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Patrick McKenzie Profile picture
@patio11
Oct 1, 2020 • 4 tweets • 1 min read • Read on X
I think this rounds to true and will change over time, largely as the preferences (and professional backgrounds) of the customer base for the high end changes.
An underremarked feature of the world: simple capability to ship user-facing software which was Actually Not Awful was an extremely limited skill set until quite recently.

Maybe ten firms worldwide could do it in 2000 and none of them were doing it in finance.
That’s increasingly “Look, if it is a priority to you, books balance at the end of the quarter. If it is a priority for you, the mobile app is Basically Fine.” sort of capability in finance.
And so I think it’s a matter of time before the UX of premium services approaches the UX of e.g. Cash App or Wealthfront, which have very different intended client bases and use cases but broadly similar levels of “product sense.”

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More from @patio11

Patrick McKenzie Profile picture
Jul 29
This letter is what happens when a credit card PM misunderestimates how much of an adverse selection effect they have in a new portfolio.
(In particular note the cap on cash back and the carveout for particular transaction types which some users are able to generate arbitrarily high amounts of or would naturally have arbitrarily high amounts relative to “normal” CC use.)
“How does this happen?”

Credit card PMs are extremely aware that there are multiple different personas for credit card use out there. One of them has a name in various banks, but you can think of them as Mercenary Financial Enthusiast.
Read 15 tweets
Patrick McKenzie Profile picture
Jul 17
If I can give a slightly more optimistic take on this: much of how commercial software development is done trades some resources for others, in ways that might not be rational for people with very different strengths than e.g. AppAmaGooFaceSoft or BigCo customers.
A lot of AWS services exist so that two teams don't need to have a meeting.

That *is not a criticism of either AWS or those two teams.* That is a preference one can have about time allocation and corporate structure, and capitalism will help you satisfy it.
If you are not constrained on organizational complexity, if meetings with yourself are free, then a lot of the standard stack that BigCo uses is both overkill and underkill at the same time.
Read 5 tweets
Patrick McKenzie Profile picture
Jun 17
So strange that card program managers make such a show of doing this careful balancing act when everyone who reads the Atlantic knows that the real source of rewards is cross-subsidization of elite cardholders by poor people. </sarcasm>
Less sarcastically: it’s a math problem conducted by people who are pretty good at math, and the marching orders they get are “In general and in steady state, all of our card programs should be margin accretive. Make it happen. If you can’t you’ll need a senior signoff.”
(The above is not private information from any particular issuer but rather is a pastiche representing industry standard practice.)
Read 7 tweets
Patrick McKenzie Profile picture
Jun 14
I think the so-called Bitcoin treasury companies have just reinvented exchange tokens: there is an asset with X real world utility but not naturally leverageable. It should flow to place in world where most leverage is bolted onto it; immediately incentive compatible. Repeat 100x
And then “Holy %}*]^ how did so much of it end up in a place with grossly deficient risk management?!”
(I understand that MicroStrategy is the opposite of leveraged exposure from the common shareholder’s perspective but if someone with hands on keyboard believes they are allowed leverage if they hold more exchange tokens then the model happens regardless of whether that is true.)
Read 18 tweets
Patrick McKenzie Profile picture
Jun 4
(n.b. This is extremely well-known among companies which have a business process where you sign things. Most of them use a signature to demonstrate solemnization rather than authorization or authentication.)
As I've mentioned previously, solemnization is a sociolegal tripwire to say "There are many situations in society and in business where you're Just Talking and up until this exact moment we have been Just Talking *and after this point* We Were Not Just Talking. Do you get it?"
People who are unsophisticated about this think that the signature is somehow preventing someone from retroactively changing the terms of the contract. People who are unsophisticated say thinks like "Oh use digital signatures to PROVE that that has not happened. Sounds great."
Read 11 tweets
Patrick McKenzie Profile picture
May 27
Apparently Japan Post is debuting the most obvious improvement in addressing for last two decades: address virtualization.

You sign up with them and get a short alphanumeric code. Their DB holds a pointer to physical address. If you move, you tell them, pointer changes.
And then when dealing with an e-commerce merchant instead of doing the traditional laborious address entry (which in Japanese usually requires redundantly providing the pronunciation of the address as well) you just give them the code.
This follows some more limited experiments with address virtualization, like the double blinding of addresses used in e.g. P2P marketplaces, where neither buyer nor seller strictly need to know where other lives if packages can move between them expeditiously.
Read 6 tweets

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