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Jason Mikula Profile picture
@mikulaja
Mar 31 • 1 tweets • 1 min read • Read on X
The issue of fintechs using "banking" language can feel pedantic, but in @mercury's case, it actually entered into a settlement w/Cal DFPI over calling itself a "bank" & improper use of FDIC logo. Yet it is flouting the requirement of clear, conspicuous & proximate disclosures: Image
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More from @mikulaja

Jason Mikula Profile picture
Jan 28, 2023
Finally reading this McKinsey thing.

Sadly, there are NO PICTURES OR GRAPHS.

I will highlight my favorite consultant-speak sentences for your enjoyment.

mckinsey.com/industries/fin…
1. "Until recently, big banks drove profits and growth by applying synergies, economies of scale, and access to huge pools of capital."

Ah yes, all the things consultants love - "synergies," "economies of scale," and "pools of capital."

A real classic of the genre.
2. Lamenting that while "banks have been convenient one-stop shops," they haven't "evolved their products in a way that matches the tech-driven pace of change in other industries."

The answer? Better "engagement" with customers, I guess, whatever that means.
Read 15 tweets
Jason Mikula Profile picture
Oct 15, 2021
Quick hot takes on Goldman's quarterly earnings from someone who used to work there!

Yes, blow out revenue & earnings -- driven by investment banking and trading.... 1/x
I'm really just here for the Consumer & Wealth Management division though (fka Consumer & Commercial Banking Division, which itself was a bit of a remix of parts of Merchant Banking Div, Investment Management Div & retail initiative Marcus...)
..and REALLY, what I want to know, is how is Marcus doing anyway?

Consumer banking delivered $382m in rev, or 19% of the CWM's revenue, which is... 2.8% of firmwide revenue 🤔

Opex for Consumer Banking was.... 🧐 hm, they don't break that out, just the CWM total...
Read 8 tweets
Jason Mikula Profile picture
Oct 13, 2021
Giving @Plaid's 2nd annual Fintech Effect report a read.

Tweeting interesting bits. Will try to be kind (I know how hard putting together this kind of corporate-sponsored research is!)

If you don't want my hot takes, read it yourself here: plaid.com/the-fintech-ef…
"Between 2020 and 2021, the proportion of U.S. consumers using fintech grew from 58% to 88% – a 52% year-over-year increase"

Never know what to make of stats like this?

Is there a 'fintech store' these consumers went to? Does using @Chase's bank app count?
"As fintech adoption approaches parity with traditional banking (95% of consumers are banked), it’s also become the primary way most people manage their money"

Are 'fintech' & 'banking' mutually exclusive?

I think we really just need better words than "fintech"

Ideas welcome!
Read 16 tweets

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