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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 mig
by 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 agoThe 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 agoThey 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 agoApple 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.