Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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But given the interest around the Apple card, I think they're motivated to get this done sooner rather than later.
WSJ Your Money Briefing · Apple-Goldman Sachs Credit Card: A Study in Companionship · 26 Feb 2019
podcast
Tech companies, especially some startups in the Valley, often are tagged with the mantra of they like to move fast and break things.
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Banks and financial companies are very highly regulated so that they don't move fast and break things.
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So any partnership between the two, if a tech company wants to do something in financial services, they usually need a bank or another financial company to help them move money, to help them lend money to their customers, to help them store money.
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And because of that, each one of those points needs to be negotiated pretty thoroughly.
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That's right.
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We reported last week that internally some of their initiatives to build things like customer call centers for if you have a problem with your Goldman Apple credit card to call in to just building an internal payments network to help move money around is going to cost Goldman around $200 million to build.
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Mm-hmm.
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And that's because they just haven't done anything like this before.
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If you think of other big banks in the country, JPMorgan Chase or Bank of America or Wells Fargo, they have been consumer banks for decades, if not more than 100 years.
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Goldman Sachs just got into this business in 2016.
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So they're really building everything from scratch.
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Absolutely.
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And not only this venture being a strong stream of revenue, their position in the market as being a strong differentiator.
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So what we reported is that Apple actually talked to a couple different banks about providing the service that Goldman is providing with this credit card, including Citigroup, JP Morgan, banks that are probably bigger names on Main Street that have done credit cards before.
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But what kind of sealed the deal for Goldman is that they didn't have any of the relationships with maybe different retailers or brands that might be chafed if they were working with Apple, because Goldman was starting from a blank sheet of paper.
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They could agree to things and build things for Apple that they couldn't get at other banks.
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That's right.
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There are thousands of banks whose credit cards are compatible with Apple Pay, and Apple Pay itself is a big growth engine for Apple.
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And they really can't do too much to annoy those other partners by, let's say, favoring a Goldman Sachs credit card, moving it to the top of an Apple Pay wallet, wanting to make that too much of a default choice because you run the risk of a big bank saying, you know what, just because of competitive reasons, I want to disable all my cards in Apple Pay just because I don't think we're on a level playing field.
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