,0000,0000,0000,,but to me, I think\Neveryone should understand
Dialogue: 0,0:31:50.86,0:31:53.17,Default,,0000,0000,0000,,the financial health of their employees.
Dialogue: 0,0:31:53.19,0:31:56.24,Default,,0000,0000,0000,,That's a baseline thing to go do.
Dialogue: 0,0:31:56.26,0:31:58.69,Default,,0000,0000,0000,,What you do post-that
Dialogue: 0,0:31:58.72,0:32:04.56,Default,,0000,0000,0000,,is up to maybe your\Nfinancial strength as a company
Dialogue: 0,0:32:04.59,0:32:09.07,Default,,0000,0000,0000,,or where you put your order of priorities.
Dialogue: 0,0:32:09.10,0:32:11.09,Default,,0000,0000,0000,,But what I've found is,
Dialogue: 0,0:32:12.09,0:32:15.72,Default,,0000,0000,0000,,I thought the market could tell you that,
Dialogue: 0,0:32:15.75,0:32:19.64,Default,,0000,0000,0000,,and this is why I say, in many ways --
Dialogue: 0,0:32:19.66,0:32:21.84,Default,,0000,0000,0000,,you know, I'm a big believer\Nin capitalism.
Dialogue: 0,0:32:21.87,0:32:25.75,Default,,0000,0000,0000,,I think it's, in many ways,
Dialogue: 0,0:32:25.77,0:32:29.78,Default,,0000,0000,0000,,the best economic system\Nthat I know of.
Dialogue: 0,0:32:29.80,0:32:31.99,Default,,0000,0000,0000,,But, like everything, it needs an upgrade.
Dialogue: 0,0:32:32.01,0:32:34.57,Default,,0000,0000,0000,,It needs tuning,
Dialogue: 0,0:32:34.60,0:32:39.25,Default,,0000,0000,0000,,and at least for\Nthese vulnerable populations,
Dialogue: 0,0:32:39.27,0:32:42.02,Default,,0000,0000,0000,,just because you pay at market
Dialogue: 0,0:32:42.04,0:32:46.46,Default,,0000,0000,0000,,doesn't mean that they have\Nfinancial health or financial wellness.
Dialogue: 0,0:32:46.48,0:32:50.98,Default,,0000,0000,0000,,And I think everyone should know
Dialogue: 0,0:32:50.100,0:32:55.28,Default,,0000,0000,0000,,whether or not their employees have\Nthe wherewithal to be able to save
Dialogue: 0,0:32:55.30,0:32:57.95,Default,,0000,0000,0000,,to withstand financial shocks,
Dialogue: 0,0:32:57.97,0:33:02.42,Default,,0000,0000,0000,,and then really understand, like,\Nwhat can you do about it?
Dialogue: 0,0:33:02.44,0:33:05.25,Default,,0000,0000,0000,,I think this NDI measure
Dialogue: 0,0:33:05.27,0:33:07.12,Default,,0000,0000,0000,,is a really interesting one.
Dialogue: 0,0:33:07.15,0:33:08.97,Default,,0000,0000,0000,,It takes some time to go do it,
Dialogue: 0,0:33:08.100,0:33:11.70,Default,,0000,0000,0000,,because you have to be quite thorough
Dialogue: 0,0:33:11.72,0:33:17.21,Default,,0000,0000,0000,,and you have to really understand\Nliving expenses by location
Dialogue: 0,0:33:17.23,0:33:20.44,Default,,0000,0000,0000,,and what tax jurisdictions there are.
Dialogue: 0,0:33:20.47,0:33:24.65,Default,,0000,0000,0000,,But you need to create an NDI
Dialogue: 0,0:33:24.68,0:33:26.83,Default,,0000,0000,0000,,that's to a certain level
Dialogue: 0,0:33:26.85,0:33:29.21,Default,,0000,0000,0000,,where people aren't struggling\Nto make ends meet.
Dialogue: 0,0:33:29.23,0:33:31.64,Default,,0000,0000,0000,,Because if people are struggling\Nto make ends meet,
Dialogue: 0,0:33:31.66,0:33:33.45,Default,,0000,0000,0000,,they are not as productive at work.
Dialogue: 0,0:33:33.47,0:33:36.52,Default,,0000,0000,0000,,They're worried about, like,\Nwhat am I going to do with my kids?
Dialogue: 0,0:33:36.54,0:33:39.10,Default,,0000,0000,0000,,My kid just got sick.\NI don't have health insurance.
Dialogue: 0,0:33:39.13,0:33:42.36,Default,,0000,0000,0000,,I think there's a spiral that occurs.
Dialogue: 0,0:33:42.39,0:33:44.95,Default,,0000,0000,0000,,You think you're actually saving money
Dialogue: 0,0:33:44.98,0:33:46.50,Default,,0000,0000,0000,,by paying less,
Dialogue: 0,0:33:46.53,0:33:48.57,Default,,0000,0000,0000,,but the reality is,
Dialogue: 0,0:33:48.60,0:33:51.02,Default,,0000,0000,0000,,at least in my belief system,
Dialogue: 0,0:33:51.04,0:33:53.49,Default,,0000,0000,0000,,you take care of your employees,
Dialogue: 0,0:33:53.51,0:33:56.71,Default,,0000,0000,0000,,and other things naturally flow from that.
