PayPal’s Dan Schulman on the future of banking: Digital, seamless and consolidated
Payments veteran Dan Schulman sees a future in which consumers pool their financial relationships with a handful of large players, as everything from daily spending to credit, savings and payments merge into a single digital experience.
It’s 2034. Many of the ways you think about retail banking and payments today no longer exist.
Plastic cards for credit and debit? Extinct. Coins and paper currency? Relics for museums. Banking and payments will have melted into each other, as the longstanding promise of in-the-moment financial management has become a practical reality.
Ten years from now, the organization you currently work for — bank or credit union or fintech — may no longer have direct connections to consumers. (If the organization still exists, that is.) The fragmented financial relationships many Americans navigate today will be consolidated and centralized — simply because it all works better that way.
This is the vision of Dan Schulman, who retired as president and CEO of PayPal in September 2023. “There’s going to be more change in the financial services industry over the next 10 years than there has been in the last 30 to 40.”
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