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I completely agree. Apple needs to move into full banking. Mint, 401k Management, Bill Pay, TAXES, Yahoo Finance, Student Loans, the old Manilla (collecting A

by basch 8y ago

I completely agree. Apple needs to move into full banking. Mint, 401k Management, Bill Pay, TAXES, Yahoo Finance, Student Loans, the old Manilla (collecting ALL aggregate statements in one place forever.) They should buy Schwab, Envestnet, Personal Capital, YNAB, and Motif and slap a Robinhood/Monzo coat of paint on a new frontend. They could go from Apple Pay to Best Banking Experience in the World, in no time. As far as "Services" go apple competes in Music, Health, Maps, Messaging. They dont compete in Backups, Photos, or Banking. I would love for Apple/Google/Facebook to move aggressively against Intuit/TurboTax, if for no other reason to create a more competitive environment. Imagine Apple getting into LENDING. They have cash up the wazoo. They should be able to determine who is most likely to pay back a loan, and come up with pretty accurate interest rates. And at that point, why is apple just a personal bank, and not a corporate bank as well, fully taking on QuickBooks. And if they dont want to get into business logic programming, become a Financial version of AWS and offer finanance, accounting, and banking APIs as a service, for App Developers to build on top of, like a AWS/Firebase/Pulse meets Chase/WF/Intuit. I find it VERY odd that none of the big players (Microsoft, Amazon, Google, Samsung, Sony, Facebook, Apple) have done anything more than a Wallet and Money Transfer. Why is Mint/Personal Capital/YNAB not on everyones radar. Why are TurboTax and 401K management not being looked into by ANY of the major tech companys? So many people have a bunch of accounts that need individual management. Make my life easier Apple/Microsoft/Google/Facebook. Ive outlined this idea before. https://news.ycombinator.com/item?id=12868316 https://news.ycombinator.com/item?id=12868316 I ALSO think SOMEONE should come up with a "financial ID." Instead of signing into banking sites with "Facebook" or "Google" each one has its own unique login, password, security questions, validation. One Financial ID, isolated from Social IDs could drastically cut down on phishing, hacking etc. Smaller institutions would not be running their own Identity/Trust silos in isolation. Resources to build trust over who is who could be shared. Intuit has something like that for their services, but it really needs to be a Chase/WF/BoA effort like Zelle. "Sign in with your Pony ID"

piokoch 8y ago
I think becoming a bank was a big hassle and being a bank is less profitable than core Microsoft or Google activity. Having said that, PSD2 regulation in EU might change all of this - any institution will be able to do banking operations on behalf of the customer. There are some requirement too, but the bar is significantly lowered.
- kristianc 8y ago
  The banking and payments infrastructure is such that most of it is handled by intermediaries and other companies anyway. Most banks, for instance, do not issue their own cards or process their own payments - this is done by an intermediary. It's probably easier for Apple to break into banking by making the right partnerships than you think.
  - roymurdock 8y ago
    They already have the partnerships in place with ApplePay, I don't think they would every want to open themselves up to the type of scrutiny/regulation chartered banks face
- ethagknight 8y ago
  Apple doesn't need to be the bank, just control what the banks have access to. Apple could parse out what it means to actually be a bank. Working Capital (or day to day bill paying) is different than long term savings, lending, investment accounts, and all the other retail products they are trying to invent. Each is a commodity service, but billing has a significant streamlining/comptroller opportunity that could be helpful to Apple's profitability.
gbrindisi 8y ago
> I ALSO think SOMEONE should come up with a "financial ID." Instead of signing into banking sites with "Facebook" or "Google" each one has its own unique login, password, security questions, validation. One Financial ID, isolated from Social IDs could drastically cut down on phishing, hacking etc. Smaller institutions would not be running their own Identity/Trust silos in isolation. Resources to build trust over who is who could be shared. Intuit has something like that for their services, but it really needs to be a Chase/WF/BoA effort like Zelle. "Sign in with your Pony ID" We do have those in (some parts of) Europe. BankID in Sweden comes to mind.
- snazz 8y ago
  I have never had a bank that allowed you to log in with social media accounts. Which one(s) have you seen with this?
  - basch 8y ago
    ...... https://docs.idfy.io/eid-providers/swedish-bankid https://docs.idfy.io/eid-providers/swedish-bankid
- mijamo 8y ago
  I don't think you can say that bank ID is "isolated from Social IDs".
  - basch 8y ago
    By social ID I mean facebook/twitter/google. I dont use any of those IDs to sign into banking websites. I can use facebook or google to sign into a bunch of other sites, as my authentication.
Ibethewalrus 8y ago
GE is/was into Finace. Seems it didn’t go well
clairity 8y ago
this... makes no sense strategically (though i understand your apple fandom). apple is a consumer electronics company. banking is a completely different industry, and a heavily regulated one at that. apple's move here is to use applepay as a platform to allow other companies to do those things. they're executing that strategy quite competently. they won't (i.e., can't) ever become a bank (consumer, lending, commercial, or any other kind). (and your overuse of capitalization is making me twitch uncontrollably =)
- basch 8y ago
  Its not really apple fandom, id be fine with Google or Microsoft or Facebook getting it right too. I do think Apple's stance on privacy makes them the most desirable company to handle taxes and investments? It makes strategic sense in that Apple is positioning itself as the tech giant to be trusted with your: communication, finance, passwords, photos etc. Apple is not just an electronics company, and their latest earnings report makes that exact point. Its about subscriptions and service, not devices. They want to hook you on Apple Music. Fintech isnt just banking. Intuit, Personal Capital, and Envestnet are services that layer on top of banking. What I described is not an all or nothing approach, its a bunch of ideas. Apple could very much add money management services without offering lending. Making someone like Schwab their "first party" bank would mostly be a commitment to customer service and "it just works" more like Apple Stores, than anything else.
JadoJodo 8y ago
I sincerely hope this is simply missing a `/s` at the end.

