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This reads like fiction. Apple is not becoming a financial company, they are running the card in conjunction with Goldman Sachs; something scarcely mentioned in
by vermilingua 7y ago
This reads like fiction. Apple is not becoming a financial company, they are running the card in conjunction with Goldman Sachs; something scarcely mentioned in an article pretending to be a deep-dive. It is not in the interest of GS to shake up the credit card industry, and therefore not in Apple’s interest either.
- gutnor 7y agoIsnt' that GS entry in the consumer side of banking though? Apple and GS are very much new player in the credit card world, so any kind of disruption would be interesting. The reason it does not happen is probably that Apple is not in the business of creating a new market for GS. And on the other hand GS does not have the culture to lead such a disruption. My bet is that both are using each other as stepping stone. GS will likely enter the consumer banking at some point thanks to what amount to Apple R&D investment. Apple on the other hand will use the experience and roll their own limited set of service in their own time too. Apple probably aim at competing with the like of Paypal and Square.
- neilalexander 7y agoIf anything, all Apple have done in effect is build a nice shiny internet banking UI on top of a normal credit card.
- votepaunchy 7y agoJust like the iTunes-phone collaboration with Motorola in 2005. https://www.apple.com/newsroom/2005/09/07Apple-Motorola-Cingular-Launch-Worlds-First-Mobile-Phone-with-iTunes/ https://www.apple.com/newsroom/2005/09/07Apple-Motorola-Cing...
- Terretta 7y agoThe Apple Card the way Goldman Sachs is doing it is something of a “shake up” of a field where nothing usually changes. A hundred small choices were made differently adding up to a remarkably different feeling sign up and usage experience.