Goldman Sachs Deepens Banking Partnership with Apple

According to unnamed sources, Apple has spent years asking big banks to let their customers view account balances on the Apple digital wallet.

However, those sources say, banks have turned the tech giant down, not wanting to let Apple take over the customer experience while the financial institutions simply provided infrastructure.

Goldman, reportedly, has been different, continually expanding a relationship with iPhone maker. The company launched an Apple credit card years ago and is working on savings accounts for cardholders.

It is also handling some of the back-end services for Apple's buy now, pay later offering, although Apple will handle the lending for the service on its own rather than using a banking partner.

Goldman, meanwhile, has been scaling back its own consumer banking business to focus on banking services to wealth-management customers.

Reports emerged earlier this month that the company was planning further cutbacks to the retail side of its business, considering cutting hundreds of positions from its consumer operations as well as ending personal loans through its retail banking platform, Marcus.

(Source: Fintech News)