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 …
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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.
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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.”
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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 -
email is waaay more painful than online banking tho
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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."
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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."
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