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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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    1. Patrick McKenzie‏ @patio11 1 Oct 2019
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      People rail against the financial industry for quarter-to-quarter short term decision making but how many companies actually run the numbers about customers over generational timescales. I feel like banks/brokerages/etc receive too little credit for that.

      3 replies 2 retweets 60 likes
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      Patrick McKenzie‏ @patio11 1 Oct 2019
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      A bank siting a branch in an up and coming neighborhood isn’t making a bet on how many 25 year olds it can attract next year, it is making a bet on how many mortgages it will attract from that cohort in about 10 years.

      10:56 AM - 1 Oct 2019
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      • Mohit Gujarathi Tom Lowenthal Nigel Wallis Monica Johnson Ovidiu Ciule ronaldoy Aaron Tummon Craig Jason Dusek
      6 replies 2 retweets 43 likes
        1. 𝚄𝚍𝚊𝚢 𝚂𝚒𝚗𝚐𝚑‏ @udayrsingh 1 Oct 2019
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          Replying to @patio11

          Same thing with how banks help set up college/high school credit cards and debit cards on campus. Mostly colleges, but I’ve seen it at high schools. Get a debit card and ten years later, you still haven’t switched banks.

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        1. Neil Irwin‏Verified account @Neil_Irwin 1 Oct 2019
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          Replying to @patio11

          I have now had two separate home equity loans, among other financial products, from an institution that is only my bank because they had a branch across the street from my first internship where I could deposit my paycheck 20 years ago.

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        1. Web Surfer  🏄 🌎‏ @bookatmac 1 Oct 2019
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          Replying to @patio11

          25-30 year olds nowadays will shop for their mortgage online although. Less likely to get it from the local bank branch, reducing the payoff from the strategy.

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        1. Jonathan Fischoff‏ @jfischoff 1 Oct 2019
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          Replying to @patio11

          Seeing as the many of the arguments around quarter to quarter targets being problematic end with the conclusion of making corporations less transparent I'm not sure they are all in good faith.

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        1. mcnock 💻 🐨‏ @12ponies 1 Oct 2019
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          Replying to @patio11

          Same thing on the other end, banks closing branches in low profitability areas. Many rail against the social impact, but then opportunities for smaller players.

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        1. palenbae  🏠‏ @palendae 1 Oct 2019
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          Replying to @patio11

          What about when they leave a neighborhood?

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