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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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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

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    Patrick McKenzie‏ @patio11 9 Jul 2019
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    There is some brutal competition for retail deposits right now and I think the banks are getting sophisticated about balancing interest rates and consumers’ who satisfice versus those who optimize. They can probably afford to lose the latter.

    7:30 AM - 9 Jul 2019
    • 3 Retweets
    • 24 Likes
    • Sebastian Hallum Clarke rdj Nick Baum 🇸🇪 James Burns Sasha Restore Aryavarta Prakash Narayanan Andrei Simionescu 🇭🇰 Jose Ocampo 🍥
    6 replies 3 retweets 24 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 9 Jul 2019
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        There have been higher-yielding options for retail for at least 25 years now but I think mobile banking substantially changes the game, because there was previously some friction in getting money in and getting it out, and now it’s single digit taps on your always-on computer.

        3 replies 0 retweets 13 likes
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      3. Patrick McKenzie‏ @patio11 9 Jul 2019
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        I wonder who decides to give this away (to the extent that regulators will let them)? Maybe Wealthfront? Capital One, Marcus (Goldman Sachs), Ally, Amex, and at least a few others all have options here, but Wealthfront and maybe Robinhood seem to be indifferent to net interest.

        4 replies 1 retweet 14 likes
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      4. End of conversation
      1. New conversation
      2. Harry Heymann‏ @harryh 9 Jul 2019
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        Replying to @patio11

        I'm not sure if you can call the competition all that brutal when the largest banks (Chage, BofA, etc) haven't raised interest rates on checking accounts from ~0.

        1 reply 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 9 Jul 2019
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        Replying to @harryh

        They are not playing this game at all.

        1 reply 0 retweets 1 like
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      2. David Wilkinson‏ @nonparibus 9 Jul 2019
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        Replying to @patio11

        This would make a fun agent-based simulation 🧐

        1 reply 0 retweets 2 likes
      3. Patrick McKenzie‏ @patio11 9 Jul 2019
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        Replying to @nonparibus

        Oooh that would be a good, and relatively simple, one to model. You could do the toy version without the interesting numbers and then tell people that they can datamine up the interesting numbers (propensities) and you'll predict the future under various strategies.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Joel D  🕯 🦴‏ @joeld 9 Jul 2019
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        Replying to @patio11

        Good, maybe me ditching US Bank over their hefty ICE contract will mean slightly more than nothing

        0 replies 0 retweets 1 like
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      1. Jan Rychter‏ @jrychter 9 Jul 2019
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        Replying to @patio11

        Intriguing. In Poland the banks do not want your deposits. They will actively discourage you from giving them money. The more you offer, the smaller the interest. Banks mostly became pass-through sellers of non-guaranteed "investment fund" services.

        0 replies 0 retweets 1 like
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      1. New conversation
      2. Steve Cohen‏ @stevec22 9 Jul 2019
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        Replying to @patio11

        When xaction costs (time) goes to zero, and information is easily available there could be a real market for retail banking

        1 reply 0 retweets 0 likes
      3. Steve Cohen‏ @stevec22 9 Jul 2019
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        Replying to @stevec22 @patio11

        I’m an old fart, and *I* just moved money into a higher rate savings acct in 5 mins yesterday. And I’ll move it again if it makes sense

        0 replies 0 retweets 0 likes
      4. End of conversation

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