“We’re enabling what we call this new era of hospitality,” says Toast CEO Chris Comparato. “We’re investing heavily in R&D. This is a massive opportunity and the restaurant community is a massive market. The market is untapped and we’re in the early days of a major transformation across the entire industry.”
Perhaps with multinationals being what they are the fact that they are able now digitally and technologically to issue their own currencies and request their consumers to use it is perhaps not a sort of an unreasonable thing to think. It may not be the whole mission short term but certainly in the medium term for sure. I mean a Facebook coin is probably the next big one.
The real secret to Venmo is that it’s not just a payment transaction, it’s really a social experience, says PayPal CEO Dan Schulman. “It really is tying into this desire in the millennial generation to tie into your social network,” noted Schulman. “It’s really a social experience.”
Bank of America has gone massively digital and it is now powering their growth. “We had a billion and a half logins to our apps last quarter,” says Bank of America CEO Brian Moynihan. “This is not theoretical. We are one of the largest digital companies. We are also one of the largest physical companies. It takes both high-touch and high-tech.”
This is just a better store of value and if the world comes around to sharing that view and I think we’re on that path, then we are easily over 100,000 in three or four years I think in Bitcoin.
Digitalization is not something that’s coming, this is something that already exists, says Bank of America CEO Brian Moynihan. He says that 25 percent of their sales are done on digital. Moynihan says his goal is to bring the whole banking system to the digital age to make it more efficient for customers.
According to the Wall Street Journal Amazon is testing larger format stores with its cashierless technology as a prelude to a Whole Foods rollout. The WSJ appeared to have spoken with several insiders. “It is unclear whether Amazon intends to use the technology for Whole Foods, although that is the most likely application if executives can make it work, according to the people.”
The CEO of LendingClub, Scott Sanborn, says that they are really looking to make membership in the club mean something and are working to take Lending Club and turn it into a “financial health club” that will help people successfully manage expenses.
Scott Kennedy, who is the Deputy Director, Freeman Chair in China Studies at Center for Strategic and International Studies (CSIS), said on Twitter that Amex finally winning Chinese market approval is not a breakthrough for China market access.
Hikmet Ersek, President, CEO, Western Union, recently discussed the new partnership with Amazon, competition with Zelle and Vinmo, and the overall health of the business.