I do in fact have an App Store developer account, but this email talks about "iTunes Connect", which I thought doesn't exist any more...
Furthermore, the email is from "The Apple Music Team". Why on earth would they be emailing me about my banking information?
Everything about this email is just weird. My scam/phishing alarm bells went off immediately, but from what I can tell, it looks legit.
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From: do_not_reply@email.apple.com Subject: Correct your banking details to receive payments.
Dear X,
We’re reaching out because your banking information in iTunes Connect is invalid and needs to be corrected to ensure the successful payment of any amounts owed to you.
Users with the Admin, Legal, or Finance role can update these details in the Agreements, Tax, and Banking section in iTunes Connect. For help with making updates, visit iTunes Connect Resources and Help.
Once your banking information is corrected, it may take up to two payment cycles to send your payment. If you have any questions, contact us.
Best regards,
The Apple Music Team
"You were sent an email today noting that your banking information in iTunes Connect is invalid and needs to be corrected. This email was sent in error and you do not need to update banking information. We apologize for the error."