Apple turning into a financial company - Good or bad?

I had a few days to think about this.

If you are still clueless, Apple is continuing to expand its financial services offerings with the launch of a new savings account in partnership with Goldman Sachs. The account will offer a competitive annual percentage yield (APY) of 4.15%, with a maximum balance of USD 250,000.

After much pondering, I think this could not be a good move.

Hear me out.

The financial industry can be lucrative. But it comes with tight regulations.

A simple savings account looks harmless, but if Apple goes down the rabbit hole, it might find itself complying to more regulations and rules.

There are already so many banks. Is it really wise to go into a sector that is already so congested and saturated?

Who and how would Apple play out this game plan? Will non-Apple users be entitled of opening an Apple account in the future?

On the flip side, it might also see Apple taking on other risks.

If there is a sudden spike in withdrawals, Apple's savings account can face a bank run as well.

So is it really worth it?

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