Browsing Tag: Duke

    KTM Vs Royal Enfield | The Conclusion #2 | Which Is Best ? | Bikers Funny Fight | Sillaakki Dumma
    Articles, Blog

    KTM Vs Royal Enfield | The Conclusion #2 | Which Is Best ? | Bikers Funny Fight | Sillaakki Dumma

    November 8, 2019

    Hey What does Sillakki Dumma Means? This is RE This is RC Remove Your Glasses In the first part you asked me what does RC means. RC is Race Competition. Hey! Race and competition are the same. What is new in this? You always speak well but don’t forget that you have lost in the race in the first part. Why have you come again to race? Hey.. She is looking at RC. Seat in your bike is a bit far while comparing with my bike. So, I will go romantically. Don’t judge it with your bike seat. Let her decide whether it is RE or RC! When did you get back at him? Bye!!!! Bye???? Oh! Is It a dream? Ha ha ha …. Bye!!! Hey Hey Dude! I need your bike urgently! Why do you need Royal Enfield, now? My girlfriend wants to have a ride in Royal Enfield, dude! One should have the dignity to go in Royal Enfield! Dude! Why do you plead him for a bike? Take my bike dude, you will have a romantic experience. KTM???? Yeah! Look at that! Oh No! I will walk with my girlfriend!I don’t need your bike! Wait! Wait Oh! Today is Sunday! A tall boy is coming on a bike! Let him come! Stop Stop!! Remove your glasses, first! Sir, new RC Sir! Please, Sir! What??? RC means what? I didn’t ask your RC Book. If it is a race bike, ride it on the track. Why are you riding it on the road? Licence… Insurance … RC Book… Road Tax … What? Is the vehicle new? Then take the bill! Don’t you have the bill? At least do you have the bill number? No???? Constable, arrest him! File all the cases against him! Sir, just file the code 69, Sir! Oh! Are you speaking law and order? You have got Rs. 2.5 lakh worth bike and also a gold chain! come here! Wow! Bullet! Bro… stop stop! Welcome, bro! How is your dad? My son is also asking for this bike and I am planning to get one. Sir, License…. RC… Roadtax No Need…. You will have everything perfect. You carry on your work! One second… constable do a water wash for the bike. Do you have petrol… ok ok … you carry on Bike! My son! This is the first time in your life, you have done an useful thing! Only now you look like a prince! Son, Will you take me with you in your bike? Come on, Mom! Let us Go! Hi Gomathy, This is my son’s new vehicle… Hey Kamala, my son’s new vehicle…. Hey Kanaka…. come home… This is my son’s new bike… Son, without thinking twice, I have told about your bike… Everyone’s eye will be on you. Come home, let us break the evil’s eye! Ok Mom! Let this break all the evil eye on you’ especially the guy who has got the ATM bike. Mom! It is not ATM… it is KTM Yes… the KTM bike fellow’s evil eye … Let this break all the evil eyes… spit in this … Bye my son! Ha ha !!! Mommy! This is my favorite bike… my dream bike… my bike is so hot… You will be surprised to see my bike… Mummy!!!! Nice, is it not! Oh My God! My 2 Lakh rupees has gone!!! Why did you buy a plastic bike? How will a mother sit in this bike? Hey Kanaka … my 2 lakh has gone…. Hey Gomathi, look at this plastic box…. What sound is this ????? Your son is like you! Get lost… Mummy…. Mummy…. Take Arati for my bike… Don’t you see the road properly! Stupid guy! Bro! Don’t you have petrol? May I help you? Thanks, Bro! The petrol station is nearby! I will manage! Bro! KTM! Why do you push the vehicle? Let me drop you! Thanks, Bro! The petrol station is nearby! I will manage! Bro, KTM… Shall I help you to push the vehicle? Bro, it’s okay bro! The petrol station is nearby! I will manage! Even the pedestrian comes to rescue you! You are a blessed one! Oh, God! I couldn’t push this bike, further! Could anyone help me? The petrol station is nearby… Please help me… At least give me your cycle! Kindly help me! TOW! If my vehicle damages, who will give me the money! I couldn’t push it further! We could lift a bike…. But not a bulldozer! Don’t speak about my bike… Go, brother! Really, it sounds like a plastic! Let it be! Hey dude! Hey, dude! Shall we go for a long drive? Long drive!!! 20 km? Don’t make fun! We are going to Pondicherry now, 300 km! Hey!!! I have to fill petrol for Rs. 4000! I will take care! Let us go and drink! Let me fulfil your wish! Oh No! Lorry… Without thinking, I have chosen a long drive… God, save me! I will give offerings to you, If I reach home, safely. RE!!!! Lovely! KTM! Sexy!!! Why are you groaning! You are just sitting on your bike. but I am just lying on it…. Oh! You are lying on it! It is just 3 Km now… you will lie down completely, soon Hey! Rc is the pride RE is the pride! Grrr… go RC is just like a lover. You don’t know when it will leg pull you! RE is just like the wife. Even if it mishaps, it will save us. Understand this! To drink a coffee, will you buy a coffee estate? Hey! Go away and play! What are you doing here? kids playing REand RC Whether it is RC or RE, our bike is our pride. When the time changes, the style and the mass of the vehicle changes. Buying a costly bike is not important. It is important how we ride it. So, no Rash Driving!