Dialogue: 0,0:33:56.74,0:33:59.12,Default,,0000,0000,0000,,They are more productive.
Dialogue: 0,0:33:59.15,0:34:03.12,Default,,0000,0000,0000,,They love being a part of that company.
Dialogue: 0,0:34:03.14,0:34:05.30,Default,,0000,0000,0000,,They take care of customers better.
Dialogue: 0,0:34:05.32,0:34:07.36,Default,,0000,0000,0000,,And all of those things
Dialogue: 0,0:34:07.38,0:34:12.59,Default,,0000,0000,0000,,inevitably accrue\Nto the benefit of a company
Dialogue: 0,0:34:12.62,0:34:16.07,Default,,0000,0000,0000,,in terms of how it's trying\Nto serve its ultimate end market.
Dialogue: 0,0:34:16.09,0:34:18.46,Default,,0000,0000,0000,,But it starts with your employees.
Dialogue: 0,0:34:19.90,0:34:25.11,Default,,0000,0000,0000,,CH: So obviously you believe\Nin this "capitalism needs an upgrade,"
Dialogue: 0,0:34:25.14,0:34:29.11,Default,,0000,0000,0000,,and I think NDI is something\Nso many companies should adopt.
Dialogue: 0,0:34:29.13,0:34:34.48,Default,,0000,0000,0000,,But do you think this happens\Nthrough benevolent corporate activity?
Dialogue: 0,0:34:34.51,0:34:37.18,Default,,0000,0000,0000,,I'm channeling my inner Bernie Bro here,
Dialogue: 0,0:34:37.20,0:34:39.37,Default,,0000,0000,0000,,but I think a lot of people\Nwould be skeptical
Dialogue: 0,0:34:39.39,0:34:43.09,Default,,0000,0000,0000,,that we should trust companies\Nto do better at this point.
Dialogue: 0,0:34:43.12,0:34:47.24,Default,,0000,0000,0000,,Should the government step in\Nto raise minimum wages,
Dialogue: 0,0:34:47.27,0:34:50.50,Default,,0000,0000,0000,,do other things to protect workers\Nin a more structured way?
Dialogue: 0,0:34:52.00,0:34:56.39,Default,,0000,0000,0000,,DS: Look, I think the government\Nclearly has a role to play,
Dialogue: 0,0:34:56.42,0:35:01.41,Default,,0000,0000,0000,,and I think the private and public sectors
Dialogue: 0,0:35:01.44,0:35:04.41,Default,,0000,0000,0000,,need to work closer together
Dialogue: 0,0:35:04.44,0:35:08.86,Default,,0000,0000,0000,,to address so many of the issues
Dialogue: 0,0:35:08.89,0:35:13.90,Default,,0000,0000,0000,,that we face in our societies\Nacross the world,
Dialogue: 0,0:35:13.93,0:35:17.23,Default,,0000,0000,0000,,whether that be income inequality,
Dialogue: 0,0:35:17.26,0:35:20.50,Default,,0000,0000,0000,,environmental issues,
Dialogue: 0,0:35:20.52,0:35:22.18,Default,,0000,0000,0000,,health,
Dialogue: 0,0:35:22.21,0:35:23.99,Default,,0000,0000,0000,,protections, that kind of thing,
Dialogue: 0,0:35:24.02,0:35:25.85,Default,,0000,0000,0000,,privacy.
Dialogue: 0,0:35:26.50,0:35:31.98,Default,,0000,0000,0000,,But the way that I think about this is,
Dialogue: 0,0:35:32.00,0:35:35.08,Default,,0000,0000,0000,,it's very difficult for governments\Nto regulate around this,
Dialogue: 0,0:35:35.10,0:35:38.76,Default,,0000,0000,0000,,because there are so many\Ndifferent ways of thinking about it.
Dialogue: 0,0:35:39.78,0:35:43.21,Default,,0000,0000,0000,,If I were another CEO,
Dialogue: 0,0:35:43.24,0:35:44.63,Default,,0000,0000,0000,,and this is like,
Dialogue: 0,0:35:44.66,0:35:48.34,Default,,0000,0000,0000,,it's actually in your best interest
Dialogue: 0,0:35:48.37,0:35:50.24,Default,,0000,0000,0000,,to go and do this
Dialogue: 0,0:35:50.26,0:35:53.10,Default,,0000,0000,0000,,because it's a competitive advantage.
Dialogue: 0,0:35:53.12,0:35:56.74,Default,,0000,0000,0000,,Like, we attract, I think,
Dialogue: 0,0:35:56.77,0:36:00.51,Default,,0000,0000,0000,,some of the best talent in the world
Dialogue: 0,0:36:00.53,0:36:02.41,Default,,0000,0000,0000,,to PayPal,
Dialogue: 0,0:36:02.43,0:36:05.33,Default,,0000,0000,0000,,because we have a mission\Nthat people believe in,
Dialogue: 0,0:36:05.35,0:36:08.70,Default,,0000,0000,0000,,that we actually are trying to make\Nsome sort of positive difference.
