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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 6 Oct 2019
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      Patrick McKenzie Retweeted Dōgen

      So if you're looking for someone who does excellent comedy in Japanese, I'd recommend this guy. As to the actual content: the non-obvious rationale is "Consumer banking has to make money somehow; options are limited in a low interest rate environment."https://twitter.com/Dogen/status/1180419355827298305 …

      Patrick McKenzie added,

      1:38
      Dōgen @Dogen
      I'd like to make a transfer #日本語 pic.twitter.com/bL4ylPqJTF
      Show this thread
      2 replies 11 retweets 83 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 6 Oct 2019
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      "How does consumer banking make money?" Net interest on deposits Net interest on consumer loans Revenue from selling non-loan financial products (e.g. asset management, insurance) Fees the consumer sees Payments revenue (interchange on CCs/debit cards + transfer fees)

      1 reply 1 retweet 13 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 6 Oct 2019
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      The math is *extremely* difficult for consumer banking in Japan for typical consumers who do not yet have a lot of assets, and even with paying ATM / transfer / etc fees which are a lot higher than in peer countries, they likely are being subsidized by bank ('s other customers).

      2 replies 0 retweets 6 likes
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      Patrick McKenzie‏ @patio11 6 Oct 2019
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      A rough sketch of the math: running a bank involves relatively low marginal costs for the marginal account but relatively large fixed costs. To pull its weight on those fixed costs, a consumer banking relationship has to generate about $100 to $200 a year in margin.

      4:24 PM - 6 Oct 2019
      • 1 Retweet
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      • Pavel A. Samsonov Benjamin “shelter in place” Chait neolumine Miguel Piedrafita 🚀 Darragh McCarthy Sam Grover
      1 reply 1 retweet 9 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 6 Oct 2019
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          A typical middle class consumer in the US might have an average over time of $3000 in their checking account, which earns ~$45 of net interest income annually. They charge $500 a month on their debit card; there's another $60 to 120.

          1 reply 1 retweet 6 likes
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        3. Patrick McKenzie‏ @patio11 6 Oct 2019
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          The same customer in Japan generates ~$1 in net interest income and charges $100 per month on their debit card, for a total margin contribution of about $25 per year.

          1 reply 1 retweet 8 likes
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        4. End of conversation

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