Big banks are increasingly wary of Apple’s potential to disrupt their industry, according to a survey by Greenwich Associates. The study reveals that 21% of North American banks view Apple as a significant threat, more so than other non-bank competitors like PayPal and Amazon. This shift in perception can be attributed to Apple’s successful foray into the payments market with its Apple Pay service.

Apple Pay, launched in 2014, allows iPhone users to make payments using their devices. It has been embraced by consumers and retailers alike, accelerating the adoption of mobile payments. This success has prompted concerns among banks about the tech giant’s potential to encroach on their territory.

The survey also highlights that banks are increasingly concerned about competition from non-traditional financial services providers. A total of 45% of banks surveyed believe they will lose significant business to these new entrants over the next five years. This figure is up from 37% in 2014, indicating a growing sense of unease in the banking sector.

Despite this, banks remain optimistic about their ability to compete. Many are investing heavily in technology and digital services to enhance customer experience and meet changing consumer demands. The race is on to see who will dominate the future of finance: traditional banks or tech-savvy disruptors.

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