“One in 10 punters polled in the US and UK admitted they would bank with Apple if the iPad maker decided to move into the money sector,” Anna Leach reports for The Register. “Among Apple product owners, 43 percent of those quizzed would consider dumping their current banks for the iPhone biz.”
“Two thirds of the 5,000 surveyed fanbois said they’d switch to a notional AppleBank because they trusted the company, and a half of them reckoned Apple would make their account easy to access and manage,” Leach reports.
Leach reports, “The tech titan already has a huge list of credit card details for all its App and iTunes store punters, and is encouraging the sale of more stuff through its online shop. The company has filed patents for putting pay-by-bonk chips in phones, effectively turning iPhones into credit cards.”
Read more in the full article here.
MacDailyNews Take: The Notional Bank of Apple.
Yeah, sure, disrupt the banking industry while you’re at it, too, Apple!
Money, money, money…
[Thanks to MacDailyNews Reader “Dow C.” for the heads up.]
I see them starting out as a PayPal type of operation. Then, perhaps, moving into a more conventional bank. I would trust them.
Yeah. Way better than current banking 🙂
I would definitely bank with Apple!
Not with Apple. Bank with iBank
bank of apple would fail because its not based on their core philosophy of technology ease of use
to be fair i doubt apple would ever go there
Agreed. We don’t want Apple losing its laser-like focus on its core competencies. Look what trying to do everything did to Microsoft.
I see them closing the door on this expensive experiment in 2 years.
iCaled!
😉
I said the same thing about Apple making phones. I said Apple would never make a phone. Why the heck would they ever get into bed with the likes of AT&T or Verizon. Boy was I wrong.
And each Apple store would have banking kiosk.
Re-read the article. That’s a bonking kiosk.
I’d do it.
As an un-typical punter, I would borrow money from The Apple Bank, to purchase more AAPL shares.
Punt Different.
Most people are unhappy with their bank, so I am surprised it is not higher. Yes I would consider swapping to Apple bank. Why? because they do things differently, and would probably be a better experience than I get now.
… on the head. Most people are less than happy with their banks. It would be dead simple for Apple to set up – or just buy outright – something like PayPal and create a utility to support it. Nothing fancy would be needed, a savings account, a checking account, and an auto feed to the PayPal account.
David, I respectfully disagree. Most people are not unhappy with their bank. A disproportionate amount of coverage is granted to the loud, the controversial, whatever generates more hits. I, for one, am very happy with my bank, which is one of the very largest in the U.S. Then again, I’ve *never* bounced a check in my – many – years, so I haven’t had the opportunity to complain about a fee for something that I agreed not to do upfront. I suspect I’m part of another silent majority!
I am speaking from a UK perspective. Where we have fewer banks to choose from and there are regular complaints about the banks here.
Right now PayPal is making money on my purchases. It would be a simple matter for Apple to enter the PayPal market and perhaps find an even better model. Though I must say, I have no actual complaints of PayPal. But I would much rather give that money to APPL.
But – entering the PayPal market is hardly comparable to entering the banking industry! Payments are relatively straightforward given the enabling technologies; banking is infinitely more complex and nuanced.
Agreed. You are absolutely correct. ….. On the other hand, APPL might bring something new to the table. I do trust them not to get in over their head. If they avoid the status quo and the existing soiled personnel they may just create a new paradigm. It’s certainly fun to think about.
“soiled personnel”
Great characterization.
I said this when word leaked of their developing an ‘iWallet technology’ with the iPhone5 (which everyone thought the 4s was going to be).
It’s not the credit card info that makes this possible, it’s the iTunes cards. For all intents and purposes, they ARE money. And Apple holds any unspent balances in an interest bearing account somewhere, so why not just go the rest of the way and offer interest back to the ‘depositors’?
It doesn’t even have to be interest in the traditional sense. Perhaps nominal discounts on purchases of Apple products, or even non-Apple products sold in Apple’s brick and mortar and online stores? If you use iWallet, there would be no charges incurred by Apple (as happens when you buy with a credit card), so why not pass some portion of that savings back to the customer? At the usual 3% cut Visa/MC/et al … take, Apple would come out way ahead on the transaction, and if they gave something like a 1.5% discount to the customer, that would mean something like double in savings that would be found if the left the money in a savings/checking account at todays paltry rates. Apple wouldn’t even have to go through the hoops of becoming a ‘real’ bank.
That’s my idea, but I really hope someone at Apple is thinking along lines similar to it. With Google coming out with their own electronic payment technology, and God knows who else, Apple should do something really big that would differentiate themselves from them (and all possible competitors) right out of the gate.
And yes, I too would trust them with my money. More than any other corporate entity.
“pay-by-bonk”!!?? Isn’t that the sort of thing that Apple bans from the App Store?
Do it Apple.
Wait! I just thought of the big problem with all of this Bank Talk:
APPL would have to hire folks with Banking Experience! Their corporate culture would be toxic to the Apple experience. No good intentions on APPL’s part could counter this evil.
Ah well. …… It was almost a good idea.
I’m all in with Personal Account ….. My Bank only holds a small percent of my money and I have a rather simple financial life-style / habits ….
Company Account we have to stay local with our relationship with our Banker (Bank) …..
In Blade Runner, all the company signs should have said Apple instead of Atari and AT&T.
“The company has filed patents for putting pay-by-bonk chips in phones,…”
Pay by BONK? what, we’re supposed to hit them with it?
Home Home on the Range. And Dems and Tea-Party play. Never is heard a partisan word and the skies are not cloudy all day. 🙂 Wow guys. It should be like this always.
Sorry, it already exists: https://www.applefcu.org/index.asp
Sorry, but that is a teachers credit union in Fairfax County, Virginia. Owned by a group of teachers union members.
Apple won’t get into a business that might require them to repossess a car or foreclose on an home loan. Banking isn’t just about handling your deposits, it’s also about using those deposits to make loans. That’s not always a happy ending, no matter how well intentioned the banker. We’re better off not thinking of bankers as our friends.
/s/
I’ll stick with USAA.
AAPL too big to fail?
AppleWorld Bank!
This is a very good idea in itself.
Yet, Apple should have its own money! The US Dollar has no future as it is already, and by far, overestimated.
Apple should prevent the inevitable melting of its actual (cash) value and convert all its $ into gold, silver, cooper, grounds, or anything but currencies.
Once this done, Apple Money could be used as “safe value” anywhere around the globe.
😉
The Register is a great source of dyslexic fun: they still spell the iPhone as Iphone…