Apple products have disrupted the phone, computer and music markets, but support for the tech giant to move into financial services is flagging.
An Accenture survey out Tuesday showed just 34 percent of millennials—and 20 percent of respondents aged 35 to 54—would bank with Cupertino, California-based Apple if it offered those services. More millennials would bank with Google and Amazon, according to the survey, part of a broader report titled "Everyday Bank: A New Vision for the Digital Age."
The results come at a time when analysts—like Morgan Stanley's Katy Huberty—have suggested Apple leverage its iTunes platform and mobile phones for payments. The platform has seen consistent sales growth—on track to process some $20 billion in transactions this fiscal year—and already has access to credit card information for millions of customers.
Indeed, Apple CEO Tim Cook said on the company's January earnings call that "the mobile payments area in general is one we've been intrigued with."
Meanwhile, PayPal already has established itself as the dominant force in payments, with more than $180 billion in net payment volume in 2013. With a tried-and-true service, more customers would be willing to trust it with traditional banking services: It got the highest marks of all "alternative" banks on Accenture's survey, including 46 percent of millennial respondents.