by basch 8y ago

piokoch 8y ago

I think becoming a bank was a big hassle and being a bank is less profitable than core Microsoft or Google activity. Having said that, PSD2 regulation in EU might change all of this - any institution will be able to do banking operations on behalf of the customer. There are some requirement too, but the bar is significantly lowered.

kristianc 8y ago
The banking and payments infrastructure is such that most of it is handled by intermediaries and other companies anyway. Most banks, for instance, do not issue their own cards or process their own payments - this is done by an intermediary. It's probably easier for Apple to break into banking by making the right partnerships than you think.
- roymurdock 8y ago
  They already have the partnerships in place with ApplePay, I don't think they would every want to open themselves up to the type of scrutiny/regulation chartered banks face
ethagknight 8y ago
Apple doesn't need to be the bank, just control what the banks have access to. Apple could parse out what it means to actually be a bank. Working Capital (or day to day bill paying) is different than long term savings, lending, investment accounts, and all the other retail products they are trying to invent. Each is a commodity service, but billing has a significant streamlining/comptroller opportunity that could be helpful to Apple's profitability.

gbrindisi 8y ago

> I ALSO think SOMEONE should come up with a "financial ID." Instead of signing into banking sites with "Facebook" or "Google" each one has its own unique login, password, security questions, validation. One Financial ID, isolated from Social IDs could drastically cut down on phishing, hacking etc. Smaller institutions would not be running their own Identity/Trust silos in isolation. Resources to build trust over who is who could be shared. Intuit has something like that for their services, but it really needs to be a Chase/WF/BoA effort like Zelle. "Sign in with your Pony ID" We do have those in (some parts of) Europe. BankID in Sweden comes to mind.

snazz 8y ago
I have never had a bank that allowed you to log in with social media accounts. Which one(s) have you seen with this?
- basch 8y ago
  ...... https://docs.idfy.io/eid-providers/swedish-bankid https://docs.idfy.io/eid-providers/swedish-bankid
mijamo 8y ago
I don't think you can say that bank ID is "isolated from Social IDs".
- basch 8y ago
  By social ID I mean facebook/twitter/google. I dont use any of those IDs to sign into banking websites. I can use facebook or google to sign into a bunch of other sites, as my authentication.

Ibethewalrus 8y ago

GE is/was into Finace. Seems it didn’t go well

clairity 8y ago

this... makes no sense strategically (though i understand your apple fandom). apple is a consumer electronics company. banking is a completely different industry, and a heavily regulated one at that. apple's move here is to use applepay as a platform to allow other companies to do those things. they're executing that strategy quite competently. they won't (i.e., can't) ever become a bank (consumer, lending, commercial, or any other kind). (and your overuse of capitalization is making me twitch uncontrollably =)

basch 8y ago
Its not really apple fandom, id be fine with Google or Microsoft or Facebook getting it right too. I do think Apple's stance on privacy makes them the most desirable company to handle taxes and investments? It makes strategic sense in that Apple is positioning itself as the tech giant to be trusted with your: communication, finance, passwords, photos etc. Apple is not just an electronics company, and their latest earnings report makes that exact point. Its about subscriptions and service, not devices. They want to hook you on Apple Music. Fintech isnt just banking. Intuit, Personal Capital, and Envestnet are services that layer on top of banking. What I described is not an all or nothing approach, its a bunch of ideas. Apple could very much add money management services without offering lending. Making someone like Schwab their "first party" bank would mostly be a commitment to customer service and "it just works" more like Apple Stores, than anything else.

JadoJodo 8y ago

I sincerely hope this is simply missing a `/s` at the end.