Financial services for consumers and small businesses is likely the next big market for Apple (see my posts here and here). In October, Apple announced a new savings account product. And today, Apple announced that the product is live and paying a competitive 4.15% APY. Given the Silicon Valley Bank failure and the changing banking landscape, Apple may have decided to use challenges that traditional banks are encountering to its advantage.
I think the banking industry is prime for disruption. Banking has been slow to evolve, which frustrates consumers and small businesses. I can’t wait to see how consumers and the banking industry respond to Apple’s latest foray into financial services.
Looks like we’re one step closer to iBank.