It looks like Apple wants to take over many financial services on its own. So is iBank coming soon and will it also compete with Swiss financial institutions?
Apple already offers many financial services. With Apple Pay, for example, you can easily pay with your iPhone. In the US, Apple Card has its own credit card, presumably from Apple itself.
But these services are still supported by well-known players in the financial sector. Apple Pay is basically just a digital version of a regular home bank credit card. The Apple Card is issued by the well-established Goldman Sachs Institute. But Apple could soon get more involved in the financial process.
Apple checks your credit score
According to Bloomberg, Apple plans to take on many of the tasks currently performed by the same banks and other financial institutions over the next few years. This includes, for example, processing payments, assessing creditworthiness or investigating potential fraud cases.
However, Apple is not expected to soon become a real bank with private and savings accounts. Instead, the tech giant wants to use these new skills to boost sales of its products. For example, Apple could offer loans itself so that customers can buy a new and expensive Mac Studio, for example.
Apple should be more solvent than most banks. The tech giant is sitting on huge money reserves. The company has nearly $200 billion on the high edge.