Why Apple may become a bank within the next five years

“I first speculated that Apple might one day become a bank almost a year before the launch of Apple Pay,” Ben Lovejoy writes for 9to5Mac. “What triggered that thought was the use of Touch ID for iTunes purchases and the depth of security involved in the secure enclave used by Apple’s fingerprint system. It was clear even then that Apple had big ambitions in the mobile payment field.”

“Now that Apple Pay has launched, and already proven a big success, I think the argument for Apple to make the move are even stronger,” Lovejoy writes. “So here are seven reasons I think Apple may become a bank within the next five years.”

1. People hate existing banks
2. People love Apple
3. Apple is winning mobile payments
4. Apple has the right technology
5. Apple also knows how to do UI
6. Apple has the financial resources
7. Younger consumers are ready & waiting

Each of the seven points above discussed in detail in the full article – recommendedhere.

MacDailyNews Take: All we need to dump our current bank is an Apple Bank done right!


  1. No, no, NO!

    Stop thinking Apple should branch out into so may key aspects of our lives!

    There were good reasons why Apple never went directly for the corporate market, and even now leaves that to IBM to handle the logistics and support.

    Becoming a bank and handling financial accounts directly undercuts one of the main premises of Apple Pay, where Apple doesn’t know and doesn’t care what you buy, leaving those details to the banks.

      1. Many credit cards are issued on behalf of banks, even if the label says Visa or Mastercard. Both my cards, I can view online transactions going back many months on the bank’s own website. These are not Visa or MC proxying info with the bank’s branding, it is on the bank’s own website, and it would be silly to assume they know nothing about my purchase history.

        Apple would get into banking to either cut their credit card transaction fees or become a Paypal-like entity. In both cases this would 100% REQUIRE them to know what I’ve purchased, or at least from whom, in order to bill me or let me dispute transactions.

  2. I don’t deal with banks since the recession in 2009. Now I only deal with my credit union; unfortunately they still haven’t initiated Apple Pay.

    1. Hey Derek, just wanted to let you know that I’ve watch the Dr. Mabuse series (well not the end of the first one, it’s a long long movie). The second one was pretty wild, and the third very kewl. The guy did have a vision of the future all right, he was spot on about some things. Not bad considering the social limitations of his time.

      Thanks for recommending it.

      1. You’re welcome. The end of the original film is a bit strained IMHO. I won’t give it away. But it suits the drama’s plot and leads into the next film in the series. For a silent film, it’s iconic. I took several screenshots while watching it and find them to be classic. I even had fun with a couple of the Mabuse identities and turned them into fun animated GIFs for use over at MacHeist. One is of the hypnotist with his eyes and gemstone flashing. The other is of the aristocrat, raising and lower his eyebrows in exaggerated fashion. Fun and freaky. I use a face screenshot from ‘Woman In The Moon’ for one of my LAN icons. Only Luis Buñuel and Federico Fellini did better faces, humans as strange objects of art in motion.

        1. Yes, I have to admit that I found the latter part of the first movie to be a strain. It’s four hours long I think and I kind of lost the mood, so I’ll probably watch it from the start again. There is some great cinematography and effects (the car explosion in the first movie, classic). Of course there are also the short comings, getting shot for example, with no blood. How times have changed.

          Anyway, I can see why you like the movie. We’ll no doubt catch up on some debate about the exciting world of Macs. Thanks for your security posts by the way, a good read for sure.

          1. Originally, the movie was in two parts:

            Der große Spieler: Ein Bild der Zeit
            Inferno: Ein Spiel von Menschen unserer Zeit.

            (The Gambler: A picture of the times.
            Inferno: A game of the times.)

            Thanks Road Warrior! 😎

  3. Apple must first successfully establish Apple Pay with all major credit cards….once usage becomes common….An acquisition of a credit card company or the creation of a unique Apple Card would be logical….Visa and MC or AMEX could at that point not withdraw their card without challenging “restraint of trade” considerations.

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