Goldman Should Have Toughed It Out. It Takes Time To Engage A New Consumer Market. You Can’t Get The Type Of Visibility You Could Have Running After Only 3 Years. Where Was Their Plan For Engagement?? Did They Think The Partnership Was Just Set It And Forget It?
Both are coming different ends of the financial spectrum. Not many youth use any Goldman Sachs services (much less heard of them) and not many traditional financial people see Apple than just retail or a tech company. Better partnerships with Cashapp, Venmo, or Paypal to offer similar services like Goldman Sachs.
GS wanted to get into retail banking, and Apple Card was their biggest bet. The brand choice was one of the best on the market but the conditions Apple forced Goldman to take didn't make sense for them.
Apple Pay processes crazy amounts every year and they touch pretty much every demographic there is (whoever owns an iPhone). They needed not only an issuer but also a bank on whose licence it could ride for credit products (Card, Savigs, etc.), hence, they picked Goldman.
Venmo or CashApp wouldn't work. First, they don't have the necessary licenses are aren't actually in this field. Second, they kinda compete against one another...
Goldman Should Have Toughed It Out. It Takes Time To Engage A New Consumer Market. You Can’t Get The Type Of Visibility You Could Have Running After Only 3 Years. Where Was Their Plan For Engagement?? Did They Think The Partnership Was Just Set It And Forget It?
will be interesting to see who will take over from GS
AmEx would be an interesting one...
Is Open Banking overrated then?
It's just getting started. :)
The Apple-Goldman Sachs partnership was over before it began. IMHO.
Can you elaborate as to why you think so?
Both are coming different ends of the financial spectrum. Not many youth use any Goldman Sachs services (much less heard of them) and not many traditional financial people see Apple than just retail or a tech company. Better partnerships with Cashapp, Venmo, or Paypal to offer similar services like Goldman Sachs.
At least that is the way I see it.
GS wanted to get into retail banking, and Apple Card was their biggest bet. The brand choice was one of the best on the market but the conditions Apple forced Goldman to take didn't make sense for them.
Apple Pay processes crazy amounts every year and they touch pretty much every demographic there is (whoever owns an iPhone). They needed not only an issuer but also a bank on whose licence it could ride for credit products (Card, Savigs, etc.), hence, they picked Goldman.
Venmo or CashApp wouldn't work. First, they don't have the necessary licenses are aren't actually in this field. Second, they kinda compete against one another...