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Goldman is Banking on Apple partnership in shopper

December 27, 2022

Goldman is Banking on Apple partnership in shopper
A relative newcomer in shopper banking, the Wall Street large has expanded and prolonged a partnership with Apple that started a number of years in the past with a bank card. Goldman is engaged on a high-yield financial savings account for Apple cardholders. It can be going to supply a few of the back-end providers that can enable Apple to supply “purchase now, pay later” plans.

The partnership reflects Goldman’s revamped approach to consumer banking, a business it launched a few years ago to great fanfare that has yet to turn a profit. The bank has abandoned plans to build a full-service consumer bank in favor of providing banking services to wealth-management customers and through partnerships with companies such as Apple.

Banks and technology companies have been in a heated race for years to build a financial super app one that offers banking, payment and investing services. Facebook, now known as Meta Platforms Inc., failed to build a futuristic cryptocurrency network. Google last year abandoned a plan to pitch checking accounts to users of its digital wallet.

“There’s absolutely an opportunity to reshape how people interact with financial institutions,” mentioned Bob O’Donnell, president at TECHnalysis Research, a market-research agency. “Everything is finished on the telephone, so why wouldn’t the monetary administration piece additionally occur on the telephone.”

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