Dialogue: 0,0:36:08.72,0:36:11.64,Default,,0000,0000,0000,,I'm not saying we're\Nthe be-all and end-all,
Dialogue: 0,0:36:11.66,0:36:14.80,Default,,0000,0000,0000,,but I don't think people\Nshould shirk their responsibilities
Dialogue: 0,0:36:14.82,0:36:17.68,Default,,0000,0000,0000,,of at least making a small difference
Dialogue: 0,0:36:17.70,0:36:19.14,Default,,0000,0000,0000,,going forward.
Dialogue: 0,0:36:19.17,0:36:22.24,Default,,0000,0000,0000,,If enough companies did that,\Nif enough governments did that,
Dialogue: 0,0:36:22.27,0:36:24.39,Default,,0000,0000,0000,,it would make a real difference
Dialogue: 0,0:36:24.42,0:36:25.85,Default,,0000,0000,0000,,in the world.
Dialogue: 0,0:36:25.87,0:36:27.44,Default,,0000,0000,0000,,And then the second thing is,
Dialogue: 0,0:36:27.46,0:36:29.85,Default,,0000,0000,0000,,you have to have values that support that.
Dialogue: 0,0:36:29.88,0:36:31.98,Default,,0000,0000,0000,,And those values are incredibly important.
Dialogue: 0,0:36:32.00,0:36:34.90,Default,,0000,0000,0000,,Those values should be\Nall about inclusion.
Dialogue: 0,0:36:34.92,0:36:38.37,Default,,0000,0000,0000,,They should be about\Nhaving a diverse workforce.
Dialogue: 0,0:36:38.40,0:36:41.65,Default,,0000,0000,0000,,They should be about financial wellness.
Dialogue: 0,0:36:41.67,0:36:43.61,Default,,0000,0000,0000,,And when you do that,
Dialogue: 0,0:36:43.63,0:36:46.26,Default,,0000,0000,0000,,and you attract the very best talent,
Dialogue: 0,0:36:46.28,0:36:48.53,Default,,0000,0000,0000,,then by definition,
Dialogue: 0,0:36:48.55,0:36:54.04,Default,,0000,0000,0000,,I think the single biggest\Ncompetitive advantage for any company
Dialogue: 0,0:36:54.07,0:36:55.91,Default,,0000,0000,0000,,is their workforce.
Dialogue: 0,0:36:55.94,0:36:59.08,Default,,0000,0000,0000,,Strategies are great.
Dialogue: 0,0:36:59.11,0:37:00.84,Default,,0000,0000,0000,,A whole number of things are great.
Dialogue: 0,0:37:00.87,0:37:02.94,Default,,0000,0000,0000,,You have a great workforce
Dialogue: 0,0:37:02.96,0:37:04.99,Default,,0000,0000,0000,,that's passionate about what they're doing
Dialogue: 0,0:37:05.01,0:37:06.61,Default,,0000,0000,0000,,and is financially secure,
Dialogue: 0,0:37:06.63,0:37:09.03,Default,,0000,0000,0000,,and they will do amazing things.
Dialogue: 0,0:37:09.06,0:37:12.44,Default,,0000,0000,0000,,And I think it's that kind\Nof competitive advantage
Dialogue: 0,0:37:12.46,0:37:14.39,Default,,0000,0000,0000,,that will spur companies.
Dialogue: 0,0:37:14.41,0:37:16.59,Default,,0000,0000,0000,,So there needs to be
Dialogue: 0,0:37:18.06,0:37:23.14,Default,,0000,0000,0000,,a set of CEOs and companies
Dialogue: 0,0:37:23.17,0:37:25.10,Default,,0000,0000,0000,,that start to move in this direction,
Dialogue: 0,0:37:25.12,0:37:29.88,Default,,0000,0000,0000,,and I believe you're beginning\Nto see more do this.
Dialogue: 0,0:37:29.91,0:37:31.42,Default,,0000,0000,0000,,And once that happens,
Dialogue: 0,0:37:31.44,0:37:33.32,Default,,0000,0000,0000,,it starts to tip everything,
Dialogue: 0,0:37:33.34,0:37:36.75,Default,,0000,0000,0000,,and I think more and more need to do it
Dialogue: 0,0:37:36.78,0:37:39.94,Default,,0000,0000,0000,,to maintain their competitive positioning.
Dialogue: 0,0:37:39.97,0:37:44.43,Default,,0000,0000,0000,,And that may seem like a self-serving way\Nwhy people are doing it,
Dialogue: 0,0:37:44.45,0:37:45.94,Default,,0000,0000,0000,,but honestly,
Dialogue: 0,0:37:45.96,0:37:49.46,Default,,0000,0000,0000,,I don't care whether they're doing\Nit out of the goodness of their heart
Dialogue: 0,0:37:49.48,0:37:52.93,Default,,0000,0000,0000,,or they're doing it\Nbecause it's competitively a disadvantage
Dialogue: 0,0:37:52.95,0:37:54.32,Default,,0000,0000,0000,,if they don't.