    Distinguished Speaker Series: Ajay Banga (CEO, Mastercard) and Jud Linville (CEO, Citi Cards)
    Articles, Blog

    Distinguished Speaker Series: Ajay Banga (CEO, Mastercard) and Jud Linville (CEO, Citi Cards)

    September 2, 2019

    – Thank you for joining us here today. On behalf of Dean Boulding
    and the Executive Fellows, welcome to the first
    Distinguished Speaker Series event of the 2017-2018 school year. Please take the time now
    to silence your phones. To start us off here, we have a DSS first, two guest speakers. And it is my privilege
    to introduce them both. Jud Linville is the CEO of Citi Cards, the industry’s largest credit card issuer. He serves on Citi Group’s
    Operating Committee and Global Consumer Banking Council. Mr. Linville has been
    involved with Duke since 2006 as a member of Fuqua’s Board of Visitors and is a return guest at the
    Distinguished Speaker Series. After experiencing the event himself, Mr. Linville graciously
    enlisted one of his colleagues and strategic business
    partners, Ajay Banga, to join this year’s series. And it’s great to have them both today. Mr. Banga is the President
    and CEO of MasterCard and sits on the company’s
    Board of Directors. He’s a founding trustee of the US-India Strategic Partnership
    Forum, a member of the US President’s Advisory
    Committee for Trade Policy, and on the Board of Governors
    in the American Red Cross, just to name a few. Please welcome me in joining
    Jud back, if you would, and Ajay for the first time. (applause) – Welcome to the both of you. Jud, welcome back, and
    thank you so much for working Ajay into this,
    and finding someone whose personal brand and corporate
    brand is so consistent with the Fuqua brand. So it’s great to have you
    be a part of our community. So I’m going to kick
    things off with a question, which is, in your particular industry, you have all kinds of players
    who’ve come onto the scene. And on any given day in any given context, the person that you’re talking to could be your customer, your
    provider, your partner, or your competitor. And the question is, today
    you come here as friends and partners, but the
    question is, how do you keep balance in those
    relationships when things can be changing so rapidly
    from moment to moment? – Ajay, want to start? – Go ahead. Age before beauty. – And trust me, we’ll finish each other’s sentences by the end. So one, I am a huge
    believer that you can’t today always distinguish
    whether somebody’s a competitor, a customer,
    or a collaborator. If we look at so many of the developments, whether it’s small fintech
    or whether it might be what Apple does with
    payments, as simply a threat, there’s so much we’re missing out on. I can tell you that we
    took our teams out to Silicon Valley several
    years ago, and all the startups we would spend time with. Because what we saw was maniacal focus, incredible engineering
    talent, design led thinking that said here’s how you
    create customer journeys that are really elegant
    and remove friction. In fact, in some cases
    makes payment disappear. Think Uber. And rather than looking
    at that as a threat, said, how do we embrace it? I’m sure we’ll talk a
    bit about how technology stacks have changed at big
    financial institutions. What used to be, and Ajay
    spent 15 years at Citi Bank and he knows this well, and
    built a great consumer business, that tech builds used to
    be two or three a year. Two or three releases,
    built in waterfall, with months of regression testing. Now if you saw how
    engineering talent, the mashup between product folks,
    marketing folks, decision science folks, and engineers
    working on agile teams, we talk about it as “two
    pizza box-sized” teams. So they can’t be bigger
    than what two pizzas would serve when everybody’s
    working late into the night. And how things get built
    on a rapid iterative prototype basis, where
    we’re releasing sometimes every week. In May, our entire release
    stack was built in agile. To me, taking the best of
    what those folks do, and figure out how you do
    it to reverse engineer. By the way, head of
    technology came from Amazon, brought a bunch of Amazon engineers. Now a bunch of folks that
    were in fintech startups, that sometimes having trouble
    scaling, are now looking and saying, boy, it
    looks pretty interesting to be over at a big bank. The other part of it is,
    we’re constantly having discussions about do
    you build, do you buy, or do you borrow? And so, many of the fintechs
    have trouble finding ways to scale. I also look and say, how
    do we repurpose some of the capabilities you’ve got,
    and I’m not too proud to white label some different things. So to me, it’s being
    inside the tent as opposed to constantly create protective
    moats around yourself. That’s not a winning strategy. – I think Jud said it very well. The protective moat logic,
    if you guys, you watch Lord of the Rings, and
    you see a castle, and you think of your asset, and
    you’ve got a moat around it, and you find people coming at you. You can throw rocks at them. You can pour boiling oil on them. You can shoot arrows at them. But there are more of them than you. They will get over your wall. And so the trick is, if
    you think that you’re going to protect your castle
    by standing still and protecting it, you will lose. The trick is to move your
    castle around in such a way that the burglar can’t find the castle. That’s the way to do it. And the only way to do that is to engage with that environment
    in a constructive way, which is what Jud just described
    a couple of examples of. In our industry, my view
    is that electronic payments are just 15% of ATM
    payments right now globally. And in the case of P2P money,
    and business to consumer money, and global
    dispensation of government to consumer money, it’s an
    even smaller proportion. So there’s a big business
    out there to be gained by carrying cash as
    compared to fighting with each other on the margins of that 15% that today is electronic. So defining your frame,
    and realizing that you can’t protect your moat
    just by standing still. And that won’t keep you safe. It leads you to realizing
    that you have to move smoothly from friendship
    and partnership to a competitor and incorporate
    them into your thinking. But you also had one
    other point that you used in your question, which is relationship. And Jud and I will say
    this every day long to you. I believe that in our current
    jobs, if you don’t know how to manage relationships
    and if you don’t know how to build them, nurture
    them, sustain them, invest in them, and care
    about them because you care about them from deep inside, you cannot win in business. You just cannot. The world is too intertwined,
    and business is no longer built in a silo. There’s no such thing. Even Apple today is a much
    more partnership driven company and it’s not that
    easy to find a company of that example, but most
    of these companies rely on the fact that they’ve
    got to build relationships with people. So I’m a believer that
    relationships are key. And if you can’t build
    them, you’re going to have difficulty being a real leader. – So Jud, in previous
    conversations with me, you’ve kind of modestly
    talked about your business as one where you’re just
    trying to get a stream of nickels and roll up those nickels. But in more recent
    conversations, it’s been, we’re in the technology business. And so can the two of you
    tell us, how do you make the transformation from
    a business which has just kind of done things the
    same old way, and rolled up those nickels, to living
    in this high tech world? – So I think, Bill, we’ve
    had the conversation where I would describe the fact
    that we are a technology company that just happens
    to have a banking license. And I don’t know that
    that’s a new phenomenon. I think it’s been the
    case for a long time. Walter Wriston, several CEOs ago at Citi, used to refer to the most
    powerful asset we’ve got is information. And if you think about the business I run, the payment business I
    run, we’ve been a big data business from day one. We’ve been a digital company
    from the time a mag stripe was put on a piece of
    plastic at IBM in 1958. We’ve been displacing paper
    currency and coins since then. Whether we treated it
    as a technology company, whether we treated it as a
    digital and mobile company, I think that the threats
    from fintechs was actually one of the great gifts of
