Apple’s Credit Card Should Serve As Wake-Up Call To Incumbent Banks

Michal Kissos Hertzog, CEO from digital-only bank Pepper said:

"Apple is launching a credit card with better user privacy, more user control and transparency. With that, Apple is setting a new bar for the industry." 

“The latest news from Apple isn’t unexpected. Recent released by Pepper earlier this year found that two-thirds of decision-makers at UK retail banks believe that most of the major technology companies will offer retail banking services in the next five years – well now they have!”

“This should serve as a wake-up call to incumbent banks. They can’t create just another banking app or continue to work to a profit and loss business model; instead, they need to create a whole new banking experience built with the consumer in mind. Banks will not only survive, but also thrive with this approach."