Mar 28, 2019 21:00:00

Why Apple Credit Card 'Apple Card' Is A Big Step for Goldman Sachs

As an alliance between the IT industry and the financial industry, the '

Apple Card ' is a new trial in collaboration with Goldman Sachs announced by Apple, as Amazon has already partnered with JPMorgan Chase Bank and Uber with Barclays There is a difficult place to say. But this effort is a big step for Goldman Sachs, journalist Tanaya Macheel reports .

What Goldman Sachs Gets From Its New Credit Card With Apple
https://medium.com/cheddar/what-goldman-sachs-gets-from-its-new-credit-card-with-apple-eaf4122199e

The 'Apple Card' announced at Apple's special event held on March 26, 2019 Japan time cooperates with Goldman Sachs and MasterCard, enables payment with Apple Pay, and is made of titanium Also available as a physical card. In addition to free issue fee and annual fee, it also features 2% cashback via Apple Pay and 3% cashback for payments from Apple Music.

Apple Introduces Its Own Credit Card 'Apple Card' to Work with iPhone-GIGAZINE

While Apple's creation of a new credit card is not innovative to the technology industry, connecting with Big Tech for Goldman Sachs is a big step.

As Bill Gates said in the 1990s that 'banking is necessary but banks become unnecessary,' the banking industry is also changing with the development of technology, and in recent years it is not good to sell financial products directly to consumers. Instead, they are becoming “invisible” behind other brands. To support the digitization of the client's business Publicis Sapient for Dave Murphy said recent years of financial, Senior Vice President of, 'Gates of prophecy there being realized slowly', 'over the past five years,' FinTech (Bank Technology has eliminated the need for intermediary financial institutions, and banks have turned to infrastructure. ”The partnership with Apple is that Goldman Sachs has accepted“ Infrastructure of banks ” Read the result.

The Apple Card does not have to compete with competitors such as American Express, and Apple aims to deepen its financial connection with existing users through its connection with Goldman Sachs. So what Goldman Sachs has to do is prove that 'banks can protect user accounts and property in a proven way'.

While Goldman Sachs has access to all data related to Apple Card users, Apple itself has no access to your financial data. Goldman Sachs is a newcomer to consumer financial services, but it established the online consumer bank ' Marcus ' in 2016, and it is necessary to strengthen it and to provide an Apple Card. There is. Also, Apple explains that Goldman Sachs will not sell user data externally.

With banks such as Wells Fargo and Chase starting offering similar online services, Marcus has succeeded with credit cards by providing services such as personal loans, high interest accounts and asset management. The Marcus remains separate from the Apple Card, and will continue to use physical cards under the Goldman Sachs brand.

Craig Schachter, global sales chief of Finastra, who provides financial software, said, 'Some banks think that their brand is all, and others are willing to partner with a few cool technology companies.' comment. Goldman Sachs has never been a successful consumer brand, but it is showing new ground , including the announcement of Marcus and the acquisition of apps such as Clarity Money . In 2018, David Solomon, who also works as a DJ, became CEO as a new DJ in order to gain female and colored customers.

It should be noted that, although at the time March 2019 is Apple Card deployment in the United States have been published, Richard Gunodo's management committee as 'the next move in Europe, will be in Germany' has said , the world Development is also expected.