“What happened with the explosion of mobile and smartphones,” said Schulman, “is that all the power of a bank branch is now in the palm of a consumer’s hand. And the incremental cost to add a customer when software is at scale approaches zero. All of a sudden the transaction of cashing a check or paying a bill or getting a loan or sending money to someone you love—which were simple and easy things for us in America already—becomes simple and easy”—and nearly free—for the three billion people around the world who have been underserved.
