Chase

“So Chase has about a trillion dollars in core deposits, so it's a lot of money, and the average yield that they make on one of those, if you have a money market or a current account at Chase, you're earning about .one percent, so not a lot. Chase has the secon…”

“So for example, Chase has a robo-advisor, and that is powered by a startup called InvestCloud.”

“On the one hand, they look like a great partner, because they've not gone and built their own payment platform, they're not trying to compete with Visa or Master They're not trying to compete with Chase or Wells Fargo or Lloyd's or, you know, any of the retail…”

“If I've got a payment card on my phone in software that can be provisioned in software immediately, that changes almost everything about the kind of the whole go to market of how you do financial services. And yes, I can put my Chase card or my Amex card into …”

“Chase has trillions of dollars of deposits, and they offer the lowest rates, which seems like that doesn't make any sense in any other industry.”

“But really, Lending Club behind the scenes, exactly as you said, is doing the same thing as Chase, but Lending Club has, I don't know, 1500 people, and not 250,000 people.”

“You're probably not going to see somebody who's going to take over and take on Chase directly. It's more of, you'll see minor things like Lending Club that attack little bits and pieces of its business.”

“There's another company called InvestCloud that nobody's heard of, but if you have a Chase account, or if you have a Schwab account, or if you have a Fidelity account, they're the ones that are doing the wealth front for those guys.”

“At this point, I don't have an account with Bank of America, Chase, Wells Fargo, anyone. I literally only have my customers' cards in my pocket.”