The Bankwatch

Tracking the consumer evolution of financial services

Its too easy to suggest Apple should be a bank

This hyperbolic language that accompanies Apple reminds me of the dot com era.  Back then if you had a brand it could accomplish anything. 

We know more now.  Great brand but stick to your knitting.  You do not want to go in front of the “Barney Frank” type interrogation that banking entry will require you to endure.  This is not a balance sheet issue.  Its  a much deeper regulatory, and oversight issue which cannot easily be consolidated with typical business processes. 

Don’t even get me started.  I love Apple.  Stick to technology.

What is the next industry Apple can disrupt? Banking! | GigaOm

A new survey of 5,092 respondents in the U.K. and the U.S. from marketing and research consultancy KAE found that one in 10 people would consider banking with Apple, and 43 percent of existing Apple users would

Written by Colin Henderson

March 20, 2012 at 23:20

Posted in Uncategorized

2 Responses

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  1. Couldn’t agree more. Why any firm would willingly subject itself to the Salem Witch Hunt-like regulatory environment that is the US banking industry is beyond me. (“How do you know Bank of America is evil?” “They turned me into a newt!”)

    That being said, in some respects, Apple is already a bank. Many people effectively use Apple as a bank by keeping money in their iTunes account to pay for things.

    Ron Shevlin

    March 21, 2012 at 06:58

  2. Ron .. agreed on second point. More and more of banking takes place outside banks and I am sure that trend will continue.

    Colin Henderson

    March 21, 2012 at 07:52

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