Shift in Deposits and Customer's Primary Banks

The podcast predicts that there will be a shift in deposits as customers seek higher interest rates on savings. Incumbent banks globally are not passing on higher interest rates to customers, creating an opportunity for challengers and FinTech companies to attract customers with better rates. For example, Apple Card offers a high yield savings account that has already attracted over $10 billion in deposits since its launch. This shift in deposits will empower customers to vote with their feet and move away from their primary banks in search of better rates.