Dialogue: 0,0:37:54.34,0:37:59.06,Default,,0000,0000,0000,,Creating financial health\Nfor our employees is the goal,
Dialogue: 0,0:37:59.08,0:38:00.72,Default,,0000,0000,0000,,and we've got to get that done.
Dialogue: 0,0:38:02.84,0:38:08.07,Default,,0000,0000,0000,,CH: Yeah. I mean, it sounds like\Nyou think of this as a win-win,
Dialogue: 0,0:38:08.09,0:38:13.69,Default,,0000,0000,0000,,but it also sounds like you're willing\Nto maybe think about your employees first
Dialogue: 0,0:38:13.71,0:38:16.98,Default,,0000,0000,0000,,and sell it to your shareholders later.
Dialogue: 0,0:38:17.01,0:38:20.27,Default,,0000,0000,0000,,Whitney is -- oh sorry, go ahead.
Dialogue: 0,0:38:20.29,0:38:22.33,Default,,0000,0000,0000,,DS: No, no, no -- I was just going to say,
Dialogue: 0,0:38:22.36,0:38:24.21,Default,,0000,0000,0000,,I actually do believe that,
Dialogue: 0,0:38:24.23,0:38:31.22,Default,,0000,0000,0000,,and I think the idea\Nof a multistakeholder capitalism,
Dialogue: 0,0:38:31.24,0:38:33.75,Default,,0000,0000,0000,,that is a time for today,
Dialogue: 0,0:38:33.78,0:38:39.53,Default,,0000,0000,0000,,and we cannot just think
Dialogue: 0,0:38:39.55,0:38:42.93,Default,,0000,0000,0000,,that we have one stakeholder\Nthat we need to satisfy.
Dialogue: 0,0:38:42.95,0:38:48.65,Default,,0000,0000,0000,,We live in our communities,\Nwe live in this world.
Dialogue: 0,0:38:48.67,0:38:51.91,Default,,0000,0000,0000,,To have people struggling\Nday in and day out
Dialogue: 0,0:38:51.93,0:38:56.27,Default,,0000,0000,0000,,is not good for any company, and ...
Dialogue: 0,0:38:56.30,0:38:58.07,Default,,0000,0000,0000,,We can only do x amount,
Dialogue: 0,0:38:58.09,0:39:02.83,Default,,0000,0000,0000,,but we can actually create\Nfinancial health for our employees,
Dialogue: 0,0:39:02.86,0:39:04.06,Default,,0000,0000,0000,,and we should.
Dialogue: 0,0:39:05.99,0:39:09.32,Default,,0000,0000,0000,,WPR: Great. So we have so many questions\Ncoming in from the community.
Dialogue: 0,0:39:09.35,0:39:11.69,Default,,0000,0000,0000,,One here is from Lara Pearson,
Dialogue: 0,0:39:11.72,0:39:15.17,Default,,0000,0000,0000,,basically about whether PayPal\Nwould consider become a B Corporation.
Dialogue: 0,0:39:15.19,0:39:17.24,Default,,0000,0000,0000,,"Are you familiar with\Nthe B Corp movement,
Dialogue: 0,0:39:17.27,0:39:20.86,Default,,0000,0000,0000,,environmentally and socially responsible,\Nmultiple-bottom-line for profits?
Dialogue: 0,0:39:20.88,0:39:23.57,Default,,0000,0000,0000,,Presuming so, has PayPal considered\Nor would it consider
Dialogue: 0,0:39:23.60,0:39:25.47,Default,,0000,0000,0000,,becoming a certified B Corporation?"
Dialogue: 0,0:39:26.07,0:39:29.43,Default,,0000,0000,0000,,DS: Yep. I'm familiar with B Corp.
Dialogue: 0,0:39:29.46,0:39:32.49,Default,,0000,0000,0000,,We have no intention to move
Dialogue: 0,0:39:32.52,0:39:35.70,Default,,0000,0000,0000,,to becoming a B Corporation.
Dialogue: 0,0:39:35.72,0:39:41.46,Default,,0000,0000,0000,,I think the values\Nand what we are trying to do
Dialogue: 0,0:39:41.49,0:39:46.81,Default,,0000,0000,0000,,are very aligned with assuring\Na multistakeholder point of view,
Dialogue: 0,0:39:46.84,0:39:49.53,Default,,0000,0000,0000,,but what I really want
Dialogue: 0,0:39:49.56,0:39:51.34,Default,,0000,0000,0000,,is for this to be a movement
Dialogue: 0,0:39:51.37,0:39:58.28,Default,,0000,0000,0000,,across major corporations\Nacross the world.
Dialogue: 0,0:39:58.31,0:40:01.42,Default,,0000,0000,0000,,And you're not going to have\Nmajor corporations around the world
Dialogue: 0,0:40:01.44,0:40:03.26,Default,,0000,0000,0000,,moving into B Corp.
Dialogue: 0,0:40:03.28,0:40:09.82,Default,,0000,0000,0000,,There's a lot of other\Nside issues involved
Dialogue: 0,0:40:09.85,0:40:11.56,Default,,0000,0000,0000,,with being a B Corporation
Dialogue: 0,0:40:11.58,0:40:16.09,Default,,0000,0000,0000,,as opposed to just\Na publicly listed company,
Dialogue: 0,0:40:16.11,0:40:21.07,Default,,0000,0000,0000,,and so that's going to be\Na long way before that happens.
