Sticking to the theme of an Apple Bank, sharing another very well thought through article from Alex Johnson on the topic.

In the article he concludes:

🍏 Consumers are open to using financial products and services from Apple. Apple hasn’t been super successful with Apple Pay and Apple Card, but honestly, I don’t read too much into that data. P2P payments is a very competitive category, as is credit cards. And in-store mobile payments just hasn’t taken off in the U.S. yet. That’s not a failure you can hang on Apple. What these products have demonstrated is that Apple customers are open to the idea of using Apple financial services (AVS Comment: although I do think that if Apple Pay would also integrate with retailer loyalty programs and prepaid cards et al, you might see greater excitement among retailers to push the product among their consumers)

🍏 An Apple bank account has potential. Apple Cash isn’t a full-fledged deposit product, but according to the Cornerstone Advisors survey Apple customers would be interested in a more robust deposit product offering.

🍏 Apple, like every non-finance brand, faces some challenges. Consumers have a lot of options today. And not all of them trust big tech companies. According to the Cornerstone survey, among consumers that said they wouldn’t be interested in a financial product from a non-finance company that they like, 77% said they wouldn’t trust getting a financial product from the company and 71% said they prefer to shop around and compare different financial products before they buy one. (AVS Comment: can’t really comment about the US consumer but in the MENA region this is about the maturity of the offering; as the offering become more comprehensive, relevant and convenient to access and trust (privacy and security) in the service grows, consumer will adopt; may be not for their lifetime savings but definitely for their daily banking needs)

Tristan Brandt Nicolas Pinto Nicolas Levi Ron Shevlin Paul Carey Litesh Lalchandani Vaanathi Mohanakrishnan Kaizar Patla Andrew Banks #financialservices #applebank #apple #payments #banking #data #trust #privacy #security #savingsplan #currentaccount #mortgages #tech #bigtech #brand #insurance