Apple "i-bank"....Goolge to follow?

[Mega]

Full marks to Max Keiser, he sussed this 5 weeks ag when discussing Apple's balance sheet...
http://scripting.com/stories/2011/07...ToBeYourB.html
Mike

[dcarrigg]

Re: Apple "i-bank"....Goolge to follow?

Full marks to Max Keiser, he sussed this 5 weeks ag when discussing Apple's balance sheet...
http://scripting.com/stories/2011/07...ToBeYourB.html
Mike

I've actually thought that this was a logical step for a while now. Why do we still carry around plastic cards with magnetic strips like VHS tapes? If they could provide banking with POS as well as online sales, letting you debit 'apple' or 'google' accounts with a smartphone on a model that costs retailers a smaller percentage or flat transaction fee, then why bother letting Visa or MC be the middlemen anymore? Adoption would take a while, but it is sensible. Since the only innovation I have seen out of finance companies has been either fraud or minor security measures, I somewhat welcome tech companies forays into the field, should they do so.

[sunskyfan]

Re: Apple "i-bank"....Goolge to follow?

Sounds convenient but does anyone else smell Skynet in all this?

[ltullos]

Re: Apple "i-bank"....Goolge to follow?

Have you considered the role the carriers will take in this supply chain? Do you really want AT&T to be your new bank?

[c1ue]

Re: Apple "i-bank"....Goolge to follow?

Full marks to Max Keiser, he sussed this 5 weeks ag when discussing Apple's balance sheet...

Meh.

Banks get their money from the Fed/CBs, not from cash.

Outside of Paypal - which filled a specific niche for online payments - the 'new' banks and ways of banking have not made a significant splash.

Google Checkout furthermore does not seem to have gained any traction as a payments system.

While Paypal dominates amongst the Internet banks, Apple dominates in terms of numbers of customers with credit cards on iTunes accounts.

However all of these are a far, far cry from banking.

[seobook]

Re: Apple "i-bank"....Goolge to follow?

I am not sure how many people on here study ad retargeting or personalization & recommendation algorithms, but one of the hardest things online is knowing "who is a dog" etc. ... if either Apple or Google can tie identity down & get consumption habits then relevancy algorithms (for organic results and ads) get much more relevant & it becomes much harder to run a near business, as those will miss out on consumer reviews.

The Skynet issue is a scary one though, especially as Google has run ads promoting things like infidelity (something that my wife was not very impressed to see!) and Google was revealed to be knowingly running illegal ads for over a half-decade
http://www.benedelman.org/news/082611-1.html

Google blackballed cNet for revealing some of Eric Schmidt's personal data, but the same Eric Schmidt stated something like the internet would be better if we knew you were a real person rather than a dog or a fake person. Some people are just evil and we should be able to ID them and rank them downward

that is, of course, a refreshingly transparent take on "relevancy" ... at least until Google competes in your niche & decides that you are evil!

everyone big heavily involved with payments is selling data and/or using data for ad targeting. Banks use purchase data to adjust interest rates & target in-network ad sales
http://money.cnn.com/2011/07/06/pf/b...shopping_data/
and Amazon does ad targeting in part based on your purchases
http://allthingsd.com/20110628/amazo...-by-your-data/

[dcarrigg]

Re: Apple "i-bank"....Goolge to follow?

Meh.

Banks get their money from the Fed/CBs, not from cash.

Outside of Paypal - which filled a specific niche for online payments - the 'new' banks and ways of banking have not made a significant splash.

Google Checkout furthermore does not seem to have gained any traction as a payments system.

While Paypal dominates amongst the Internet banks, Apple dominates in terms of numbers of customers with credit cards on iTunes accounts.

However all of these are a far, far cry from banking.

Very true.