Apple's Customer-Centric Approach Will Drive Savings Account to Dominate
Tech giant makes everything they touch turn to gold; high-yield savings will be no different.
I want every person to take a second and think about how many Apple products you have. Maybe that’s an iPhone, MacBook, or Apple Watch.
Now, think about all of the Apple products embedded within other products you own. Maybe that’s Apple Pay, Sign in with Apple, or AirPlay.
Apple is everywhere, and it's fair to say that it is one of the greatest companies since the dawn of capitalism. The company started by Steve Jobs decades ago has more than delivered on its original mission: help change the way we think, work, learn, and communicate.
Their latest move might be the most important since the iPhone. In the advent of the FinTech boom, consumer banking criticism, and downright financial craziness, Apple has officially thrown their stake in the ring.
With Apple Card and now the Apple savings account, an account that yields a near industry leading 4.15% (more than 10 times the national average as Apple stated in their press release), Apple can utilize their consumer base and undoubted power to disrupt the banking industry.
And they’ll do it the same way they usually do it: being customer-centric.
Learn From The Past
I saw an interesting stat on Twitter last week from Fluent in Finance’s Andrew Lokenauth. 26 years ago, Apple lost $1 billion dollars in one year, which nearly led to the company's bankruptcy.
However, under the leadership of Steve Jobs, Apple underwent a dramatic transformation that saw it become one of the most successful and influential companies in history. Jobs famously emphasized the importance of innovation and design, and he pushed Apple to create products that not only worked well but also looked and felt great.
This approach was a stark contrast to the prevailing philosophy in the tech industry at the time, which prioritized functionality over aesthetics. By focusing on user experience and creating products that people loved to use, Apple was able to build a fiercely loyal customer base.
Recognize the Present
Today, Apple makes $1 billion dollars every 3 days.
Apple has solidified its position as one of the most valuable and influential companies in the world. Its range of products and services, from hardware to software, has become an integral part of our daily lives.
At the same time, consumer trust in banks is at an all-time low, which has led many people to question the safety of their money.
However, Apple's reputation for innovation, incredible customer loyalty, and customer-centric approach could make it a trusted financial partner for many.
Envision the Future
As Apple ventures into the financial sector with Apple Card and the Apple savings account, we can expect it to bring the same level of innovation, convenience, and user-centric focus that has made its products so successful.
The future of Apple may well include a comprehensive ecosystem that combines technology, finance, and other essential services, further strengthening its hold on consumer loyalty and trust.
In addition to finance, Apple is making strides in areas such as healthcare, augmented reality, and transportation (with rumors of an Apple car). As these projects come to fruition, we can expect even more disruption and innovation, positioning Apple at the forefront of major technological and societal shifts.
This post was created with the help of ChatGPT 3.5 and ChatGPT 4.