Should Apple start a bank?

Discussion in 'Apple, Inc and Tech Industry' started by BigQid, Feb 19, 2012.

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Should Apple start a bank?

  1. Yes

    3 vote(s)
    7.7%
  2. No

    36 vote(s)
    92.3%
  1. BigQid macrumors regular

    Joined:
    Feb 23, 2010
    #1
    This morning it hit me that I wish there was an app that let you just pay your bills from your phone. Then I realized Apple would be perfect for it. When NFC becomes widely available they could be your debit card. If they want more profitability they can go into mortgages and credit card and just target lower risk clients. They already have so many people's information. The only issue is it would make losing your phone that much more serious but with pin numbers, especially longer ones it would be fairly secure.
    Some people don't like banks others might feel like banks are bad business. On the first point, my experience with certain banks is that at times their fee structure seems unfair. I love my current bank for their fairness and helpfulness even though right now I've moved far from any local branch. On the second point, the banks are in trouble because everything is worth less than what it was sold at years back but Apple would be coming in after that point.
     
  2. srf4real macrumors 68030

    srf4real

    Joined:
    Jul 25, 2006
    Location:
    paradise beach FL
    #5
    Apple has more cash on hand than the US government. They would never need bailing out, and thus are unqualified..
     
  3. belvdr macrumors 603

    Joined:
    Aug 15, 2005
    #6
    I've never read it, but I am fairly confident their corporate mission statement excludes any banking functionality.
     
  4. MacDawg macrumors P6

    MacDawg

    Joined:
    Mar 20, 2004
    Location:
    "Between the Hedges"
    #7
    I am always surprised when people suggest things like this
    Just because Apple is good (very good) at a few things doesn't mean they would be good at everything

    In fact, one of the main reasons Apple is so good, is they focus on their core business like nobody else, even when it frustrates the hell out of their user base

    I believe Apple wants to be insanely great at what they do (and make money)
    More than any other company, Apple listens to their purpose more than their customers
    It can be argued that is good and bad
    What can't be argued right now is the success of their business model
     
  5. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
  6. roadbloc macrumors G3

    roadbloc

    Joined:
    Aug 24, 2009
    Location:
    UK
  7. LostSoul80 macrumors 68020

    LostSoul80

    Joined:
    Jan 25, 2009
    #10
    How in the world could anyone come up with such an idea, and then have the courage to post it in a public forum. :confused:
     
  8. jackc macrumors 65816

    jackc

    Joined:
    Oct 19, 2003
    #11
    That would be a good way to see a dive in their stock price, as they absurdly overreach into unrelated businesses. Then buy up the shares. Profit!
     
  9. Suno macrumors 6502

    Suno

    Joined:
    Dec 12, 2011
    #12
    No. Just no. I get Macrumors is populated with Apple-fans, but what is it with some of these people wanting Apple to control just about every aspect of their lives? Do you really want to go to iBank instead of some credit union?
     
  10. SuperCachetes macrumors 6502a

    SuperCachetes

    Joined:
    Nov 28, 2010
    Location:
    Away from you
    #13
    My god, yes. And then, if they would just get into the vehicle market and maybe fast food, we'd be set, wouldn't we! :D
     
  11. snberk103 macrumors 603

    Joined:
    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #14
    No.

    The personal information Apple has on their customers would not be useable by a (hypothetical) bank as it is protected by legislation from this kind of extended use.... at least in Canada (and I believe Europe) where personal information seems to be more protected.... I don't know about the US.

    Apple already makes more money than most banks by not being a bank.... why would they add a division to make less money?

    Much more likely is that Apple will make a deal deal with a bank that will see Apple act as the gateway between the bank and your banking activities, and Apple will take a small slice of each transaction. Without taking on the risk of actually running a bank.
     
  12. boss.king macrumors 68040

    boss.king

    Joined:
    Apr 8, 2009
    #15
    Guys, I've got it! Apple should open an equestrian themed gym! And maybe a chain of coffee places. They could take on Starbucks!

    :rolleyes:
     
  13. belvdr macrumors 603

    Joined:
    Aug 15, 2005
    #16
    How naive! It should be a feline themed gym, of course!
     
  14. whoathere macrumors 6502

    whoathere

    Joined:
    Feb 8, 2006
    Location:
    Rockford, IL
    #17
    Wirelessly posted (Mozilla/5.0 (iPhone; CPU iPhone OS 5_0_1 like Mac OS X) AppleWebKit/534.46 (KHTML, like Gecko) Version/5.1 Mobile/9A405 Safari/7534.48.3)

    To invest capital into something that will make less money than current business plan doesn't really make sense.
     
  15. tigres macrumors 68040

    tigres

    Joined:
    Aug 31, 2007
    Location:
    Land of the Free-Waiting for Term Limits
    #18
    This is a joke right?

    Do you know anything about banking- and the regulations involved? Neither does apple.

    Just because they have $$$$$$ does not make them banking material.
    Why don't they just join the UN for that matter and start bailing out countries in default.
     
  16. boss.king macrumors 68040

    boss.king

    Joined:
    Apr 8, 2009
    #19
    Haha of course, how stupid of me.

    What really scares me is that 3 people voted yes :eek:
     
  17. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #20
    Most bank apps let you pay bills from your phone. Perhaps your bank just sucks and doesn't offer that.
     

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