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Would you bank with Apple?

By David McMillin · Bankrate.com
Saturday, March 31, 2012
Posted: 12 pm ET

While you may have waited in line for the latest iPod, iPhone or iPad, the future may have you powering up an Apple product for all of your banking needs.

Catherine New outlined the possibility of Apple operating as a bank in a recent Huffington Post article. The tech giant filed a patent for a new iWallet service, which will give users control over all of their financial accounts and enable them to make credit card transactions via their phones.

However, it appears that some users want more than control over their checking accounts at other banks; they want Apple to be their bank. The article includes results from a survey of more than 5,000 consumers conducted by marketing and research firm, KAE. The survey indicates more than 40 percent of current Apple customers would consider using the company as a bank. Overall, 1 in 10 respondents indicated he or she would consider leaving his or her current bank for the company.

This isn't the first rumor of a Silicon Valley giant considering a move into the banking world. Last month, I covered the rise of Facebook payments. As more customers grow frustrated with a banking industry that has let them down via shady mortgage dealings, rising checking account fees and poor customer service, I'm not surprised that customers are willing to consider alternatives for money management, especially a company with as many brand loyalists as Apple. The California-based company has a successful track record of creating big change, too: it completely transformed a struggling music industry with iTunes. What stands in its way of revolutionizing a banking industry that struggles to keep up with consumer needs?

Many consumers are already relying on the power of technology for their personal finances. Sure, their deposits are still held by traditional banks, but smartphones and tablets are increasingly responsible for putting those funds in motion. As companies like Apple continue to develop new technologies that change the way we manage our money, I expect we'll see plenty of banks worried about new competition.

What are your thoughts? Would you consider banking with Apple?

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3 Comments
Cole
April 02, 2012 at 1:54 pm

If Apple was a bank... you'd only be able to spend your money on Apple products! ;)

Michele
March 31, 2012 at 6:37 pm

Hell no. I agree witg Jennifer. Apple's corporate core is rotten and I do not want my money in their hands.

Jennifer
March 31, 2012 at 3:25 pm

Normally, I would welcome this idea. However, now that Apple has been accused of mistreating their Chinese workers, I really don't want to give them any more of my money or business. Until Apple changes their ways, I won't be.