Survey Shows Consumers Would Bank With Apple In U.S. and U.K.
Apple owners again show their loyalty, in a recent survey by KAE and research and survey company Toluna, 43% of the respondents said they would bank with Apple if Apple opened an "i"bank or financial services division. The survey was done in both the United States and the U.K.
In the survey, 43% of Apple product owners said they would be willing to bank with Apple because they trust the brand, and even more interesting, 10% of the population at large said the same thing.
Apple does not currently offer any banking or financial services and has not indicated that it plans to get into the banking market, but according to Time Magazine, Apple would be a formidable competitor, putting other banks on notice that they need to step up their game and customer service.
According to the FDIC, to open a bank, you need to have $5 million in reserves, plus operating capital to open and run your bank. Apple has $97 billion in cash and stock assets on hand currently and recently announced it would begin paying dividends on its stock along with spending $10 billion over three year to begin buying back some of its stock.
If Apple were to open an "iBank", and at least 75% of those who said they would bank with Apple, the iBank would immediately become one of the largest banks in the United States in terms of the number of deposit accounts.