OBSERVATIONS FROM THE FINTECH SNARK TANK
What would an Apple bank account look like if the Big Tech company were to offer one?
That was the question that well-known technology analyst Benedict Evans posed recently on his Twitter account.
Apple already offers financial products like the Apple Card and Apple Pay. But Evans’ question is likely more oriented towards a potential Apple checking account.
Two Views on an Apple Bank Account
Alex Johnson, author of the Fintech Takes newsletter, took up the challenge and speculated that an Apple bank account would:
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“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).”