Value of Access in Customer Service | 29sec snip from "Upstream" with Erik Torenberg

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E80: Financial Plumbing with Patrick McKenzie and Erik Torenberg

"Upstream" with Erik Torenberg

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Value of Access in Customer Service

An escalating tier system in customer service offers varying access levels at different price points, causing frustration among users. Despite the inefficiencies, this structure is cost-effective and reliable from a financial perspective. The ongoing challenges in addressing customer service complaints suggest that significant improvements may not be forthcoming in the near future.

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In this episode of Upstream, Erik Torenberg interviews Patrick McKenzie (patio11) about the intricacies of the financial system, focusing on banking, money laundering, and regulatory compliance. They discuss several of Patrick’s essays from Bits About Money.

Patrick discusses the three stages of money laundering - placement, layering, and integration - and how the financial system has been deputized to act as law enforcement. The conversation touches on the unintended consequences of strict regulations, including their impact on economic growth and financial inclusion.

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RECOMMENDED PODCASTS:

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🎙️Complex Systems with Patrick McKenzie

Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.

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LINKS:

Patrick’s Newsletter: https://www.bitsaboutmoney.com/

Seeing Like a Bank: https://www.bitsaboutmoney.com/archive/seeing-like-a-bank/

KYC and AMI: https://www.bitsaboutmoney.com/archive/kyc-and-aml-beyond-the-acronyms/

Money Laundering and AML Compliance: https://www.bitsaboutmoney.com/archive/money-laundering-and-aml-compliance/

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FOLLOW ON X/TWITTER:

@eriktorenberg

@patio11