An Aussie Take On Banking
This is a must read article on the way banking is going. This is a flavour.
Apple has 400 million account holders holding an Apple Store or iTunes account, that’s more than the top 3 banks in the world have in retail banking customers. Starbucks, which processes more than 2m transactions every week in the US, took in deposits of $US3 billion on their in-store App-based debit or gift card this year. That puts them ahead of the 6,985 smaller institutions in the US who on average did around $185 million in deposits in 2011, and the 440 midsize institutions who averaged $2.6 billion in deposits. Imagine that! A coffee company that is better at taking deposits than 95 per cent of the FDIC insured banks in the US, and they don’t even have a banking license.
So are Apple and Starbucks, the next Barclays or Visa?
Traditional banking is dead!
The Anonymous Widower 
No Banking License and you don’t even have to pay any Tax . . .
Comment by Steam Lover | February 9, 2013 |