On March 25, Apple announced 4 of the services with which the company wants to expand the company's income that does not depend on sales of physical products. Apple Card was one of the most striking bets in this sense since it meant Apple's entry into the banking sector, although not directly, since it did so through Goldmand Sachs.
Goldmand Sachs states that is taking a completely different approach with the Apple Card, since it is looking for customer loyalty in order to get the maximum possible profitability. It goes without saying that credit cards are one of the most profitable products for banks.
At the IGNITION: Transforming Finance event, which was held last Monday, Omer Ismail, head of the Marcus division of Goldman Sachs, said that not worried about the possible lack of profit from Apple's new service called Apple Card.
It should be remembered that Apple Pay does not have any type of fee in addition to allowing users to save money on all purchases they make and does not allow access to customer data to Goldman Sachs, which are the main sources of income for banks through credit cards.
A few weeks ago, a news story was published stating that Citigroup withdrew from negotiations with Apple for consider it an unprofitable product. According to Ismail, Goldman Sachs thinks differently, since if doing the right thing for the customer means being less profitable, you don't really lose money since you earn their loyalty, which will allow you to profit from them in the future through other products.
Goldman Sachs was one of the banks that made gold with the 2008 mortgage crisis, taking advantage of an opportunity that earned it a very bad reputation in the United States, a bad reputation that I doubt very much that I can recover now playing the good samaritan. No bank is an NGO.