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 -
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?
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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).
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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."
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