    challenging the way we were building technology,
    challenging the way we thought about designing a customer
    experience and that journey. And frankly, thought,
    challenged a lot about how we organize work, how we organize teams. We were talking about,
    today, decision scientists are working on this. They’re not in a cubicle
    off to themselves running programming working off Hadoop. They are actually
    sitting with the teams as we’re designing the customer journeys. It also means the type
    of talent that we think about acquiring, and so
    that banks, I think, used to build a lot bottoms up. Now we’re, in fact, hiring
    in a bunch of different places where we’ll create labs or pods. Or we’ll co-create together with partners. So to me it’s not as if
    it’s a massive change in how we think about it. We’ve always been deep with technology. How we deploy technology, how
    we think about engineering, how we think about
    designing jobs has changed pretty dramatically. – One thing I’d add to
    that is, we don’t actually issue a card, he does. We are the railroad, kind of the tracks, on which rail cars can run. So think about us as
    providing standards, so that you don’t have to have a
    different rail car from here to Philadelphia, and
    then one from there to New York, because the rails didn’t match. That would be a very expensive
    and very friction filled way of leading your life. So we create these rails
    that look the same globally. And then you can choose
    as an institution, like Citi Bank, to run a car
    over those rails that has air conditioning, doesn’t
    have it, has beer being served, doesn’t serve it,
    has food, doesn’t have it, is a first class car
    or a second class car. And you charge for the
    values that are implied in those differences. And so you create product differentiation not on the rails, but on
    the rail car that you run. That’s how we look at our
    product and our partnership. And so to me, I am actually
    nothing other than a technology infrastructure company. Because I don’t issue a card. He does, I don’t. I have no consumer relationships. I have a B2B business. And through him, a B2B2C
    business, where I should bring to him knowledge
    and comprehension of his consumer to help him win,
    because it’s his consumer. And if he wins, I win. And that’s the partnership
    that we’ve built in this industry that works well. So we’re a tech firm and a data firm. And honestly, I think he
    described it really well. I think banking of that type, essentially, is a data and technology firm. Whether all of us made
    the changes adequately early in the innovation
    cycle of the last 15 or 20 years, or we got
    dragged there over the last five or 10 years,
    that’s a different question. Because firms like IBM…
    Kodak was a tech firm. But where’s Kodak today? It’s gone. And so I think that’s a different issue that we can get into, as
    to, why do we think Kodak went that way and we believe
    we’re not going that way, at least we hope we aren’t. – Ajay, I would add that if
    you were listening to the conversations that the two of us have, it’s one part around
    standards, and the principles we put in place, because running a network has to have standards. Payments cannot have anonymity. We have to have access to
    data, that’s how it’s driven. And frankly, the point of
    differentiation is then on the issuing side,
    where I’m bringing new customers in, I’m building
    a deeper engagement, I’m capturing more wallet share. And I need to do that on a
    platform that has standards. Because I joke with my team all the time, creativity without
    standards is just madness. You got to have good
    disciplines in place that then allows you to iterative
    prototype and innovate and try new things that
    are going to break through for customers. So when in fact networks
    don’t have standards, that’s the riskier proposition. That’s why even discussions we had about blockchain or Bitcoin and the others, that it’s very different than the
    mode that we operate in today. – So I think it’s not just
    about being a tech firm or not. It’s about the culture of the firm. Are you really a tech
    firm in today’s context? Or are you a tech firm
    in a 20 year ago context? And that’s the change that we’ve all made, into migrating to what
    we think is a successful space for technology today. The cultural context of that is enormous. Because it’s a different
    way of empowering people, it’s a different way of recognizing risk, it’s a different way of
    rewarding risk taking, it’s a different way
    of recognizing failure, it’s a different way of accepting failure. There’s a whole lot there that guys like he and I are building
    over the last decade. – So it sounds like either
    the limiting factors, or the ability to enable
    these new achievements and the growth that you
    both have experienced, is more of a people question
    than a technology question. Is it people and culture that… – Look, I think only a bad
    worksman blames his tools. And similarly, anybody
    who thinks it’s about technology and not about
    people, you’re fooling yourself. Your life as a leader starts with people, goes with people, and ends with people. Technology, data, marketing,
    all the functions we study and we work with, they’re
    enablers for those people. If you don’t have the
    right people, if you don’t empower them the right
    way, if you don’t give them a purpose, if you don’t
    give them a way to win, if you don’t give them
    a methodology to measure how they know when they’re
    winning, if we don’t celebrate with them, if
    you don’t cry with them, you’re a lousy leader. You can have the best
    technology in the world. You’re a lousy leader. And that’s the issue fundamentally. – So I’d say, Bill, it
    comes down to people, process, and platforms. Ajay described it beautifully
    as it relates to people. I believe in the service
    profit chain, that says, if leaders know that they
    work on behalf of their teams and those teams know they
    work on behalf of customers, and that whether it’s the
    celebration, whether it’s they’re crying together,
    but you create that connectivity and that
    sense of purpose, that then, customers come along and
    then shareholders come along. To me the business I’m in,
    the fun thing is it’s a mashup of no matter what your degree is. So if you’re a quant jock,
    mine as a business is massively analytically driven and derived. If you’re a marketer,
    this is where all the marketing dollars go, whether it’s a… Hopefully people, anybody
    who’s watching The Voice or national football last
    night, Monday Night Football, saw our first new brand campaign. So stay tuned, a lot more
    that’s coming on that. So if you’re a marketer, my God, this is a great place to be. If you’re more of a kind
    of portfolio manager, if you think about the cards business, each product line is a
    different asset class. And you’re constantly
    thinking about how you rebalance your asset class. If you’re an engineer, this
    is a massive transaction processing business that
    has huge opportunity, constantly re-engineered
    to take friction out and eliminate the waste that happens. I mean, I can go on and on and on, so to me it’s that mashup of skills. The process is also what’s
    changed, to your question. So the process of how we went to market, how we understood customer needs, how we design customer journeys, how we actually built code. It wasn’t that long ago,
    requirements were written, this is requirements documents, then thrown over the wall
    to a technology organization and the teams would wait
    for three months and say, I hope that weekend when we launch, it doesn’t crash the system. Today, code’s going out every single week. And then lastly, the platforms. Now it’s about, Ajay and
    I will talk about APIs and talk about web based services. It’s not just about agile development. It’s actually the tool
    sets we’ve got with data, being able to operate on these
    big data lakes in Hadoop. So in my mind, it’s all three. It’s the platform, it’s
    the process, and people. – Certainly platform’s
    a really good topic. I believe that the genius
    of people like Steve Jobs was built around owning a platform. And so if you spend your
    time and creativity, building a platform with
    technology that is superior, that allows you to then
    innovate on that platform. So if you look at the
    IT store or if you look at what APIs are doing right
    now, what they’re doing is allowing other people
