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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 30 Oct 2019
      • Report Tweet
      • Report NetzDG Violation

      Patrick McKenzie Retweeted Jorge Ortiz

      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 …

      Patrick McKenzie added,

      Jorge Ortiz @JorgeO
      If you want to lose money in fintech, work on retail banking. If you want to make money in fintech, work on the back office: compliance, reconciliation, abstracting legacy tech, etc https://twitter.com/skamille/status/1189712945778958338 …
      4 replies 13 retweets 90 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 30 Oct 2019
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      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 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 30 Oct 2019
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      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 likes
      Show this thread
    4. Joel Runyon‏Verified account @joelrunyon 30 Oct 2019
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      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
    5. Zarah Morris‏ @ztopiapub 31 Oct 2019
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      Replying to @joelrunyon @patio11 @Superhuman

      email is waaay more painful than online banking tho

      1 reply 0 retweets 1 like
      Patrick McKenzie‏ @patio11 31 Oct 2019
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      Replying to @ztopiapub @joelrunyon @Superhuman

      I think the genius of Superhuman is that almost everybody says "Email painful? Why? I mean sure some bits of it are bad but I'd never pay to deal with them." and they made a product specifically for users for whom "MY INBOX IS MY EARTH'S SUN AND MY KRYPTONITE ALL IN ONE AAAAAAA."

      2:01 AM - 31 Oct 2019
      • 1 Retweet
      • 15 Likes
      • Karl Cuppazucchini Thijs Niks Zarah Morris rahulvohra Paul McMillan Shir Goldbird RJ Garcia ¯\_(ツ)_/¯ Sam Hinkie
      1 reply 1 retweet 15 likes
        1. Patrick McKenzie‏ @patio11 31 Oct 2019
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          Replying to @patio11 @ztopiapub and

          So the interesting question is "Which retail users use online banking 100X more often than the median user and would view a better bank as a more important product release than the next version of their favorite phone."

          0 replies 0 retweets 14 likes
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