My prediction is that Apple is going to enter the banking business and disrupt the heck out of it. I sure hope so. I'd switch my account to an Apple Bank on the first day of business if they did it right, and they probably would.

The fingerprint technology on the new iPhones is the first step. Once Apple controls the process of identifying a customer, both by fingerprint and possibly by physical location of the phone, it will have the first phase of a stranglehold on banking.

Retail banking is the most tangled rat's nest of a legacy system that civilization has ever known. Nothing really compares in terms of how it touches nearly every citizen (or should) and how user-unfriendly it is. Compare the potential of an Apple Bank to the potential of a crappy me-too Apple wristwatch. Now ask yourself if Apple thinks small.

Lately Apple has been too quiet, and probably not because Jobs has shed his mortal coil to become pure energy, or whatever it is that he negotiated with the universe. I think Apple has something big planned, and it isn't television and it isn't a watch, although they might take a run at those products too.

Online banking and banking apps are big improvements over the old process of walking into a branch bank. But we're still clearly in the Sony Walkman phase of where online banking needs to be. It should take three seconds to pay a bill online, not five minutes. I should be able to send money to anyone on my contacts list in seconds. I should never need to carry credit cards and ATM cards again.

Why do you have to fill out so much paperwork to apply for a loan when all of your records already exist somewhere in the cloud? My Apple Bank would know everything about me, including my credit worthiness, at all times. If I want a loan I should have it in less than five seconds from the time I put my thumb on my phone.

I don't think I need to describe all of the inefficiencies with the current banking system. You get the idea. In my view, the marriage of smartphones with banking represents the largest market opportunity in history. Would Apple stay out of that business just because entering would be hard? I don't think so.

Disclosure: I own some Apple stock. I often wish I didn't.
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Sep 23, 2013
Would I have to sync with iTunes?
Sep 23, 2013
[Lately Apple has been too quiet, and probably not because Jobs has shed his mortal coil to become pure energy, or whatever it is that he negotiated with the universe.]

...No...I think Apple has yet to find a suitable replacement for Jobs, with the result that they're slowly losing their edge and that this quietness is a manifestation of that. Or to put it another way no they dont have anything really big in the pipeline.
Sep 23, 2013
Apple better be working on something revolutionary or they will continue to lose market share and end up girl/me too/hipster tech until the fad fades.

As for banking, that's wrong on so many levels... lol
+28 Rank Up Rank Down
Sep 23, 2013
Let them first get that fingerprint thingie right, ok?
The current one has already been hacked. (german link: http://www.heise.de/newsticker/meldung/Apples-Touch-ID-des-iPhone-5S-schon-gehackt-1964077.html)
All someone needs is one of your fingerprints, which you happily leave around in hundreds of places every day, including directly on the phone you wish to protect, funnily, via those very same fingerprints, a good printer, a bit of latex milk and other stuff and two days time. If he does this for the first time.

Professionals who swipe phones routinely can probably do that within hours or minutes.

Happy banking.
Sep 23, 2013
First step would be to acquire Square or launch a competitor.

Of course, Apple will initially tell the banks that it is just interested in being the front-end data capture service. But, then Apple will inevitably be in position to become a bank on it's own.

However, that may be inconsistent with Apple's standard operating procedure. At this point, Apple could easily start a wireless phone service, but it would rather leave the complicated back-end stuff to the current carriers, and just skim off the front end. My guess is that they would have the same attitude towards banking. Why bother dealing with the FDIC, the Fed and all the other regulators, when it can much more easily focus on the front end and skim points off of every transaction.
Sep 23, 2013
Would they use iPhone locations services to recall my loan if they detect I stop showing up to work every day?
Sep 23, 2013
You could come to Canada, most of us do nearly all our banking online now and it's great (depending on your bank). The last time I set foot in a branch was when I was applying for a mortgage. I don't even remember the last time I visited my home branch.
Sep 23, 2013
Of all the big players out there, I would vote amazon most likely to be able to pull this off.
Sep 23, 2013
if they were willing to ditch their standard of intentionally making it hard to cross platforms and play really nice with all the other banks, etc., i could see myself as a customer.
Sep 23, 2013
Apple bank would be a disaster. Apple is great at consumer products, horrible at services (think Maps, Ping, Mobile Me, etc).
+31 Rank Up Rank Down
Sep 23, 2013
Ya, but Apple wouldn't let you use iMoney to buy non-Apple products.
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