What an Amazon and Goldman Sachs partnership means for Wall Street and fintechs
Last year saw a series of announcements from Google, Apple, Facebook, and Amazon quartet moving further into financial services.
Why? The headache of getting, and maintaining, a banking license is too big a risk for these companies when they can enter the market with licensed partners. The Apple Card, Mastercard, Goldman Sachs collaboration is the model to follow. Apple gets the service to users, while Goldman gets to compete with Citi, Chase, and others with the benefit of one of the most trusted brands in the world.
Rather than offering one-size-fits-no-one products, they would be better looking at services that can be tailored to individual groups. To date that has tended to mean a generic digital service labeled as being aimed at millennials when in reality it means, mom and pop store owners, freelancers, gig economy workers and so on.
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