    to use your platform to create innovative ideas
    that are more in number than you could ever do yourself. And so any company that
    believes that once I have the platform, all future
    use cases built on that platform will also be built by me, internally, that company will lose. So it’s, the platform is
    only the way to enable others to link in. That’s what new technology is doing. That’s what all of us are building. So we’ve got data and we do 50
    billion transactions a year. We have two and a half
    billion people use our cards. Or phone or fingerprint,
    I really don’t care how you connect. There’s 200 countries we work in. There’s 40, 50 million merchants
    who accept these payments. That’s a platform. And that’s the global platform
    that I’m talking about. And then how you build
    on it and how you allow people to innovate with
    it, that openness and that willingness to work with them
    is what makes you a winner. Otherwise you’re going
    to box yourself into the limits of your own imagination. – And ultimately it
    becomes a model that is faster, better, cheaper. Just a simple example,
    with ThankYou Points, the reward currency at Citi
    within the cards business. We worked with Amazon to build. I went shopping at Amazon, at
    checkout, a pay with points in three clicks. It’s beautiful, it’s incredibly simple. When we first did it,
    when we first built it, it took us 13 months and a
    kind of whole big host to host. By the time we built APIs
    and we were launching in Asia or in Mexico, it
    was less than 30 days. So the ability to then build
    out core code you can reuse. Digital wallets. We have more digital
    wallets than any bank or any issuer around the
    globe, because we built one platform, then that
    could be repurposed for Apple Pay or Android Pay or
    Masterpass all the way through. So that’s the change. – So following up on
    the idea of building a great platform and the
    reference to Steve Jobs, does Apple Pay keep you awake at night? Do you view this as
    something that just makes your businesses better? So how do you feel about
    that kind of innovation? – The only thing that
    keeps me awake at night is my wife is snoring. (laughter) Other than that,
    relatively a good sleeper. So I don’t know. I sleep very well. I’m going to get shot for that. – I can’t wait to have dinner with her. And if my wife snored at night, I probably wouldn’t say anything. – We may ask for some
    editing rights later. – Oh, that’s good, oh that’s
    going to be rich at dinner. I can’t wait. (laughter) So I think we both probably
    have comments on it. Anything that changes the
    way buyers and suppliers come together, and we take out friction and it’s done better, is a good thing. The next piece of it is
    then, how do we think about working within those
    rails and that network and what’s that business model? And anybody who tells
    you they know how digital wallets, who’s going to be
    the winner and who’s not, is absolutely wrong. So whether it’s Google
    and Android, whether it’s Samsung that’s got their own
    model, whether it’s Apple, whether it’s Citi or
    other issuers that issue on Ajay’s Masterpass or Visa Checkout. To me, my view is that I
    want to build the platform. I want to be able to interoperate. I want to take the best of
    the different capabilities that each provides. I want to see what else Apple can provide into the experience. Because to me it’s not
    the phone tap and pay. The fact is, in Australia,
    cards can tap and pay. 80% of the transaction’s already happened. A swipe is not that… But in a checkout process
    when I’m shopping online, not just on a browser but with a phone, instead of having to
    type in 144 characters or register my card on a merchant’s site, which in today’s world
    is not a good thing, I want to have a token that goes through that doesn’t expose my
    primary account number. I want it to be able
    to access that simply. And merchants that have, 25% of e-commerce shopping excursions end up in
    an abandoned shopping cart. If I can improve that with easy checkout, 200 basis points, 300 basis points, the value to merchants is massive. So to me, right now it’s I want to play on all these and then
    figure out how we unlock the next set of breakthroughs. – So speaking of the transaction itself, how do you feel about the chip technology, which now you have to
    wait and wait and wait till it beeps at you and says you’re okay. So to have something
    that had been around in other parts of the world for many years then come here, does that
    feel like a technology advance or a step back? – Oh, I think its a technology advance. Let me frame this for you differently. If I were answering the
    question what kept me up at night with seriousness,
    I would tell you that safety and security keeps me up at night. And the reason for that is
    that the level of fraud, just in the card business,
    America had become the favorite destination for fraud. Because America was the
    market with mag stripe. And mag stripe allows itself to be used in many different ways to enable fraud both physical and online. Chip technology takes
    away a large part of that in the physical world. It doesn’t take it away
    in the online world. That’s why the token
    that he was referring to is a way that your card number never goes to a merchant. An alternative 16 digit
    number that’s randomly generated using a cryptogram
    that we can unlock is what goes. There are many things
    being done on safety, but I would tell you the safety
    topic is a much bigger one. I’m not just talking about Equifax, which is a recent topic. You need to think
    through the fact that the Internet of Things is going
    to create 25 to 50 billion connected devices in the next few years. So all you people in this
    room, you’re all tech savvy. Right now your phone is listening to you. You don’t think it is, but it is. The question then is, what does it do with what it’s listening to? If somebody else were able to break in and listen to that conversation,
    that would be a bad thing. So the reason why when you
    enter a safe, secure place your phone is left outside
    is not because they think you look at your email
    while you’re talking to the President of the United States. It’s because they know
    you can break into that conversation while you’re sitting there. So you need to understand
    that connectivity where the average consumer
    values convenience over safety, thinking
    that the company is going to provide the safety,
    that’s something you need to think about in the day
    of an interconnected device which may or may not be built for that. So when you agree to look at a weather app and it says I need to access your contacts and you say, “Allow,” you
    need to help me understand why a weather app that
    tells you it’s 83 degrees in Durham needs to bloody
    well access your contacts. But it does, and you allow it. And when you keep you
    GPS location finder on 24 hours a day, your movement
    pattern is being captured. And it’s being used in
    some way to generate some form of insight and data. So my point here is, you
    should think carefully about safety and security,
    because not everybody out there is using your data for purposes that’s useful to you. And that interaction
    is not yet clear to the community at large. And I believe that to be the
    one thing that makes me worry. Therefore, a chip card, back
    to that simple question, a chip card to me, which
    actually by the way does not take, the difference
    is, in a mag stripe, you pull the stripe and
    you pull the card back. In a chip, you’re going
    to leave it in there till it’s done. The difference in really
    the transaction processing time is de minimis. It’s the nature of the consumer
    experience that’s different. And the world over that’s been the case. That people actually begin
    to rely on the chip card as being way safer. But I think it’s a bigger
    topic than a chip card. It’s about safety and
    security in a digitally connected world where
    your refrigerator will talk to your toaster to order bananas. Which, by the way, is what people are telling you will happen. You may not want that to happen. But the stuff will do it for you. And there’s a reason why
    people keep a duct tape on their computer camera. There’s a reason why. And you should just think
    through, at what point does technology go beyond
    being a facilitator to being an invasion of your space. I really think it’s important. I think you got to work
    with your thinking and your feet and your hands
