Apple in Consumer Finance

Its 3 Biggest Competitive Advantages—and How Banks Can Adapt

Report Snapshot

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

  1. Report Snapshot
  2. Apple’s maturing financial services brand makes it a powerful competitor in consumer banking.
  3. Apple’s iPhone platform offers a UX banks can’t beat.
  1. Apple’s platform and consumer banking products are Gen Z magnets.
  2. And Apple commands vehicle-based commerce with CarPlay.
  3. How should banks respond to Apple’s growing financial services power?
  1. Sources
  2. Media Gallery

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Tyler Brown, and David Morris


Caitlin Cahalan
Researcher, Financial Services
Eleni Digalaki
Principal Analyst

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