Why Apple’s Partnership With Goldman Is The Future Of Banking by emilymason00
ast week Apple effectively dropped the mic on the nation's banking industry. While the average bank is paying less than a half a percent on savings accounts, the $2.6 trillion technology company announced it would be offering 4.15% annual returns to savers – no minimums, no lockups and FDIC-insured.
“It's really a flywheel of keeping everything in the ecosystem,” says David Donovon, executive vice president of financial services for consulting firm Publicis Sapient.Deposits are becoming a larger source of funding for the bank as it grows the consumer and transaction banking business. Apple's 4.15% savings account should turbocharge this trend.
Prior to Apple’s new Goldman Sachs powered savings account, daily cash rewards from spending on Apple’s credit card were automatically deposited into Apple Cash, a prepaid digital card held in the iPhone’s digital wallet and issued by. Apple’s ambition was for Apple Cash to become a way for its customers to send money through iMessage in the same way consumers use PayPal’s Venmo or Block’s CashApp.
In 2021, Google canceled plans to launch a checking account connected to its digital wallet. The proposed offering, called Plex, was billed as a dashboard to help users keep track of their finances and was developed with Citigroup as the partner. in a class-action antitrust lawsuit alleging that its monopoly on iPhone tap-to-pay allows it to charge card issuers, banks, exorbitant fees. Last year, European Union antitrust regulators sent Apple objections to its exclusive hold over the iPhone’s payment technology.account is likely less about profits than it is about bringing more iPhone owners into Apple and Goldman’s financial wheelhouse.
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