    as compared to just accepting convenience over the use of your information for purposes other
    than what’s useful to you. – And Bill, I would say that depending on how you look at this, for Ajay and I both,
    and I’d say just about any other leader around the globe, cyber security and the
    reputational risk associated is probably one of the
    biggest concerns they’ve got. In payments, it’s easy to eliminate fraud. You can just stop all the transactions. How you build layers of
    authentication in that are indeed faster, better,
    cheaper and better customer experience, to me this was just a stopgap for counterfeit fraud, counterfeit cards. To me you already see the fraud moving to card not present e-commerce. And to, I think, both of
    us, it’s how do we quickly move toward tokenization. Because I’d argue that
    there’s a world in the future where, between the rails
    and the unique identifier that your bank account
    has, that token and that token vault, we could
    actually be the fair market broker that ensures that
    all those things are turned off unless you want them turned on. Because the Internet of
    Things is going to make all of that accessible, and
    most of those transactions will have some kind of economic exchange. That’s a further out there,
    not next year kind of idea, but I truly believe that
    if you think about the core essence of banking
    should be about trust. We spend a lot of time
    talking about, in very simple ways, how do you establish
    that, and then in the future what might that look like. – You know, the most popular
    passwords in the world are “password” and “1234567”. – [Jud] And “welcome”. – Yeah, and by the way,
    70% of Americans… – You just taught everyone
    here how to hack, by the way. – And 70% of Americans
    who open a bank account from 10 years ago online have
    never changed their password. Ever, in those 10 years. Now, if we put the job
    on a consumer to change a password every 30 days for
    the 29 different things they have passwords, and
    on a different day of the month for each of the
    29, that permutation and combination of passwords
    that you have to remember render you into saying,
    my password will be “welcome1”, “welcome2”. Or if you really want
    to be clever, it’ll be “welcome1#” or it’ll
    be capital “Welcome#1” or muck like that. – [Jud] And then you’ll stop
    remembering all of them. – Correct, all of which a five year old or 10 year old can hack
    into relatively simply. That’s the kind of challenge we’ve got. Passwords are yesterday. But the technology is built on passwords. Convenience is more
    important than security. That’s not a good idea. And the system’s going into connectivity. And just to make it a
    little more interesting, since we are on interesting topics, there’s two billion people in the world who don’t have an account. If everything is going to be
    connected to everything else, you’re going to pay for it. For that, you have an account. If you don’t have an
    account, two billion people are going to be left out of the system. If you’re talking about
    a social crisis that will come our way, if today’s
    inequality is a topic of interest to you, you
    should be worrying about 10 years from now, in a far
    more, sort of, let’s say multiplied fashion than today. So I just believe that this
    whole topic of security and digital connectivity
    and… this is a much bigger topic than just a topic of safety. It’s a topic of the way
    we operate as a society. And this is a tech firm guy talking. So I understand what I’m doing with this. And I served on the
    Presidential Commission on Cyber Security. Trust me, you don’t want
    to know what I know. You just don’t. (laughter) So it’s really not, it’s worth
    thinking your way through this in a good way. And I’m saying it in a
    college because young people determine where technology goes. You work with your feet
    and your hands, use them. – So given that people
    are so oblivious to these issues, and the Internet
    of Things just makes you vulnerable in so many different ways. And the reality of human
    behavior that you don’t want to have to pay
    attention to these things. Is there a business
    opportunity here in your space? – Yeah, to me if you think about, it’s the equivalent of folks
    who used to have a lock box. I’m sure almost nobody
    in the room knows what a lock box is, but when
    people used to go into a bank and they would have
    their deposit account book that we keep the record. And if they had valuable
    documents or other things, jewelry, they’d keep it at a bank in a safe deposit box. Think about this as the
    equivalent of a digital lock box. Think if you had that
    digital lock box that in fact was tokenized so that it only knew you and was protected within that digital vault. So that then whenever
    you needed to get those valuables out, like your
    payment credentials, whenever you need to
    use them would generate a random 16 digit code. Then both Ajay and I,
    the network, the merchant acquiring bank, and the issuer,
    would know that it’s you. Imagine the reverse
    auction, if we said also I can get better value for
    you because I know that you really love travel
    or you really love x. And in fact could say, I
    have access to these folks. What kind of deals could you give? There’s so many ways that that can be. And so then you’re the fair market broker for those tokens. So I think this can go in
    a bunch of different ways. It starts first and foremost with security of those credentials. – So I think the internet
    was the single most enabling technology in many generations. It is the ultimate democratization of capability and opportunity. So don’t get me wrong about it. I think it’s very powerful. But it wasn’t designed for security. It was actually designed for
    open exchange of everything. Now because everything is going onto it, people who have a bad intention visualize that absence of design for security as an opportunity to break into,
    which could take away the power of that technology
    from all of us as people. So if you go back in time in history, the printing press is what
    allowed knowledge to move from religious leaders to books. That allowed you to be
    able to read a book and not have to go to a religious
    leader to seek wisdom. And then from that ended
    up with something called the Encyclopedia Britannica,
    which none of you will know, but we three do know. And if you ever were
    able to buy one of those, which is expensive, you got
    it as a gift at graduation, that’s now called Google. And you basically Google for anything. It’s all part of that
    fabulous technology that allow older people to get
    medicine at the right time, health care to be administered. So don’t get me wrong, I
    think that technology is exciting and a huge opportunity. But it needs to be carefully
    handled so we can get to its real potential as compared to its destructive capability. That’s the conversation. Therefore, there’s a business opportunity, there’s a social
    opportunity, and there’s a people opportunity in technology. So long as we have an adult
    conversation about how to use it the right way. – If you think about, Bill,
    the conversation we had about Bitcoin and blockchain,
    there’s a very clear analogy. Bitcoin, in many respects,
    is less like a currency and more as a commodities future exchange. It’s a highly speculative. There’s not a bank that sits behind it. And by the way, there’s anonymity. And with anonymity, when
    you’re moving things of value, that’s a dangerous proposition. The underlying distributed
    ledger in blockchain is actually fascinating
    technology that if deployed in the right way, so we
    have labs in Tel Aviv and in Dublin and Singapore
    who are constantly doing test and learn kinds of experiments. Think about ThankYou
    Points, the currency on the card product, that’s a
    currency we generate. We run a marketplace, an
    exchange, where people are using Amazon to check
    out or anywhere else. Imagine that that’s built
    on a distributed ledger with permissions where it was clear. That’s a great use of a
    technology where thinking about it as a currency, to me,
    is not a effective use of distributed ledger. – So most technologies
    still require the pipes, they still require the
    financial institutions. Bitcoin is an attempt
    to bypass some of those, both of those features. Jamie Dimon recently called it a fraud and compared it to Dutch tulips. I think people might not
    understand what that means. – It was a big fraud.
