Daily Crunch: First Republic Bank stock reaches record low as feds discuss rescue plan

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On today’s episode of our Equity podcast, the team dives in to ponder whether First Republic’s share tumble is a victim of SVB's collapse, or whether there’s something else in the water. It’s well worth a listen — as ever!

Another not-to-miss today is Jacquelyn’s Chain Reaction newsletter, where she picks apart what’s coming down the pike now that Binance.US sailed away from its $1.3 billion deal with Voyager.

Happy weekend, kids. Don’t do anything we wouldn’t do. Although we’re pretty weird, so that leaves you with quite a few options, to be fair. And actually, you should do tons of things we wouldn’t do. Like, er, go parasailing, listen to the world's most annoying sound, or spend all day baking a cake. Or maybe create a new bluegrass/funk/j-pop fusion band, written by ChatGPT.

Christine and Haje

The TechCrunch Top 3

  • The beginning of the end?: Alex caught wind of First Republic Bank's share woes earlier today, writing that shares were down 40% on reports that the government may step in. He writes, “That’s not so good for the bank, or its customers. While during SVB’s time in the barrel the U.S. government ensured that all of its deposits would be secure and accessible, there is no clear indication yet that that is new de facto policy, or that First Republic customers will enjoy similar protections.”

  • Missing: Manish took a look at Amazon’s earnings and saw a glaring omission: the absence of its India business, which he notes is a first in years.

  • All grown up: Brave Search doesn’t use Bing’s index for its search engine anymore, reports Ivan.

Startups and VC

Dramaaaaaaaa. It isn’t often that startup rivals battle in plain view of others, but such is the case with the mobile messaging services provider Postscript, which took to the Twitterverse earlier this month after receiving a cease-and-desist letter from competitor Attentive, Christine reports. Attentive’s letter was in response to a client case study that Postscript had authored and posted on its website about nutrition company BUBS Naturals, which said BUBS Naturals left Attentive for Postscript after finding its list actually shrinking instead of growing, then battling with the company to move its list off its platform.

To make services shariah-compliant, a new wave of fintechs doesn't charge interest, embraces profit sharing and avoids alcohol and tobacco transactions, Catherine reports.

And here’s a nice little tail wind to take you into the weekend:

How we used data-driven personas to radically improve the customer experience

People avatar set. Diverse people avatar profile icons. User avatar. Male and female faces different nationalities. Men and women portraits. Characters collection. Vector illustration.
People avatar set. Diverse people avatar profile icons. User avatar. Male and female faces different nationalities. Men and women portraits. Characters collection. Vector illustration.

Image Credits: Hanna Plonsak (opens in a new window) / Getty Images

Instead of drawing information from user interactions to create avatars representing actual customers, many teams will substitute their own judgment and guesses about what people like and dislike.

Impartner VP of product Gary Sabin says his company “dove into the numbers” and “looked at 250 data points” to develop “persona-based services in implementation, customer support and customer success.”

After a year, the company generated higher customer satisfaction ratings and NPS scores. “These personas work for us,” says Sabin. “Your customer data can lead you to create the personas that matter most in your customer base."

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Big Tech Inc.

Tired of just reading through endless posts on Reddit? Ready to get more involved? You’re in luck: Reddit is testing Discord-like channels for community chat. And no, these will not be the same kind of community chat rooms that Reddit discontinued in 2020. Ivan writes that these new channels will “give more control to moderators and will have a dedicated channel for moderators to chat about managing the subreddit. Plus, they will be able to decide if they want to enable this feature for the community in the first place.”

Before you head off for the weekend, have five more: