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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. Patrick McKenzie‏ @patio11 31 Oct 2019
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      Replying to @joelrunyon @Superhuman

      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?

      0 replies 0 retweets 2 likes
      Patrick McKenzie‏ @patio11 31 Oct 2019
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      Replying to @miles_matthias @joelrunyon @Superhuman

      I have a part time job as comptroller of The McKenzies, Inc. I think a lot of people who don't want this job have it anyway. My complications: *far* too much manual money movement, balancing JPY and USD-based expenses (which happen in 2 countries), compliance (FBAR/etc).

      10:04 PM - 31 Oct 2019
      • 1 Like
      • rahulvohra
      1 reply 0 retweets 1 like
        1. Patrick McKenzie‏ @patio11 31 Oct 2019
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          Replying to @patio11 @miles_matthias and

          I don't need a bank to budget for me; I'm financially sophisticated and also know that that task rounds to intractable. I need a bank which says "90% of your 2019 logins were unnecessary. Our product roadmap will eat 20% when we ship X, 10% when we ship Y, 5% when Z, etc."

          0 replies 0 retweets 1 like
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