Skip to content
By using Twitter’s services you agree to our Cookies Use. We and our partners operate globally and use cookies, including for analytics, personalisation, and ads.

This is the legacy version of twitter.com. We will be shutting it down on June 1, 2020. Please switch to a supported browser, or disable the extension which masks your browser. You can see a list of supported browsers in our Help Center.

  • Home Home Home, current page.
  • About

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @
  • Language: English
    • Bahasa Indonesia
    • Bahasa Melayu
    • Català
    • Čeština
    • Dansk
    • Deutsch
    • English UK
    • Español
    • Filipino
    • Français
    • Hrvatski
    • Italiano
    • Magyar
    • Nederlands
    • Norsk
    • Polski
    • Português
    • Română
    • Slovenčina
    • Suomi
    • Svenska
    • Tiếng Việt
    • Türkçe
    • Ελληνικά
    • Български език
    • Русский
    • Српски
    • Українська мова
    • עִבְרִית
    • العربية
    • فارسی
    • मराठी
    • हिन्दी
    • বাংলা
    • ગુજરાતી
    • தமிழ்
    • ಕನ್ನಡ
    • ภาษาไทย
    • 한국어
    • 日本語
    • 简体中文
    • 繁體中文
  • Have an account? Log in
    Have an account?
    · Forgot password?

    New to Twitter?
    Sign up
patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

Tweets

Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

Tweets

  • © 2020 Twitter
  • About
  • Help Center
  • Terms
  • Privacy policy
  • Imprint
  • Cookies
  • Ads info
Dismiss
Previous
Next

Go to a person's profile

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @

Promote this Tweet

Block

  • Tweet with a location

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

    Your lists

    Create a new list


    Under 100 characters, optional

    Privacy

    Copy link to Tweet

    Embed this Tweet

    Embed this Video

    Add this Tweet to your website by copying the code below. Learn more

    Add this video to your website by copying the code below. Learn more

    Hmm, there was a problem reaching the server.

    By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy.

    Preview

    Why you're seeing this ad

    Log in to Twitter

    · Forgot password?
    Don't have an account? Sign up »

    Sign up for Twitter

    Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen.

    Sign up
    Have an account? Log in »

    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
    Indonesia 89887 AXIS, 3, Telkomsel, Indosat, XL Axiata
    Italy 4880804 Wind
    3424486444 Vodafone
    » See SMS short codes for other countries

    Confirmation

     

    Welcome home!

    This timeline is where you’ll spend most of your time, getting instant updates about what matters to you.

    Tweets not working for you?

    Hover over the profile pic and click the Following button to unfollow any account.

    Say a lot with a little

    When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

    Spread the word

    The fastest way to share someone else’s Tweet with your followers is with a Retweet. Tap the icon to send it instantly.

    Join the conversation

    Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in.

    Learn the latest

    Get instant insight into what people are talking about now.

    Get more of what you love

    Follow more accounts to get instant updates about topics you care about.

    Find what's happening

    See the latest conversations about any topic instantly.

    Never miss a Moment

    Catch up instantly on the best stories happening as they unfold.

    1. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      People following me probably already know this, but many consultancies have billed many banks millions of dollars to tell them, proprietary information coming, millennials would rather do their banking on a good computer in their pocket than the bad computer at your bank branch.

      2 replies 2 retweets 16 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      And there exists *massive* economies of scale to building good banking mobile apps. The buy-in is formidable (software development is hard and the financial industry doesn't do itself favors on this score) but after you've solved it you can roll that out MUCH faster than branches

      1 reply 1 retweet 8 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      And if you *only* care about your deposit accounts to do pedestrian things like moving money from A to B, like most customers... why would you bother with any of the banks that either a) can't ship an app or b) can, but it's literally 2 stars on the app store.

      2 replies 1 retweet 8 likes
      Show this thread
    4. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      Interestingly, some of the banks or proto-bank entities with the best apps can *also* be the most aggressive on deposit pricing; looking at CapitolOne and American Express in particular. Speaking of deposit pricing:

      1 reply 1 retweet 8 likes
      Show this thread
    5. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      Businesses have massive shedloads of money. They have much bigger money problems than households do. These problems come under the general heading of "treasury management" and include everything from managing payouts to having appropriate liquid funds to maximizing interest.

      1 reply 0 retweets 7 likes
      Show this thread
    6. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      Treasury is an unsung competence at a lot of businesses, and generally viewed as a bit of a distraction from whatever they do well, so historically a quite common strategy was "Pfft, whatever, we'll keep most of it in our main checking account. That bank gets the deposits."

      1 reply 1 retweet 9 likes
      Show this thread
    7. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      (Background common knowledge: banks will generally offer a trade like "We'll pay you a better interest rate on that deposit if you lock it into a certificate of deposit (CD) with us for a longer term; this guarantees us longer-term funding for writing longer-term loans.")

      1 reply 0 retweets 3 likes
      Show this thread
    8. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      This was a sensible strategy for treasury folks when moving money around was friction-ful, but since they can now administer 8 accounts at different institutions about as easy as one account (remember: literally their job) on their own doesn't-suck-at-being-a-computer...

      1 reply 0 retweets 4 likes
      Show this thread
    9. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      ... they can afford to say "Wait, goodness, I have *ten million dollars* to place. It is *exactly* as easy to put it in a money market fund at $FOO as it is to buy a CD at your bank. The MMF *strictly dominates* your offering. Why. Would. I. Do. That."

      1 reply 0 retweets 8 likes
      Show this thread
    10. Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      Anyhow, a quote I like from the analysis article (linked above): > Checking accounts have become "paycheck motels"--temporary places for people's money to stay before it moves on to bigger and better places.

      2 replies 4 retweets 26 likes
      Show this thread
      Patrick McKenzie‏ @patio11 17 Sep 2018
      • Report Tweet
      • Report NetzDG Violation

      For at least some consumers there is a precarity angle to that statement, but the classes which historically kept materially-sized balances in checking just have better options these days, and no particular social reason to let banks use them as a low-cost funding source.

      7:35 AM - 17 Sep 2018
      • 1 Retweet
      • 14 Likes
      • mob.is.it Bill Stewart brennan Karim distantly social in 🇦🇹 Matt Quien es mas Groucho Matt "summoning arachnogods" Olson Joe The Rigolo
      0 replies 1 retweet 14 likes

      Loading seems to be taking a while.

      Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

        Promoted Tweet

        false

        • © 2020 Twitter
        • About
        • Help Center
        • Terms
        • Privacy policy
        • Imprint
        • Cookies
        • Ads info