We’ve had the iPhone & iPad. Is iBanking next?
Published 23 March 2012 by Daniel Culpan
If technology giant Apple decides to move into banking, it appears that many people would be willing to switch their bank account with them.
In a world in which technology is playing an ever greater role in the way we manage our money, it's perhaps unsurprising that people would be willing to open a bank account with technology giant Apple, if it does eventually decide to take a bite out of the banking market.
In a survey carried out by marketing and research consultancy KAE and Toluna, the online poll company, 10% of people across the US and UK revealed they'd consider banking with Apple if 'iBanking' marked the next step in the evolution of banking technology.
This figure, based on data collected from more than 5,000 people, increased substantially when looking at existing Apple customers. Indeed, 43% of these would consider switching to an 'iBank' for their everyday financial needs.
It seems that customer trust in the brand was one of the main reasons why many people would be persuaded to switch to an Apple bank account - with 66% giving trust as the deciding factor. Furthermore, over half of respondents said they think Apple would make their bank account simple to access and manage their money with, along with giving them a reliable service.
It will probably come as little shock that the majority (81%) of people who would switch to 'iBanking' are technologically savvy and already use internet banking. KAE's MD, David Rankin, said: "With a proven ability to cross-sell additional products, along with an affluent customer base, it wouldn't take long for Apple to become one of the most profitable consumer banks in recent times."