    – Yeah. So is that something? I mean, you said it’s
    more like commodities. But cryptocurrency, do you
    worry about being bypassed or do you think that
    that’s just not feasible given issues around the
    need for transparency in financial transactions? – I’ll take a quick shot at it. I know Ajay has thoughts on it as well. To me, many of the use
    cases for that currency are actually bad actors
    who want to operate in a anonymous fashion. It is also something without
    permissions that makes it difficult to adjudicate. So if you have a dispute,
    such a large piece of what we’ve built is how
    you handle a dispute and how we talk about
    all the time how we’ve got the consumer’s back
    if something goes wrong. So I think that there’s massive challenges with that notion that
    somehow that could displace. Again, the underlying technology
    I think is fascinating when you think about value
    exchange, particularly when it’s transparent and
    evident with permissions. – And I’ve been quoted
    publicly for a while saying that my belief is that Bitcoin is bunk. And I still believe that. But the blockchain to
    me, if again, like I was talking about earlier,
    guide rails that allow us to use it well, the
    blockchain to me could be really interesting. And we can talk about
    blockchain in a minute. But Bitcoin for itself,
    when you have a demand supply system for
    currency that’s managed by a finite number of
    coins that can be issued and you think somehow the
    world’s commerce can be managed through that, if I was a
    merchant right now and I sold this young gentleman
    that green bottle for two Bitcoins because
    it’s the equivalent of $5 as of this second. And then five minutes
    later, those two Bitcoins are worth $1 and then 25 minutes later, they’re worth $2,800. That’s bullshit. (laughter) – From a technical point of view, yes. (laughter) – And therefore, it’s bunk. And to me that’s not logical. That’s just speculation. There’s a role for speculation. I have no problem with people treating it like a commodities future exchange. Knock yourself out. If you’re a sophisticated
    investor, and you know how to make money out of it, go right ahead. So that’s my thought, but don’t assume… – That is not investment
    advice from Ajay, by the way. – No, just do whatever
    you want, it’s up to you. Exactly. But to believe that that is
    a logical medium of exchange is what I’m struggling with. Because that’s what a
    currency is designed to do, is to provide exchange of value
    between one and the other. You can argue that governments
    have treated currencies as a permanent honeypot
    and have drawn into it for value whenever they wanted. And so in actual fact,
    your currency, even a government owned currency,
    has devalued or appreciated over time depending on how
    you draw in and out of it. Because I’m a student of
    economics, I kind of get that. But that’s not the same. There’s a social contract
    behind that dollar that won’t make the bottle go up and down by that value in the course of 10 minutes. So that’s the first problem. The second problem is
    that if Bitcoin is used for legitimate purposes,
    which is buying a bottle and doing other good
    things, I’m good with that. But if it’s used by people
    who anonymously seize your computer and then
    tell you to pay in Bitcoin and call a call center which was set up. There were call centers
    set up for that case. For people to pay in Bitcoins. For releasing your own files back to you. That’s not a legitimate
    way of conducting business. And the reason they want
    to get paid in Bitcoin is because it is anonymous. I say this story about cash all the time. If you kind of, buy a drug on the streets, you don’t exactly pay with
    a Citi Bank credit card. At least not when I was younger. I don’t know about you guys. And if you… – I’m pretty sure they’re
    not accepted either. We’re pretty good at making sure of that. – Not going to be part
    of your ad campaign. – If you look at cross border
    illegal activity anywhere, guns in a country, drugs
    elsewhere, terrorism, you have to convince
    me that that’s done in legitimate transaction ways. It’s not. And therefore, as a society,
    to encourage something to be built because we think it’s cool when our entire fabric of
    society could be pulled aside, that’s a conversation,
    again, that young people need to have, just as we need to. So that’s the Bitcoin end. – I think it’s also a,
    much like the conversation we had earlier, I think
    it’s a fascinating place for that intersection of
    commerce or private sector and public sector and government. I think that nobody in the
    industry would look and say, boy, the next thing we
    hope for is legislation or regulation on some technology solution. Because that’s not how we’re likely to get the best effect. But how we as leaders
    engage the government on permissions, that, we should
    be sharing this information across the industry. There should not be restrictions on this. We should be thinking about
    how to create negative files to actually track those. We should be thinking
    about how we’re engaging the federal government agencies together. So to me, there’s so
    many examples of where rather than us trying
    to do it individually or rather than the
    private sector just trying to solve it, this is a
    perfect example of where you want to activate for
    those federal agencies to work with us. – So that’s a great transition to talk about the
    intersection between business and society more generally. It’s clearly been the
    case that there’s been a lot of activity that
    shows the collision between business and politics lately. Ajay, you were at a conference
    yesterday that asked the question, as I understand
    it, is capitalism broken? Or is it possible to rework
    that model in some way? So can you comment on these questions of does business have to
    change in some way to be more relevant in the society we live in? – First of all, I believe
    that you cannot run a business in the world
    without being connected to the quality of life
    of society around you. And that’s why discussion
    even the use of technology. I just believe that if you
    don’t have this conversation, I haven’t fulfilled my
    responsibility to have an adult conversation about the
    pluses and minuses of things. So similarly, business
    that lives on a fractured society cannot be successful. It’s in my interest to
    have a stable, growing middle class, a group of
    people who can look forward and can have more money to spend. Because when they spend
    more, I make more money. That’s how it works. And every business lives on that. So in your own self
    interest there’s the idea of working well with your community. That’s the first thing. The second thing is that
    I believe the quality of public discourse has
    deteriorated in a very rapid way in many countries around the world. And if public discourse
    is deteriorating in the political system, that doesn’t
    mean that we as society don’t want a good discourse, we do. But where will it come from
    unless all of us get involved? It’s not just business. It’s business and civil society
    that needs to contribute to a discourse that is open,
    honest, and transparent. And that to me is the
    responsibility of people like us. So to me, the world’s
    got a few interesting problems right now. Governance is one of them
    and discourse is there. But there’s drinking water, where China and India
    and Africa have 40, 52% of the world’s population, with about 10% of the world’s drinking water. And you have to see that
    as a emerging social crisis that is just around the corner. We’ve got issues with inclusive growth. And so is capitalism broken
    because the rich make more money and the poorer
    are being left behind? I would ask you to think through cycles of economic recession. Again, I’m a student of
    economics, so I’m a bit of a dope on these things. But if you were to sit and
    draw a graph of interest rates and the return on capital
    versus the return to labor over the last 50 years,
    you’ll find every time there’s a recession, the
    return on capital goes up and the return to labor goes down. Why is that? It’s because you lay off people and interest rates come down. So therefore, you make
    more money on your capital and you pay people differently. And because there’s more laid off people, wage competition brings it down. When the cycle comes back out, in theory wages should begin to
