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The question for banks and other providers of financial services is how worried they should be about a tech company with 1.2b iPhone users, a $2.6t market cap and a history of disruptive innovation making moves on to their territory. Apple’s scale makes even the world’s largest banks look little. And the company hasn’t been shy about its ambitions in this space.
Apple had leverage. Goldman saw the Apple Card as a pivotal product to show it could cater to Main Street customers. “The offering to Goldman was — ‘hey, you don’t have a consumer product and guess what? We can get you access to all Apple customers,’” says a former Apple executive. “Apple was aware so they squeezed everything they could out of that negotiation.”
https://www.ft.com/content/fda76c42-0540-48a1-b1d9-259e1c2d6c3a
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