Technology analyst Benedict Evans recently posted via his Twitter account, “Request-for-blog-post from a fintech expert: what an Apple ‘bank account’ would look like and how the rails might work.”
Alex Johnson, author of the Fintech Takes newsletter, took up the challenge and speculated that an Apple bank account would:
Utilize a combined checking & high-yield savings structure, with automated savings capabilities that can intelligently shuttle money back and forth. It would have a physical debit card with virtual one-time and subscription token capabilities and built-in BNPL financing for larger purchases. It would allow for direct deposit, and it would provide two-day early access to customers’ paychecks.
It would refund 100% of out-of-network ATM fees and would have a limited amount of PFM functionality (modeled after the Apple Card UI). I do not think that it would feature overdraft protection or paycheck advance services (that’s not Apple’s target market) and I doubt that it would include any investing capabilities (feels like a bridge too far for Apple right now).”
Itai Damtai, CEO of Unit, a banking as a service platform provider, also weighed in on Evans’ request…
MacDailyNews Note: there’s tons more, including Shevlin’s assertion that “Plaid could be a great acquisition candidate for Apple,” in the full article – recommended – here.
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