“Banks have watched less regulated finance companies ranging from mortgage lenders to private-equity firms encroach on many of their main businesses,” Peter Rudegeair reports for The Wall Street Journal. “But ask an executive or board member at a bank what nonbank company they most fear, and they’re likely to name the world’s biggest technology company, Apple Inc.”
“Two out of every five respondents to a recent survey by information-provider Bank Director said that apart from other banks, Apple was the competitor they most worried about, followed by Wal-Mart Stores Inc. and then online lenders such as Lending Club Corp.,” Rudegeair reports. “When it comes to Apple’s mobile payment service Apple Pay, seven out of ten respondents said their bank did not offer it, with the most cited reason being that they did not think their bank was ready.”
Rudegeair reports, “Among executives and directors at larger banks, three in five fretted about Apple, though nearly as many said their institution offered Apple Pay to its customers.”
Read more in the full article here.
MacDailyNews Take: Oh, but Apple Pay is barely making a dent and will succumb soon to Samsung Pay according to certain geniuses, so don’t worry your pretty little heads about Apple, worry about Samsung, Big Banks!
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