Dialogue: 0,0:40:21.10,0:40:24.46,Default,,0000,0000,0000,,And so what I'm\Nreally trying to do is
Dialogue: 0,0:40:24.48,0:40:29.84,Default,,0000,0000,0000,,encourage and demonstrate
Dialogue: 0,0:40:29.87,0:40:32.55,Default,,0000,0000,0000,,that being multistakeholder,
Dialogue: 0,0:40:32.57,0:40:34.65,Default,,0000,0000,0000,,that putting employees first,
Dialogue: 0,0:40:34.67,0:40:37.16,Default,,0000,0000,0000,,creates competitive advantage.
Dialogue: 0,0:40:37.19,0:40:44.11,Default,,0000,0000,0000,,And I think I'm not the only CEO\Nwho's feeling that, by the way.
Dialogue: 0,0:40:44.13,0:40:47.69,Default,,0000,0000,0000,,I think people like Satya Nadella\Nfrom Microsoft are doing a great job,
Dialogue: 0,0:40:47.71,0:40:52.74,Default,,0000,0000,0000,,Marc Benioff from Salesforce.
Dialogue: 0,0:40:52.76,0:40:56.12,Default,,0000,0000,0000,,I could go through quite a list of names.
Dialogue: 0,0:40:56.14,0:40:58.75,Default,,0000,0000,0000,,But the list is not long enough yet,
Dialogue: 0,0:40:58.78,0:41:04.19,Default,,0000,0000,0000,,but I think there's some\Nquite important names
Dialogue: 0,0:41:04.21,0:41:05.78,Default,,0000,0000,0000,,and individuals around the world
Dialogue: 0,0:41:05.80,0:41:12.42,Default,,0000,0000,0000,,who are now talking about\Nmultistakeholder capitalism,
Dialogue: 0,0:41:12.44,0:41:16.91,Default,,0000,0000,0000,,and I think that's an important element\Nas we think about our economies
Dialogue: 0,0:41:16.94,0:41:20.74,Default,,0000,0000,0000,,and way of life looking forward.
Dialogue: 0,0:41:22.78,0:41:27.21,Default,,0000,0000,0000,,WPR: And there was so much interest also\Nin your net disposable income program
Dialogue: 0,0:41:27.23,0:41:28.96,Default,,0000,0000,0000,,and a lot of questions around that,
Dialogue: 0,0:41:28.99,0:41:32.56,Default,,0000,0000,0000,,and one which I think is\Nalong these same lines from Juan Enriquez
Dialogue: 0,0:41:32.59,0:41:35.97,Default,,0000,0000,0000,,asking about a rational way\Nto address extreme income disparities.
Dialogue: 0,0:41:35.99,0:41:38.88,Default,,0000,0000,0000,,And perhaps you could expand\Nbeyond this program,
Dialogue: 0,0:41:38.91,0:41:41.55,Default,,0000,0000,0000,,just sort of ways\Nthat we might think about this
Dialogue: 0,0:41:41.58,0:41:44.22,Default,,0000,0000,0000,,in a smarter way moving forward.
Dialogue: 0,0:41:45.39,0:41:48.37,Default,,0000,0000,0000,,DS: Yeah.
Dialogue: 0,0:41:50.05,0:41:56.88,Default,,0000,0000,0000,,Well, there's no easy solution,\Nor it would have been done.
Dialogue: 0,0:41:56.90,0:42:00.10,Default,,0000,0000,0000,,So I think there are a couple things\Nthat I think about
Dialogue: 0,0:42:00.12,0:42:04.12,Default,,0000,0000,0000,,that may not fully address\Nextreme income disparities.
Dialogue: 0,0:42:04.15,0:42:11.01,Default,,0000,0000,0000,,Again, I try to think pragmatically\Nabout these things,
Dialogue: 0,0:42:11.04,0:42:14.89,Default,,0000,0000,0000,,and, like, what can we really do\Nto start to address this?
Dialogue: 0,0:42:14.91,0:42:16.60,Default,,0000,0000,0000,,And again, I think about,
Dialogue: 0,0:42:16.63,0:42:19.65,Default,,0000,0000,0000,,if we could take one step\Nand then another step,
Dialogue: 0,0:42:19.67,0:42:22.76,Default,,0000,0000,0000,,then you're starting your journey,
Dialogue: 0,0:42:22.78,0:42:29.18,Default,,0000,0000,0000,,and without getting overwhelmed\Nby how far away the end state is.
Dialogue: 0,0:42:29.20,0:42:32.99,Default,,0000,0000,0000,,So one, I think companies\Nneed to take care of their employees,
Dialogue: 0,0:42:33.01,0:42:35.76,Default,,0000,0000,0000,,and I think that will\Nimmediately help to address
Dialogue: 0,0:42:35.78,0:42:38.14,Default,,0000,0000,0000,,some of these income disparities.
