Take a look at it this manner, while Apple has to sell and invent real services to make its money, banks just need to extend property values to charge interest on mortgage money they notionally lend which doesn’t actually exist. Somewhat like artificially manipulated crypto value spikes, it’s quite a bit easier to create scarcity than to satisfy it with what people need. On this scenario, the banks have the upper hand.
There’s a certain irony to that. When it was introduced, Apple Card posed a titan’s challenge to the industry.
Eating with the enemy
The features, including app-driven features, were second to none. The business proposition tilted hard toward customer convenience, and Apple’s foray into the economic system (along side even deeper stabs at retail banking’s most profitable markets by other challenge banks) arguably helped force established financial institutions to get their act together and improve their customer offerings.