    rise, the return to capital should come down as interest rates go up. We are going through that cycle right now. It’s not a good place to be. It’s not that capitalism is broken. It is the form of the cycle of capitalism and the form and manner
    in which it is being allowed to be implemented
    that needs a good discourse. So as a company, it’s my
    responsibility to find ways. Now, I want to make sure
    you understand one thing. I run a company for shareholders, he does. Shareholders are demanding. But shareholders are not
    only demanding for return this quarter, they’re
    demanding for you to build a franchise that’s worth something. Our PE ratio is 35. That means people are
    paying 35 times our earnings per share for our stock price. That means they think
    we’re going to be around for 35 years or 25 to those 35 years delivering those good returns. You can’t operate on a
    monthly basis when your stockholder is telling you,
    I’m viewing you out there for 25 years. So the question is, what
    part of your business model can you adapt to
    make a relevant difference for people out 25, 30 years? That is the essence of leadership today. So that’s what we’re doing. – And I would say, Bill,
    that so Citi’s been around for over 200 years. And you don’t do that
    without adapting to change and embracing change. Embracing not just
    employees and customers, but communities. And in effect, if you think
    about it, we talk a lot about being a purpose
    driven brand over the past couple of years, that
    is the trusted partner that enables progress
    for consumers, for small businesses, for major
    corporations, and for governments around the globe, whether it’s
    small steps or giant leaps. And so I think the
    clearest evidence is that how brands get built, it’s
    the promises you make, the experiences you
    deliver, and word of mouth. And today word of mouth is huge. And if you are not embracing
    the entire economy, if you’re not embracing the dialogue, brands can go off the
    rails incredibly quickly. To me, the discussions
    are not about just the predictability and consistency of a brand. And by the way, the moat
    that we were talking about, if there is one competitive
    moat that you have, if you have a strong
    brand, that provides you a huge competitive moat and a
    premium on your evaluation. To me it’s not just the
    predictability and consistency. It’s when in fact in times of need. And I think you see the
    best brands and the best companies step forward. Whether it’s an underserved,
    as Ajay was talking about, whether it’s an earthquake in Mexico, whether it’s hurricanes in
    Houston or South Florida. And I can tell you investors,
    they care about it. A week ago Friday I was
    supposed to meet with some investors, very
    important investors, have a pretty big stake in Citi. And the night before, I
    decided with the fellow who runs the Global Consumer
    Bank that we should get down to South Florida,
    check on the employees, the teams that are in the branches. We had lit up with
    generators, more branches than anybody in that South Florida area. And so coming down with
    cell phone chargers and just to be there. To me seeing our customers
    interact with the folks in that branch that they
    knew their stories and their lives, those are the
    kind of things that to me I think affect the quality
    of the public perception, the private public
    interaction, and frankly, I think that’s what drives
    capitalism at its core. When firms know how to do the right thing. – There’s nothing to be
    ashamed of with capitalism. This country is built on capitalism. It’s a very successful country. I migrated here when I was 40 years old. I’m glad I did it, I love being here. I’m a patriot to every inch of my being. But that doesn’t mean it
    can’t work even better. That’s the conversation. As compared to questioning
    capitalism, per se. That’s the issue. – Okay, I’m going to ask
    one last question before turning it over to the audience. And given you made the comment
    about coming to this country, we’ve seen people from
    the business community weigh into the political
    discourse around a number of issues like immigration,
    climate change, events in Charlottesville,
    to name just a few. And so I just wanted the
    two of you to kind of walk us through how you
    make decisions about when you weigh into
    these conversations and when you stay on the sidelines. – Look, I have a very
    simple perspective on this. The first is that everybody is
    entitled to a point of view. So long as that point of view is discussed in a civil way. And therefore, my whole
    approach has been that I will tell you my point of view. But you as an employee of my company, you’re more than welcome to
    have a different point of view. And we can have a discourse on it. And my point of view is,
    if I can help more people succeed, I will. And if that means I have to provide help, protection, and ways of
    improving people’s lives, I will. And if you don’t agree
    with me, that’s okay. And that transparency of
    discourse is I think what we need. So I put out when the first
    immigration ban was issued by the current administration,
    I put out an email that actually got into
    the public space and portions of it got
    published in Time Magazine, which is not what you
    want to see, because it is meant to be an internal email. But these days internal
    and external are very connected together. – [Jud] Permeable. – And what I kind of
    said was that what pains one of us pains all of us. And in the family of
    the company you’re in, at the end of the day, I
    really don’t care about where you came from or what you look like. I do care about what you
    do and how you do it. And that matters to me a great deal. Your decency matters to me a great deal. That doesn’t mean that I
    don’t want strong borders. It doesn’t mean that
    I don’t want the right kind of security for the country. I should not be, as a
    citizen, be given the option of saying it’s either security
    or a welcoming country. I’m sorry, that’s not American values. I just don’t agree. And therefore, to tell
    me that somehow suddenly the choice is, become one
    where it’s either security or welcoming, that’s
    a choice I’m unwilling to be presented with as a citizen. I’m just not willing to. – And Ajay, we often
    talk about good companies are good at figuring out
    how to have world class products or lower cost. I could come through
    countless dichotomies. Great companies, it’s not
    an either or, it’s an and. And I think the same applies here. We spend, if you are
    at a firm, if you find whether small, big, or
    global, a place where you understand their values
    because it’s so evident in the way people behave. We talk about constructive
    confrontation at work. It’s not a bad thing to confront. It’s got to be a
    constructive confrontation. Decency was a word that Ajay used, which I think appropriately applies. And if you think about the
    diversity of the businesses we run, the diversity of
    the talent we attract, the different kinds of
    skills that I talked about but around the globe,
    threatening the free movement of talent in our organization
    is a huge competitive threat. Down to making decisions about
    bathrooms in North Carolina that we have a diverse group
    of people that we want to make sure we can give them
    every equal opportunity to succeed, because then
    it’s about how they think, how they work, how they
    build relationships, which is where we just started. Reinforcing those elements
    of the culture and the value system we’ve got is
    the most important thing. – If you were sitting in
    a town hall in MasterCard, you would hear us saying
    that IQ is really important. EQ is really important. What really matters to me is DQ. And I don’t mean Dairy Queen. Although that’s cool too. But what I really mean
    is decency quotient. And if you can bring your decency quotient to work every day, you
    will make the company a lot of fun for people,
    and people will enjoy being there and doing the right thing. Please don’t translate any
    of this into my believing that wrong things are
    acceptable as a part of decency. That’s not what I’m talking about. I’m just saying bring your
    decency to work every day. Bring your heart and
    mind to work every day. And life will be just fine. – And I think it might
    have been the last lecture series that one of the
    ways I described it was I have just a personal policy
    that I won’t work with jerks. I just don’t. Now, HR department hates to hear that. Now whenever they see
