APPLE SEEDS: 29% of U.S. adults & 69% of Apple Card users likely to open Apple savings next 6mo

The seeds of Apple banking services appear to be growing fast.

The chart above from Morning Consult tech analyst Jordan Marlatt is worth staring at to see just how powerful the Apple brand is when it comes to getting people onto their new products. Even when those products involve banking.

The first 2 lines on the chart show 29% of U.S. adults and 69% of Apple Card users likely to open Apple savings account in the next 6 months.

Reminder: at least for now, you need to have Apple Card to apply for Apple savings.

Think about how powerful that is.

One-third of U.S. adults are interested in a near-term decision to bank with Apple.

And almost three-quarters of Apple Card users want to add another Apple banking product.

Among Gen Zers and millennials who don’t have an Apple Card, 38% of both groups are also likely to open Apple savings in next 6 months.

As for whether folks without Apple Cards will add them to get Apple savings, the chart below shows 26% of adults overall won’t do that.

But 45% of Gen Zers and 39% of millennials would apply for Apple Card to get Apple savings.

Bank of Apple is well on it’s way, led by kids and younger adults.

In my family, we started with one of the fintech banking apps for our kid, but ditched it for a traditional bank account and Apple Pay.

And Apple is just getting started. As I noted in the link below, 8.2% of Apple sales came from services in 2012, which grew to 19.8% in 2022.

The savings account is Apple’s second major fintech move of 2023. Apple Pay Later was the first, and that product will expand into a third credit card-like initiative imminently.

Here are the details, as well as the Morning Consult survey.

Apple services revenue now 20% of all sales, and that’s before these 3 major 2023 fintech plays

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Reference:

– Apple’s Savings Account: Consumer Interest and Demographics