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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 19 Apr 2018
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      Patrick McKenzie Retweeted ؜

      As something of a connoisseur of international banking services due to a combination of very boring hobbies, an interesting professional situation, and recently getting a mortgage: there's a surprising mix of Definitely Gets It and Demographic Sledgehammer Incoming in banking.https://twitter.com/levelsio/status/986929299851636736 …

      Patrick McKenzie added,

      ؜Verified account @levelsio
      .@RevolutApp vs. 🦕 my old bank pic.twitter.com/xJ8iJPCzrw
      2 replies 9 retweets 32 likes
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    2. Patrick McKenzie‏ @patio11 19 Apr 2018
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      Like if you were BigBank, and you had a simple slider which would losslessly allocate investment between physical plant for branches and developing your mobile app: would 99.9998 and 0.0002 really be the optimal allocation in 2018?

      3 replies 4 retweets 19 likes
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      Patrick McKenzie‏ @patio11 19 Apr 2018
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      I actually sort of like branches, in theory, but I think my ideal number of branch visits for the rest of my life is somewhere between 3 and 10, and my banks' capacity planning assumes about 500.

      11:50 PM - 19 Apr 2018
      • 1 Retweet
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      • Maxim Fenneladon Privacyasaurus Aurorateratops Guilherme de Maio Gareth Marshall 🏳️‍🌈❤️💜💙 simple complex Lie algebra Kamil Choudhury Eli Courtwright Luis Pedro Coelho wants us to #GetToZero Karim distantly social in 🇦🇹
      5 replies 1 retweet 18 likes
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        2. Patrick McKenzie‏ @patio11 19 Apr 2018
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          Story: the Japanese bank which wrote a mortgage for me has a feature where you can pre-pay part of the mortgage. This is, historically, a paid feature for JP mortgages. It costs ~$40 to do a partial pre-pay in branch "but we'll let you do it for $0 through our mobile app."

          1 reply 1 retweet 6 likes
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        3. Patrick McKenzie‏ @patio11 19 Apr 2018
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          Which, cool, but if it were free in the branch and $40 in the mobile app I'd be really, really tempted to use the mobile app, because seriously, what would possess a person to want to stand in line so that they could talk a person into punching numbers into a web app for them.

          2 replies 4 retweets 17 likes
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        4. End of conversation
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        2. Patrick McKenzie‏ @patio11 20 Apr 2018
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          They're mostly leased, though, not owned. (Father works in commercial real estate and a few banks are a large chunk of his book of business.)

          0 replies 0 retweets 0 likes
        3. End of conversation
        1. New conversation
        2. Kamil Choudhury‏ @kchoudhu 19 Apr 2018
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          Replying to @patio11

          This is the problem though: you and I aren't the bank's target market (for now).

          1 reply 0 retweets 1 like
        3. Kamil Choudhury‏ @kchoudhu 19 Apr 2018
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          Replying to @kchoudhu @patio11

          The target market is wealthy old people who think the banker sitting across the table is a personal friend because he charges a 2% load on all the crappy mutual funds he hawks while offering portfolio performance that lags the S&P.

          1 reply 0 retweets 1 like
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        2. Colin Percival‏ @cperciva 20 Apr 2018
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          Replying to @patio11

          My ideal number of bank visits is zero, but I have to make far more than that, due to things like "automated banking machines don't know how to handle USD cheques". (Also, my bank's website doesn't support sending wire transfers.)

          1 reply 0 retweets 2 likes
        3. Ana (Hoverbear)‏ @a_hoverbear 20 Apr 2018
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          Replying to @cperciva @patio11

          Canadian banks seem to universally require you to be in branch to send a wire. It's awful. :(

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. Cam Cavers‏ @camcavers 19 Apr 2018
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          Replying to @patio11

          I think moving back to Canada from Japan dropped my branch visits from 15-20/year down to about 1/year

          0 replies 0 retweets 0 likes
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