Tech analyst Benedict Evans recently posted via his Twitter account: “Request for blog post from a fintech expert: what an Apple ‘bank account’ would look like and how binaries might work.”
Ron Shevlin for Forbes:
Alex Johnson, author of the Fintech takes newsletter, took up the challenge and speculated that an Apple bank account would:
It uses a combined high-yield control and savings structure, with automated savings features that can intelligently transfer money back and forth. It would have a physical debit card with subscription and one-time virtual subscription token functionality and built-in BNPL financing for larger purchases. It would allow for direct deposit and provide two-day early access to customer payslips.
It would refund 100% off-network ATM fees and have a limited amount of PFM functionality (modeled on the Apple Card UI). I don’t think it would include overdraft protection or payroll advance services (this isn’t Apple’s target market) and I doubt it would include any investment capabilities (it seems like a bridge too far for Apple right now). “
Itai Damtai, CEO of Unit, a provider of banking services platforms, also evaluated Evans’ request …
Note from MacDailyNews: there is much more, including Shevlin’s claim that “Plaid could be a great candidate for acquisition for Apple,” in the full article – recommended – here.
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