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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 Apr 12
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      One of the reasons your banks are blowing up all communication channels saying "Please don't come in to ask questions. Our phone lines are overwhelmed. Have you tried online banking for routine transactions?" is the stated, obvious one. One reason is unstated.

      11 replies 10 retweets 128 likes
      Show this thread
      Patrick McKenzie‏ @patio11 Apr 12
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      One of the big questions for the long-term impact of this extraordinary event is which user behaviors, having been hit by a once-in-a-lifetime mass change in expectations, stay changed the day after.

      8:00 PM - 12 Apr 2020
      • 5 Retweets
      • 80 Likes
      • Daniel Houck Filippo Valsorda 🇮🇹 Jimmy "goes brrrr" Hsu 🔥 Joe Philleo 🐗 freya 🦊 Emmanuel Chimezie Vlad Tira David Slifka Gustavo Fischer
      1 reply 5 retweets 80 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Apr 12
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          Banks are pretty obviously betting "Twenty years of websites and mobile apps didn't get the bulk of our deposit base to enthusiastically adopt online banking to the exclusion of higher cost channels... but twenty weeks of stay at home orders might just do that."

          4 replies 7 retweets 118 likes
          Show this thread
        3. Patrick McKenzie‏ @patio11 Apr 12
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          "Higher-cost channels?" In order of costs per transaction, with an order of magnitude gap: Branch network. Human-assisted telephone banking. ATMs / automated telephone banking. (Bank by mail barely relevant to this discussion due to relative volumes.)

          3 replies 2 retweets 51 likes
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        4. Patrick McKenzie‏ @patio11 Apr 12
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          "Bank by mail?" Oh that's a thing. The overwhelmingly most common use cases are depositing checks and opening accounts. (Historically used to be huge in credit cards but, thankfully, online account applications are eating most of it.)

          2 replies 1 retweet 32 likes
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        5. Patrick McKenzie‏ @patio11 Apr 12
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          (Also still a surprisingly huge chunk of mortgage payments, which are a huge portion of the economy. Sophisticated financial instruments rely on thousands of hours of people opening envelopes and making sure that checks are properly entered against the right account.)

          2 replies 2 retweets 47 likes
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        6. End of conversation

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