Apple’s credit card, BNPL product, and savings account put it in direct competition with financial services incumbents. With 130.1 million US iOS users loyal to its unsurpassed UX and dominant digital platform, the threat will only grow.
Apple’s headline-grabbing buy now, pay later (BNPL), savings, and credit card products are just one part of the threat it poses in consumer banking: Its digital platform delivers an almost unbeatable user experience (UX) and is tailor-made for Gen Z. Banks must adapt quickly or risk losing market share.
Key Question: What are the three biggest competitive advantages supporting Apple’s growth in financial services?
KEY STAT: By the end of 2023, Apple will have converted 45.8% of its US customers into Apple Pay users. It will add a net 13.6 million more users by 2027 as its financial services strategy unfolds.
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Table of Contents
Report Snapshot
Apple’s maturing financial services brand makes it a powerful competitor in consumer banking.
Apple’s iPhone platform offers a UX banks can’t beat.
Apple’s platform and consumer banking products are Gen Z magnets.
And Apple commands vehicle-based commerce with CarPlay.
How should banks respond to Apple’s growing financial services power?
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