    that in writing or me in a town hall, but it is just
    keeping it incredibly simple because you don’t want to work with jerks. Everybody knows that
    talent leaves leaders. They don’t leave institutions. Talent leaves because
    of the leaders around and not because of their pay. And to me how we create
    leaders of consequence and leaders who know how
    to create followership is mentally important. – I once gave a commencement
    speech at a business school and my whole focus was around
    what it takes to be a leader. We talked about a sense of
    urgency and a sense of passion and a sense of thoughtful risk taking and competitive paranoia. And how all of these are
    enabled by diversity. Because if you surround
    yourself with people who grew up like you, from the
    same school you went to, with the same background
    you went to, in the same middle class suburb you
    grew up in, you will fail, because you will have blind spots. And in this current day
    and age, technology and the drive of technology in
    our industries is changing things so fast that
    blind spots are what will bring you down. Whereas if you surround
    yourself with people who are different from you,
    actually you profit and gain and you prosper. And so how you do that in a
    good way, in a sensible way, in a fair way, not just a nice way, that’s the magic of leadership. – Terrific. So questions from the audience. – [Man] I love what you said at the end. Leads perfectly into the
    question I want to ask, which is we each come with backgrounds that inform our values and our skills. I’m curious, when you look
    to your own leadership teams, what are the values and
    skills that you don’t have that you’re looking to
    populate on those teams? – So I don’t know how many of
    you could hear the question, but he’s asking about
    values and skills in our leadership teams that we don’t have that we may need to populate. The skills is much easier. It tends to be very objective. You can lay out what
    the environment for your competitive circumstances
    are for how you think your company will need
    certain skills for the next few years and so on. And if you’ve done all
    that and you, for example, our company, I joined eight years ago. And we had 8% of our
    population is millennials. Today it’s 44% because
    it needed to change. So we get new thinking and
    new blood into the system. We had a lot of our people
    coming in who came from banking and consulting. 82% of our company came from there. Today it’s 40%. And 60% comes from
    everything from technology to consumer product
    industries to having worked at an NGO to having worked
    in a government organization, transport for London, that kind of stuff. That’s skills. Values are very different. Because values are the
    principles on which a company is based, and
    to me that’s the core of the culture of the company. And it’s what brings the
    passion and the purpose of the company out. And thereby, that’s why I was talking about decency quotient. You can have a statement of
    values that’s beautifully written by a company public
    relations consultant. It’s nonsense. Because if you can’t translate
    that into simple English for the person who joined
    yesterday, it’s worth nothing. And so our values are very simple. Bring your heart and mind to work. I care about what you do and how you do. I don’t care about what you look like and where you came from. And so my view is if you
    lead with your decency and if you lead with this
    feeling of what you do and how you do it as compared
    to where you came from and what you look like,
    that’s core to who you are. It’s core to your values. That’s the company we want to be. Anything else is unwelcome. You should go and work
    at a competitor of mine. (laughter) – Ajay’s point, the technical competencies are constantly changing. And they’re pretty easy to assess. To me the principles around
    that leadership team, I gave you one to begin with. Ajay says it more eloquently
    than don’t work with jerks, but that is it. – Actually I love that,
    I want to use that. – Do not attribute it to me. The second is intellectual curiosity. Because as Ajay described,
    if you don’t have intellectual curiosity,
    particularly represented with different styles of
    thinking, different life experiences, man when
    you get that cranking, it is just a potpourri
    of fun and challenge. If you think about intellectual
    curiosity, no jerks, the other is grit. And I’m a firm believer
    that I want people around me who demonstrate grit, that
    have been through challenging times and that they have overcome. In interviews, I can tell
    you that’s one of my go to places that I want to hear
    about challenges that people have and how they’ve overcome it. Because there are people
    that I’ve hired with grit and you know you want them
    with you when things get tough. Thanks. – Okay, I think we have
    time for one more question. – [Man] At one point you
    mentioned that there are two billion people who
    doesn’t have access to bank nowadays and that
    will be an even bigger problem in the future. It would be great as a
    business opportunity, I think, and also as a leader if you
    could help solve this problem. That would be a great achievement. What do you guys believe
    that you can do to help solve this problem? – So we’re actually doing a great deal. If you Google us, you will
    find a few Encyclopedia Britannicas, which you
    will not be able to. You will find out that
    we’re doing a bunch of things in that space. Let me just tell you two
    aspects to it for a second. One is, two billion people
    don’t have accounts. It so happens two billion
    people also don’t have an identity that allows
    them to prove who they are. If you don’t have an
    identity, a lot of things that we take for granted, paying
    a bill, hiring a car, booking in a hotel, getting
    on a plane, you can’t do. And so even your voice is not counted when the government does research
    because you don’t exist. You can’t vote, you can’t do anything. So getting identities
    and accounts are kind of interrelated, and the
    reason for that is bankers cannot open an account
    for you because otherwise they’ll end up wearing an orange jumpsuit and my friend Jud doesn’t
    like orange jumpsuits and that’s a good reason
    because I like him to be with me. And the point here is all the jokes aside is that you got to get to
    getting an identity issued and then getting to a way
    to give them an account. So what we’ve done in
    a number of countries, South Africa, Egypt, in
    Mexico we’re doing it, is to work with governments
    to issue identities and then use that to
    open an account for them either on the phone like
    in Egypt or on a card, like in South Africa,
    or in Nigeria, and so on and get people into the mainstream. So there are social benefits. Their government payments can
    be deposited onto that card. 40% of what governments
    give their citizens never reaches the citizens on the average. In the NGO world, that’s called leakage. I call it theft. And that’s because the
    system takes the money out. If you can put that electronically
    onto one of his cards, you remove the ability for
    someone to come in between a government paying its citizenry. We have worked with partners like him. Banamex, a bank that Citi has bought 15 years ago in Mexico, is one of our biggest partners in Mexico. As of now, we are
    distributing aid in Mexico because of the earthquake on cards. The idea is that if you
    add all that up over the last few years, we’ve
    reached 360 million people with such things with an account. Just us and our partners. And I made a commitment to
    reach 500 million by 2020 and we will. And so it is possible to
    get to that two billion, but you need a public private partnership, a way where the government plays its role issuing the identity, we
    play our role together as institutions, and at
    the same time you have our capital and our
    ingenuity and our innovation applied to what the government
    cannot do by itself. There isn’t enough philanthropic
    money and government money in the world to
    solve the kinds of issues that society needs to deal with. You need to have private
    capital ingenuity applied to it. – What he said. (laughter) – So Chris is going to
    close down the session, but I just want to thank
    you both for showing the audience what it means to be
    a true leader of consequence. Thank you so much. (applause)