Is Apple Secretly a Bank?

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Apple has launched a credit card, a savings account and is offering direct loans... so is it a bank? In this video we discuss Apple's foray into financial services and discuss if it's fair to describe Apple as Big Tech's first bank.

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Quite a few companies are becoming pseudo banks. Just goes to show how profitable banking can be (especially since they don't have to abide by regulations that were implemented to prevent financial catastrophe).

chinguunerdenebadrakh
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You don’t have to be a fan, or thrilled about the consolidation of services, but you have to appreciate Apple’s absolute masterclass in longterm corporate strategy over the last 15 years.

TheGhostOf
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This reminds me a bit of McDonalds. It's a food business, right? Wrong. At the end of the day, it's a real estate company. A long time ago, it may have been a restaurant, but now, their main business is in franchising, hence real estate.

It seems like some companies can get so big that they completely change what they are. Apple was definitely, at one time, a tech company, and today, I'd still mainly say it's a tech company. But maybe in a couple of decades, or even years, it might just become a bank with a tech product.

me
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Today i learned I'm apparently a bank

SuperPK
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I'm very grateful for the SEPA (Single European Payment Area), which makes instant and international bank transfers easily available, no need for Venmo, Paypal or a potential comparable product from Apple. It keeps the system decentralized.

schnitzelsemmel
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This might work somewhat in the US as it is missing a lot of regulations to protect the consumer and it's enormous debt culture.
But if they start pushing this in Europe fully. The regulatory bodies will crack down hard. The current banks will push for that hard, and rightly so. Rules for banking should apply to any bank and apple should not be able to circumvent that just because they are labeled differently.
Also there are rules on guaranteeing deposits, interoperability and open standards that i doubt Apple ID going to want to meet.

But if they do, that is fine, competition is allowed. But i see them offering little if any that is not already offered by traditional banks, at least in the EU.

bzuidgeest
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It's called an NBFC (Non-Banking Financial Companies), which can be applied to Google as well...Like GPay/Google Pay & Google Wallet...many tech companies are moving (naturally) into fintech, esp. as digitization of payments & digital currencies explode/expand...

shantanusapru
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As long as Apple will be regulated the same way as traditional banks, I don't see anything bad with it. The biggest problem with Apple entering this industry will have old banks, but they haven't done anything new since a long time. These banks cannot keep up with new start ups. Look at the UK banking industry - the best banks are not the traditional banks, but the online one. If Apple can bring innovation and force these old players to start competing with a good product rather than well established name, it would be only a benefit for us - consumers ;)

damian
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This really ought to be regulated. This is vertical integration, where consumers use apple accounts to pay for apple devices and services. This is just another play for monopolization

gentlemandemon
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“Skills and decision making” is when I know it’s time for the next video. Why do all creators transition into the brilliant sponsorship the same way 🤣

aerotheepic
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Visa and MasterCard may actually have to start making their fees and services competitive.

Anyone who’s started/runs a small business these days is all too familiar with the absolutely ridiculous cut Visa/Mastercard/Square demands to allow any transaction to take place.

TheGhostOf
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At this point i wouldn't be surprised if Apple made their own currency....

projection--emulation
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now i'm imagining a proprietary bank account that is only compatible with apple products.

cageybee
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Play at 1.5x. We need tldr of this channel.

megaspacebar
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By that line of thinking, Apple is a bank, a production studio, an engineering firm, software designer, service provider, etc etc

enzmondo
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Fix your timestamps 💀 this is not about Microsoft and Activision 🤣

RandyVazquez
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There is a literal bank called Apple Bank for Savings in the NY metropolitan area.

tweetingsparks
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Personally, I’d trust apple with banking more than other banks. I already trust them more with privacy than other companies and the federal government.

thecapone
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8:59 that women just wanted Timmy to stop talking

offyezzy
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I have a savings account from Apple but you don’t need to buy anything from them you can link an account and send a portion of your account to a flexible savings account that gives more interest than a regular babk

angelfieseler