Originally Posted by DanielSW
Tim Cook has said repeatedly that Apple is a products company, plain and simple. If they became a financial institution all of a sudden that would be diametrically opposed to being a products company. Doesn't make any sense at all
If 'icloud' is a product, then 'iBank' can be one too;-)
Apple provides services, and even does financing.
Look at Passbook as something you can 'put cash in' and all of a sudden Apple's providing pre-paid e-spending cards.
It doesn't have to be 'apple' it could be a wholly owned subsidiary, paid for by cash, of course... and can be in several different [safe banking] countries.
My first choice wouldn't be a bank, but a payment card processor (reduce the fees on CC transactions as your own PCP).
Then as an 'ecard' issuer (cut more fees... turn your fingerprint&phone into a credit card for all in-app purchases)
Then as a bank (primarily to support ACH xfers directly from other banks, and cutting out credit cards altogether.).
Basically, your AppleID can have a checking account, or even a loan attached.
And an ATM in every Apple Store;-)