Dialogue: 0,0:42:38.16,0:42:42.76,Default,,0000,0000,0000,,Number two, I do think that,
Dialogue: 0,0:42:42.79,0:42:49.77,Default,,0000,0000,0000,,ironically, if you have less money,
Dialogue: 0,0:42:49.80,0:42:53.76,Default,,0000,0000,0000,,it costs you more to manage and move it,
Dialogue: 0,0:42:53.79,0:42:57.25,Default,,0000,0000,0000,,which, think about that:
Dialogue: 0,0:42:57.27,0:43:00.36,Default,,0000,0000,0000,,the less money you have,\Nif you're outside the financial system,
Dialogue: 0,0:43:00.38,0:43:04.16,Default,,0000,0000,0000,,the more you spend to manage\Nand move your money.
Dialogue: 0,0:43:04.19,0:43:10.32,Default,,0000,0000,0000,,And I think that technology
Dialogue: 0,0:43:10.35,0:43:14.01,Default,,0000,0000,0000,,is at least a foundational way\Nfor us to think about
Dialogue: 0,0:43:14.03,0:43:19.93,Default,,0000,0000,0000,,how do we cut the basic costs\Nof managing and moving money
Dialogue: 0,0:43:19.95,0:43:21.70,Default,,0000,0000,0000,,by 50 to 70 percent,
Dialogue: 0,0:43:21.72,0:43:23.74,Default,,0000,0000,0000,,like [check-cashing],
Dialogue: 0,0:43:23.77,0:43:25.46,Default,,0000,0000,0000,,sending remittances,
Dialogue: 0,0:43:25.48,0:43:31.26,Default,,0000,0000,0000,,which are such a huge,\Nimportant part of the world's economy.
Dialogue: 0,0:43:31.28,0:43:33.91,Default,,0000,0000,0000,,You know, you do it a traditional way,
Dialogue: 0,0:43:33.93,0:43:36.44,Default,,0000,0000,0000,,you go into a store
Dialogue: 0,0:43:36.46,0:43:40.03,Default,,0000,0000,0000,,and send the remittance to another store\Nand somebody goes and picks it up.
Dialogue: 0,0:43:40.06,0:43:42.38,Default,,0000,0000,0000,,First of all, incredibly time-consuming,
Dialogue: 0,0:43:42.40,0:43:45.45,Default,,0000,0000,0000,,and it can cost between\Neight and 12 percent
Dialogue: 0,0:43:45.47,0:43:48.22,Default,,0000,0000,0000,,of that remittance amount\Nthat you're sending.
Dialogue: 0,0:43:48.25,0:43:50.33,Default,,0000,0000,0000,,So if you're sending a hundred dollars,
Dialogue: 0,0:43:50.36,0:43:53.60,Default,,0000,0000,0000,,the recipient who so desperately needs it
Dialogue: 0,0:43:53.62,0:43:56.34,Default,,0000,0000,0000,,is getting 88 to 90 dollars.
Dialogue: 0,0:43:56.37,0:44:00.71,Default,,0000,0000,0000,,If you do that electronically,\Ndigital wallet to digital wallet,
Dialogue: 0,0:44:00.74,0:44:02.64,Default,,0000,0000,0000,,that can be like three percent,
Dialogue: 0,0:44:02.66,0:44:05.23,Default,,0000,0000,0000,,so you can get 97 dollars from that.
Dialogue: 0,0:44:05.26,0:44:11.74,Default,,0000,0000,0000,,And so I think there are ways\Nof addressing the costs.
Dialogue: 0,0:44:11.77,0:44:13.03,Default,,0000,0000,0000,,As I mentioned,
Dialogue: 0,0:44:13.05,0:44:18.07,Default,,0000,0000,0000,,there is so much money\Nspent on unnecessary fees
Dialogue: 0,0:44:18.10,0:44:19.65,Default,,0000,0000,0000,,and high interest rates,
Dialogue: 0,0:44:19.68,0:44:22.94,Default,,0000,0000,0000,,and if we can drop that\Nby 20 percent, 30 percent,
Dialogue: 0,0:44:22.96,0:44:27.88,Default,,0000,0000,0000,,the amount of money we can return\Nto vulnerable populations is quite large
Dialogue: 0,0:44:27.90,0:44:30.05,Default,,0000,0000,0000,,and will start to make a difference.
Dialogue: 0,0:44:31.41,0:44:32.57,Default,,0000,0000,0000,,WPR: That's great.
Dialogue: 0,0:44:32.60,0:44:34.70,Default,,0000,0000,0000,,We have a ton of questions\Nfrom the audience,
Dialogue: 0,0:44:34.72,0:44:37.29,Default,,0000,0000,0000,,just one more before we turn things\Nback over to Corey
Dialogue: 0,0:44:37.32,0:44:38.62,Default,,0000,0000,0000,,with her final questions.
