I’ve been watching Apple push into financial services for some time (see here, here, and here). And I believe Apple will become the go-to consumer and small business bank. My thesis is that distribution in banking is going digital, and iPhones are the perfect distribution method for digital banking. Banking is one of the few markets large enough to move the needle for a company the size of Apple that also has high user engagement (people checking bank accounts, transferring money, etc.).

Today, Apple announced a new high-yield savings account in conjunction with Goldman Sachs. To open one of these accounts, one must have an Apple Card.

Banking is an antiquated business that’s overdue for disruption—and Apple is perfectly positioned to disrupt it. I believe the steps it’s taking will eventually lead to iBank or Apple Bank. It’s interesting to see execution of such a massive plan play out before our very eyes. I don’t think most realize what’s happening, but I do. I can’t wait to see the improvements Apple makes in the banking world over the next few years or a decade.