Bank and credit union executives have been trying to figure out what Apple is up to in financial services since its introduction of the Apple Card in early 2019.
Every move after that — especially its high-yield savings account — has only amped up the speculation.
A common mistake is thinking of Apple like any other competitor, as if its products are vying directly with those of traditional financial institutions.
But Apple is far from a pseudo-bank, according to Lierin Ehmke Melvin, director of insights at Mintel Comperemedia. Its edge is the ability to think very differently in its strategic approach, mixing elements in fresh ways to come up with something entirely new.
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