Uday Kotak Quotes

Traditional consumer banking will come under extreme pressure as its central deposit-taking and lending functions are challenged by online savings vehicles, crowdfunding, and loan syndicating by such nontraditional competitors as insurance companies, pension and hedge funds.

I keep wondering at night, 'Will I have a bank the next morning, or will some technology company be doing banking without needing a bank?'

The digitisation of money, the rapid expansion of internet access and, of course, the adoption of mobile phones have created the perfect conditions to make it easier, secure, and affordable to save, spend, give, and borrow.

The only thing useful banks have invented in 20 years is the ATM.

The changing nature of money is only one facet of the financial services revolution.

Elon Musk with PayPal revolutionized banking.

The big challenge with Internet financial services has been that it's very difficult to get large numbers of customers to sign up for your service.

If you look at people who have an iPhone or Android and are under 40 and are dissatisfied with their bank, it's actually quite a large market.

Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.

When I started the business, only banks operated at airports, only banks issued travellers' cheques, only banks issued international payments, only banks serviced their own branch networks.

Our view is that younger customers love our digital offering, our mobile banking applications and so on. Older customers expect relationship managers and want much more personal attention in terms of their needs.

Make the most of online banking to make your life easier and keep your finances organized. Online banking is great because it offers quick, easy, 24-hour access to your checking and savings accounts.

Retail banking in Africa is very weak. You can't go to a village and get money from an ATM or visit a branch of the bank. So people have to use the Internet.

ATM is still a cash channel; we want to migrate it to the digital channel.

India has a very young population which is comfortable doing business on a screen than do it one on one with a banking executive. They want quick fulfilment of desires, and may not have the time to go to a bank to get things done. Many of them are comfortable working from home.

Any competent programmer has an API to cash, payments, escrow, wills, notaries, lotteries, dividends, micropayments, subscriptions, crowdfunding, and more.

The scope of activities for payments banks mainly includes acceptance of demand deposits, issuance of ATM/debit cards, payment and remittance services, and distribution of third-party products.

If we want to be the banker to every Indian as we want to be, then we will have to use technology.

At Bank of America, customers shunned a product that offered fee-free checking without access to branches.

When I need to go to my bank, I'll do television.

Earlier, physical currency used to dominate. Now, mobile currency or digital currency is dominating. For digital currency, fintech is very crucial.

As with so many sectors of the economy, technology is transforming the retail banking sector.

If you think about the under-30 generation, the millennial generation - GenTech, as I call them - they grew up with a screen in front of them. And so they think about everyday processes, like payments, differently than you and I do.

Estonians are much more used to Internet banking rather than an online credit card.

As we think about the future, one of the things we will do is to make sure PayPal becomes the central part of consumers' lives, how we enable consumers to manage and move their money more efficiently, easily, and less expensively than some traditional ways.