Dialogue: 0,0:44:38.65,0:44:40.08,Default,,0000,0000,0000,,This one is from Anna Tunkel,
Dialogue: 0,0:44:40.11,0:44:44.30,Default,,0000,0000,0000,,which is just, I think, as we are rounding\Nto the end of the interview here,
Dialogue: 0,0:44:44.32,0:44:46.89,Default,,0000,0000,0000,,"What are you most optimistic about,
Dialogue: 0,0:44:46.91,0:44:49.93,Default,,0000,0000,0000,,and what do you see\Nas the biggest opportunities
Dialogue: 0,0:44:49.95,0:44:52.24,Default,,0000,0000,0000,,for 'Building Back Better' after COVID?"
Dialogue: 0,0:44:54.28,0:44:55.44,Default,,0000,0000,0000,,DS: Well, I mean,
Dialogue: 0,0:44:55.47,0:45:00.22,Default,,0000,0000,0000,,one thing I'm actually optimistic about --
Dialogue: 0,0:45:00.24,0:45:05.88,Default,,0000,0000,0000,,and I've always been a believer\Nin the human spirit
Dialogue: 0,0:45:05.90,0:45:12.01,Default,,0000,0000,0000,,and the power of an individual\Nto make a difference.
Dialogue: 0,0:45:12.96,0:45:17.35,Default,,0000,0000,0000,,I know that sounds very cliché,\Nbut I truly believe it,
Dialogue: 0,0:45:17.37,0:45:19.73,Default,,0000,0000,0000,,and I think every one of us\Ncan make a difference.
Dialogue: 0,0:45:19.76,0:45:21.12,Default,,0000,0000,0000,,But here's what I'm seeing.
Dialogue: 0,0:45:21.14,0:45:25.23,Default,,0000,0000,0000,,I'm beginning to see that\Nat a much larger scale
Dialogue: 0,0:45:25.26,0:45:26.84,Default,,0000,0000,0000,,than I've ever seen before.
Dialogue: 0,0:45:26.86,0:45:28.68,Default,,0000,0000,0000,,You know, we have different platforms,
Dialogue: 0,0:45:28.70,0:45:31.04,Default,,0000,0000,0000,,either the PayPal platform\Nor the Venmo platform,
Dialogue: 0,0:45:31.06,0:45:34.77,Default,,0000,0000,0000,,Venmo here in the US,\NPayPal across the world.
Dialogue: 0,0:45:34.79,0:45:40.05,Default,,0000,0000,0000,,The amount of giving that's happening\Nthrough those platforms,
Dialogue: 0,0:45:40.08,0:45:42.53,Default,,0000,0000,0000,,whether it be to local businesses,
Dialogue: 0,0:45:42.56,0:45:45.93,Default,,0000,0000,0000,,to artists, to musicians,
Dialogue: 0,0:45:45.96,0:45:47.81,Default,,0000,0000,0000,,to bartenders,
Dialogue: 0,0:45:47.83,0:45:51.42,Default,,0000,0000,0000,,to places of worship, to schools,
Dialogue: 0,0:45:51.44,0:45:54.40,Default,,0000,0000,0000,,to NGOs, to charities
Dialogue: 0,0:45:54.43,0:45:57.86,Default,,0000,0000,0000,,has exploded on the platform, exploded.
Dialogue: 0,0:45:57.89,0:46:02.74,Default,,0000,0000,0000,,We have helped to raise\Non the PayPal platform
Dialogue: 0,0:46:02.77,0:46:05.24,Default,,0000,0000,0000,,since COVID-19 struck
Dialogue: 0,0:46:05.27,0:46:10.54,Default,,0000,0000,0000,,2.8 billion dollars\Nfor NGOs and charities --
Dialogue: 0,0:46:10.57,0:46:11.97,Default,,0000,0000,0000,,2.8 billion.
Dialogue: 0,0:46:11.99,0:46:14.14,Default,,0000,0000,0000,,That's incredible,
Dialogue: 0,0:46:14.16,0:46:17.52,Default,,0000,0000,0000,,the amount of generosity\Nthat is pouring out
Dialogue: 0,0:46:17.54,0:46:20.13,Default,,0000,0000,0000,,from the global community around this.
Dialogue: 0,0:46:20.15,0:46:26.50,Default,,0000,0000,0000,,And we're just seeing people\Nrandomly pay it forward.
Dialogue: 0,0:46:26.53,0:46:30.65,Default,,0000,0000,0000,,Somebody gives 20 dollars to a bartender,
Dialogue: 0,0:46:30.68,0:46:32.96,Default,,0000,0000,0000,,and that bartender takes\N10 dollars of that
Dialogue: 0,0:46:32.99,0:46:34.62,Default,,0000,0000,0000,,and gives it to somebody else.
Dialogue: 0,0:46:34.64,0:46:38.69,Default,,0000,0000,0000,,And we're watching that over our platform,
Dialogue: 0,0:46:38.71,0:46:42.05,Default,,0000,0000,0000,,and that gives me a sense of optimism.
