Broadly agree with this. Retail banking is a subsidy the public and regulators demand from banks in return for the host of privileges regulated financial institutions have which are necessary to run the banking businesses which actually make money.https://twitter.com/JorgeO/status/1189761310331826176 …
-
Show this thread
-
The microeconomics of e.g. a checking account are *brutal.* It’s like selling $12 a month SaaS with a yearly OpEx of about $120 per account. That math should be terrifying.
4 replies 5 retweets 35 likesShow this thread -
Plausibly someone wins here! But they probably win by accepting the same trade off as legacy financial institutions: “People are unwilling to pay for our best services so either we figure out how to charge someone other than the customer for them or we use them as lead gen.”
3 replies 0 retweets 13 likesShow this thread -
Replying to @patio11
if
@Superhuman can charge $30/month for email, someone can figure out how to create a $30/month experience for checking...6 replies 0 retweets 20 likes
Chase Sapphire banking is ~$25 but I would bet they expect rather few people to pay it ($75k in assets across Chase + their investment arms => waiver). I would use the Superhuman of checking in a hot second though... tough to make a business out of it but not impossible?
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.