@patio11 Look at the economics of FNF. Its loss ratio is ~4.5% (claims provision / premiums) and 2.3% if include escrow revenues in the denominator. It’s processing vs insurance. Crazy it costs that much.
@SlingshotCap @noyesclt@technology I don't see them bringing Apple Card in-house either. I bet they are looking at bringing processing for subscription services in-house, where you are a loyal known customer, can Face/TouchID, they have transaction history, and can cut your subscription off.
@mfriedrichARK This has got to be more late '19 price increases and COVID driven drop in transaction expense (+debit) vs closed loop, no? And why not include transaction losses here?
@sarthakgh Back-to-back announcements with Stripe banking (merchants) and Google Plex (consumers). In both cases, the user will choose the software / UX they want, NOT the bank they want. Bad news for banks.
@noyesclt@scott_harkey Whoa there. The $1.2B includes $0.875B of pass-thru Bitcoin revs. Rev ex Bitcoin is $325m, or $43/yr/user. And of that > 50% is instant deposit at 1.5% (cash leaving ecosystem as fast as it can to linked debit card of a banked consumer) which doesn't feel durable or friendly.
@rshevlin@jamesplloyd@TangerineBank@BrettKing Would be sweet if Apple/GS encourage balance formation in Apple Pay Cash with automatic sweep of cash above say $500 to Marcus account.