Goldman Sachs Dives Into Retail Banking: Credit card partnership with Apple will be a new source of revenue growth
Amid declining Iphone and trading sales, a credit card partnership between Goldman and Apple will serve as a mutual source of revenue:
Apple Inc. and Goldman Sachs Group Inc. are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said. Apple will replace its longstanding rewards-card partnership with Barclays, the people said.
Over the last couple of years, Goldman Sachs has been experimenting with retail banking as a new source of revenue. Just look at (Marcus), Goldman's online platform for loans and savings. But with this new service, they stand to compete with other retail banks like JP Morgan Chase and Citigroup. The only problem: Goldman's lack of credit card infrastructure and decreasing yields.
What do you think of this whole Goldman Sachs/Apple thing?
Is retail banking(+credit cards) the solution to Golman's declining revenue growth?
Will this make people more likely to adopt Apple Pay?
Thoughts?
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