#apple card

[yes-brandeebleueaurelie]

Consumer ⚠️ Warning

If u open an 🍎AppleCard, then at any point decide that you no longer want an #iPhone; u will lose all & complete access to your transaction history!

You will NOT be able to activate any new cards.

You will be blinded to ur acct.

[tumovs]

Goldman Sachs’ foray into consumer #banking in 2016 was quickly heralded as (and seemed to be) a great success. A few days ago, the bank announced an almost $3 billion loss from that business. Let’s take a look.

Despite the initial skepticism, Marcus proved a huge success: by 2020, Marcus was one of the fastest-growing #digital #banks in the US with more than $80 billion in deposits and $5 billion in loans.

Aggressive pricing, state-of-the-art #technology, reliable customer service and a well-known brand name count among the reasons for the rise. Markus’ success was twice important because - on top of commercial reasons - it exemplified one thing: how traditional financial institutions (Goldman was founded in 1869) can adapt to the #digital age and compete with #fintech players.

Several things have gone wrong:

1) Goldman’s overly aggressive pricing (to gain market share) during the boom years

2) Poor risk #management with more than 25% of card loans going to financially weak customers and a provision rate at subprime levels

3) Expanding defaults as a result of the deteriorating macro environment

4) Bad management decisions such as the one to merge (previously independent) Marcus with the wealth management segment

5) Service quality (i.e. disputes over chargebacks) not being able to keep up with an increasing customer base.

The credit card business is traditionally a hard one to crack, more so for newcomers even if they are called #Goldman_Sachs. And there seems to be no way back for what was once hailed as one the company’s biggest successes. Timing and bad management decisions have proven – once more – an unbeatable combination.

Reawd more, the full article at: 👉

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Opinions: my own, Graphic sources: #Goldman Sachs, Roel Wieringa

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🤝 𝐑𝐞𝐢𝐧𝐢𝐬 𝐓𝐔𝐌𝐎𝐕𝐒. @reinis_tumovs

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[idropnews]

The Apple Card and More Will Lose Magnetic Stripes for Good, Mastercard Announces

Although Apple naturally prefers that most Apple Card users make purchases with their iPhone or Apple Watch using Apple Pay, it does issue a sleek physical card that’s made from (mostly) Titanium. After all, as great as Apple Pay is, it’s still far from universally accepted, especially within the United States — the only country […] https://www.idropnews.com/news/the-apple-card-will-lose-its-magnetic-stripe-in-a-few-years/165870/

[macdailynews]

Apple wants to replace your wallet and keys with the Apple Watch

Apple wants to replace your wallet and keys with the Apple Watch

Before you leave your house in the morning, you probably check your pockets for three things: your phone, keys, and wallet. But if Cupertino’s plans for Apple Watch pan out, you might just need to make sure you have one thing on you: your Apple Watch. This fall, Apple Watch wearers can add keys for their home or office, and tap their watch to unlock. Daniel Howley for Yahoo Tech: As part of the…

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[kramlabs]

[adnopes]

idk exactly why but i’m dead certain it’s dystopian

[yingyangtechnology]

Why tech companies love to expand their operation into credit cards?

Apple, Uber, Amazon, Venmo, Robinhood, eBay, and other tech giants have expanded their operations into credit card business. Let’s face it the society loves to shop and pay later. So what is the vision with this acquisition in their office?

First thing first, the tech companies make enough money that they are able to loan money to public and have them receive benefits. Amazon gives discounts…

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