Apple Likely Not Bank Material

by Mercator Advisory Group 0

From Finextra:

Apple may have the hottest stock, the coolest tech and the biggest cash pile in history, but consumers would still be wary of switching their bank accounts to a new model iBank.

Only one-in-ten of 5000 people from the US and UK questioned by pollster Toluna on behalf of consultancy KAE would ‘consider’ banking with Apple if the opportunity arose. The figure rises to 45% for avid consumers of Apple tech, but still falls short of a majority.

The profile of those consumers who would consider switching their banking services to Apple comprised people aged 25-44, living in city centres or city suburban areas, with an average monthly income of between £900-£2,099 in the UK and $1,000-$3,400 and $6,000+ in the US. Trust in the brand is the number one reason cited by consumers in favour of iBanking, with just over half believing that Apple would make their account easy to access and manage, as well as provide a reliable service.

Even though Apple has proven to be a good provider of ideas for mobile banking products and open branch designs, that is a far cry from being a thought leader in Banking. And Apple’s potential expansion of iTunes capabilities into other areas of payments may be something to consider, it is far removed from being a trusted site for higher-level financial transactions.

Despite recent negative publicity about banks and other financial institutions, surveys have consistently shown that customers nherently trust their FI. They also feel that, overall, their financial institutions are secure and trustworthy about account content and sharing information. This sentiment is not necessarily shared when referencing firms in other industries.

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