The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Fintech startups will unbundle specific services rather than replace mega-banks directly
“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.”
Rampell: InvestCloud powers white-label robo-advising for Chase, Schwab, and Fidelity
“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.”
Rampell: Chase pays 0.1% yield on $1 trillion in core deposits
“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…”
Pathak: Synapse CEO uses only customer fintech cards, no legacy banks
“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.”
JPMorgan Chase holds trillions in deposits despite offering the lowest interest rates
“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.”
Lending Club operates similarly to Chase but with 1,500 employees versus 250,000
“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.”
Evans notes Apple provides payment endpoints rather than competing with banks
“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…”
Evans says software-provisioned mobile cards reshape financial services distribution
“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 …”