![]() The rise of Amazon catalyzed Sear’s downfall and in 2018 the company filed for bankruptcy. However, Sear’s failed at its core retailing business as technology savvy disruptors like Walmart and Target stole market share. In the 1980s Sears went on to acquire retail broker Dean Witter Reynolds and real estate broker Coldwell, Baker & Co. In the 1970s, Sears Roebuck, at one point the largest retailer in the United States with a brand as mighty as Apple’s whose catalogs and credit cards were ubiquitous, owned numerous savings and loan branches across California. This is not the first time a trusted company far outside of banking tried to forge a trail into consumers’ financial lives. “It's partnerships like these that could basically make banking become invisible,” Chris Nichols, director of capital markets at SouthState Bank, says. One hundred and fifty four year old Goldman Sachs is essentially an infrastructure player not unlike Evolve and Cross River, brandless banking-as-a-service providers serving other fintechs. In all of its financial products, Goldman Sachs operates in the background, despite its own formidable reputation, suggesting that they are betting that customers no longer value the marble columns and venerable histories that thousands of redundant FDIC-insured financial institutions continue to bank on. By offering financial products like these to consumers and merchants, Apple is integrating itself into every aspect of its customers’ lives while collecting swipe fees and cross-selling its own products. In July, Apple launched tap-to-pay allowing merchants to accept card payments directly from their iPhones. ![]() Last month, the company began offering its own buy now, pay later product giving consumers the option to split payments into four installments with zero interest or fees. The new savings account is only the latest in a series of high-profile financial offerings from the Cupertino technology blue chip.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |