Understanding the Retail Bank that Apple Has Quietly Built

Apple’s multiple forays into banking services haven’t exactly been hidden, but only now is the tech giant’s potential to become a retail financial services powerhouse coming into focus.

For some time now a race has been going on among major big tech companies that many traditional financial institutions have watched with intense interest and, often, trepidation.

The race’s destination? Dominance of payments and retail banking products and services.

At different points Amazon seemed to be in front, then Facebook (now Meta), then Google, and then Apple.

There is a growing sense, however, that Apple has clearly pulled in front of the field and that it could be on the verge of bringing all of its financial activities together in a highly attractive, powerful way that will seriously threaten traditional institutions.

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