Apple Bank is not real, but it should be. It is not a physical building, and there are no walls or tellers. The best feature of Apple Bank is that you already use it! When Apple Pay was first released it sounded good. Consumers could buy things with their phones. However, most mainstream stores didn’t use it. Restaurants didn’t know how to adopt the feature. By 2019, millions of stores have signed up to use the service.

Money needs to be in secure and convenient locations. Physical banks are not always convenient, and competing banks charge hefty fees for access to your cash. Apple changed how we access music, movies and television. The iPhone and App Store created an entirely new industry – developers. An Apple Bank would change how we manage and access our resources.

  • Security – Cybersecurity and data protection are critical for businesses and consumers. Google, Facebook and Marriott were the largest hacks in 2018, and the trend continues to grow. Face ID and Touch ID protect information and assets more than a simple wallet, and encryption protects my data on my device. Loosing my wallet and credit cards gives access to all of my accounts, and I would have dozens of institutions to contact.

Apple is Not Dead

  • Apps – The Apple Bank is not limited to iTunes and Apple. I use Venmo and Apple Cash to give money to my daughter. The Cash app is used to pay for my daughter’s hair appointment. Most banks allow you to take pictures of checks for depositing. Users save for retirement with the Acorns app, and manage stocks with Robinhood. An Apple Bank would use apps the same way traditional banks use tellers.
  • Mobile – The Apple Bank is not limited to your phone. It is on your Apple Watch, too. I use my Apple Watch Series 4 to pay. for goods and services at Walgreens, CVS and Target (coming soon). I don’t have to keep my wallet in my back pocket or carry around a check book. My Apple Bank is always with me through the use of Apple Pay.

Younger Generations Trust Tech Over Banks

  • Customer Service – Apple’s customer service is awesome! There is only one number to call (800.275.2273) and they direct the caller to the right department. Callers use the Apple App to schedule calls that are convenient to their calendar. The Apple Stores offer workshops and classes on using products and services. Extending these to the banking would change how people manage their money. Experts can be brought in to present strategies and answer questions.
  • Generational – Technology is disrupting the financial industry at an alarming rate. 42% of millennials still use checks, but there is a steep decline in their usage. It takes too much time, and people are challenged with going to the Post Office to mail the bill. As a result of the 2008 recession, younger people trust tech companies over banks! My parents were limited to “bankers hours.” Consumers demand 24 / 7 access and additional services (investing, savings, etc.) for their money.

Apple secured clearance from Food and Drug Administration (FDA) for the Apple Watch ECG feature. An Apple Bank with FDIC backing would revolutionize the banking industry. iPhone sales are slowing down, and the Apple services group continues to grow. Apple Pay and Apple Cash could be direct competitors to services like Square and Pay Pal with lower fees. We live with the Apple Bank now, and it’s only going to get better from here.

Scientifically Speaking, of course…