Dialogue: 0,0:46:42.07,0:46:47.08,Default,,0000,0000,0000,,I also feel like this period of time
Dialogue: 0,0:46:47.11,0:46:51.48,Default,,0000,0000,0000,,has exposed a number of things\Nthat were happening
Dialogue: 0,0:46:51.50,0:46:53.22,Default,,0000,0000,0000,,but were invisible,
Dialogue: 0,0:46:53.25,0:46:56.69,Default,,0000,0000,0000,,and I think when things become visible,
Dialogue: 0,0:46:56.71,0:46:59.24,Default,,0000,0000,0000,,that's when you can start to address them,
Dialogue: 0,0:46:59.26,0:47:01.78,Default,,0000,0000,0000,,and I think there's a lot of attention
Dialogue: 0,0:47:01.80,0:47:06.80,Default,,0000,0000,0000,,on some issues that\Nshould have had attention before,
Dialogue: 0,0:47:06.82,0:47:11.20,Default,,0000,0000,0000,,but vulnerable populations\Ndon't have as loud a voice as others,
Dialogue: 0,0:47:11.22,0:47:16.91,Default,,0000,0000,0000,,and now that voice is being heard,\Nbecause you can't ignore it.
Dialogue: 0,0:47:16.94,0:47:21.89,Default,,0000,0000,0000,,And hopefully, that will create progress
Dialogue: 0,0:47:21.91,0:47:25.11,Default,,0000,0000,0000,,against some of these\Nstructural inequalities
Dialogue: 0,0:47:25.14,0:47:28.14,Default,,0000,0000,0000,,that have been there for a long time.
Dialogue: 0,0:47:30.77,0:47:32.57,Default,,0000,0000,0000,,WPR: That's wonderful.
Dialogue: 0,0:47:32.60,0:47:35.21,Default,,0000,0000,0000,,And there's so much interest online.
Dialogue: 0,0:47:35.24,0:47:39.60,Default,,0000,0000,0000,,You have some other questions\Nto ask as well.
Dialogue: 0,0:47:39.62,0:47:42.48,Default,,0000,0000,0000,,CH: So I think we have one more\Nfrom our community
Dialogue: 0,0:47:42.50,0:47:44.97,Default,,0000,0000,0000,,from Jacqueline Ashby.
Dialogue: 0,0:47:44.100,0:47:47.43,Default,,0000,0000,0000,,Anna sort of stole my last question,
Dialogue: 0,0:47:47.45,0:47:51.66,Default,,0000,0000,0000,,which was to restore\Nour faith in humanity.
Dialogue: 0,0:47:51.69,0:47:54.18,Default,,0000,0000,0000,,But, there's so much interest\Ncoming in about NDI.
Dialogue: 0,0:47:54.20,0:47:56.57,Default,,0000,0000,0000,,Is there a way for people to learn more,
Dialogue: 0,0:47:56.60,0:47:59.80,Default,,0000,0000,0000,,for you to share your study\Nand your methodology?
Dialogue: 0,0:48:00.64,0:48:02.12,Default,,0000,0000,0000,,DS: Happy to do so.
Dialogue: 0,0:48:02.14,0:48:04.66,Default,,0000,0000,0000,,There is nothing proprietary about it.
Dialogue: 0,0:48:04.69,0:48:08.87,Default,,0000,0000,0000,,We would love for this to be --
Dialogue: 0,0:48:08.89,0:48:13.22,Default,,0000,0000,0000,,look, and this may not be\Nthe be-all and end-all measurement.
Dialogue: 0,0:48:13.24,0:48:15.93,Default,,0000,0000,0000,,It's the best one we could come up with,
Dialogue: 0,0:48:15.96,0:48:18.62,Default,,0000,0000,0000,,but if working within the community,
Dialogue: 0,0:48:18.64,0:48:23.77,Default,,0000,0000,0000,,we can evolve it and think about\Nmaybe things that it missed
Dialogue: 0,0:48:23.79,0:48:27.62,Default,,0000,0000,0000,,or maybe things that could be done better,
Dialogue: 0,0:48:27.65,0:48:28.83,Default,,0000,0000,0000,,that would be fantastic.
Dialogue: 0,0:48:28.85,0:48:31.83,Default,,0000,0000,0000,,I don't know the best way of doing that.
Dialogue: 0,0:48:31.85,0:48:36.61,Default,,0000,0000,0000,,I'll leave that to Corey and Whitney\Nto help me think that through,
Dialogue: 0,0:48:36.63,0:48:38.91,Default,,0000,0000,0000,,but of course we'd be willing to share it.
Dialogue: 0,0:48:38.94,0:48:42.92,Default,,0000,0000,0000,,There is nothing about that\Nthat I don't want to share.
Dialogue: 0,0:48:43.57,0:48:45.72,Default,,0000,0000,0000,,CH: Sounds like a good TED Talk.
Dialogue: 0,0:48:48.68,0:48:53.09,Default,,0000,0000,0000,,Thank you so much, Dan. This has been\Na super-interesting conversation.
Dialogue: 0,0:48:53.11,0:48:56.04,Default,,0000,0000,0000,,I think we could talk for another hour,
Dialogue: 0,0:48:56.07,0:48:58.47,Default,,0000,0000,0000,,but thank you so much for being here.
Dialogue: 0,0:48:59.44,0:49:02.42,Default,,0000,0000,0000,,DS: Thank you, Corey. Thank you, Whitney.\NThank you, everybody.
Dialogue: 0,0:49:02.44,0:49:04.05,Default,,0000,0000,0000,,WPR: Thank you, Dan. Thank you.