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With the official launch of the Apple Card, Goldman Sachs is committed to becoming a leader in personal banking for decades, just as it does in Wall Street banking, said CEO David Solomon.
"Apple Card is great, but it's also a start," Solomon said in an internal memo obtained by CNBC. "In the coming decades, I expect that we will be a leader in our consumer businesses, just as we do for our institutional and corporate activities, with the customer-centric at the heart of everything we do. "
The co-branded credit card was distributed Tuesday to all US customers. It is governed by the 3% "cash daily" policy applicable to Uber, as well as a laser etched titanium physical card.
"Apple Card simplifies a generally frustrating application process, provides an interface that provides more useful information to the customer, and places greater emphasis on customer privacy and security," said Solomon.
Apple wanted Goldman to approve more than 100 million iPhone users in the US and the bank is embarking on risky loans with the card, reported CNBC.
August 20, 2019
Public launch of co-branded cards by Goldman Sachs and Apple
Earlier this morning, our co-branded credit card with Apple was launched to the general public in the United States. With just a few clicks on an iPhone, consumers will be able to apply for a credit card from Goldman Sachs. This launch is a milestone for our consumer sector and the firm. I am proud of our team, this partnership with Apple and the development of a product worthy of our brand.
We have been in business for 150 years, but Main Street banking is new to us. Our partnership with Apple will accelerate customer-centric innovation in the credit card industry and demonstrate the remarkable progress we've made in just a few years. Marcus, a growing disruptor of consumer financial services. Today, we help consumers control their financial lives with simple, transparent products. We have loan balances of $ 5 billion, deposits of over $ 50 billion and 4 million customers, all without the traditional model of traditional branches.
Apple Card facilitates the application process, usually frustrating; it provides an interface with more useful information for the customer; and it places greater importance on customer privacy and security. As a beta user for a few months, I am a happy customer and I constantly use the card, both with Apple Pay and with the titanium physical card.
Whenever I visit the "Cookie Jar" – the 26th floor section of 200 West Street where the credit card business is growing – I am impressed by the passion, energy and collaboration of the divisional teams of the company working on this product. This is a real demonstration of One Goldman Sachs.
Apple Card is great, but it's also a start. In the absence of true inherited technology or a longstanding consumer business to defend, we are in a position to innovate unlike many others in the industry. In the coming decades, I expect that we will be a leader in our consumer business, just as we do for our institutional and corporate activities, with the customer centric in mind. heart of everything we do.
There will be new learning and new challenges – problems will arise, problems will occur and not all clients will be satisfied – but we will respond with agility, striving for continual progress and seeking to meet the expectations that people have us. Thank you to everyone who made this launch possible.
David
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