Shayne Elliott says big banks are “on our toes” after the tech giant launched high-interest savings accounts in the US this week with Goldman Sachs.
Apple declined to answer questions fromon Wednesday on whether Apple Card, and its attached savings account, could be brought to Australia.
“The nature of competition in banking continues to change. This is a further indication the sector will continue to see increased intensity and new entrants,” he told“Banks don’t just compete with other banks anymore. We have lots of well-resourced, highly sophisticated service providers keeping us on our toes and driving better outcomes and lower costs for consumers and small businesses.”
Mr Elliott said Apple Pay had fundamentally changed the way people pay and transact, particularly in Australia, where it helped to accelerate the trend away from the use of cash.
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