The launch of the Apple Card is allowing Goldman Sachs to become a leader in consumer banking, according to the bank's CEO David Solomon.
In late March, Apple and Goldman Sachs announced the Apple Card, which users sign up for through Apple Pay. They get approval on their device and can begin using it immediately. The card is stored in the wallet app and doesn't have any fees. In addition, it helps users stay on top of transactions and when payments are due.
“We’ve been in business for 150 years, but Main Street banking is new for us,” Solomon said in an internal memo obtained by CNBC. “Our partnership with Apple will accelerate customer-centric innovation in the credit card industry and is a testament to the remarkable progress we’ve made in just a few years through Marcus, a growing disruptor in consumer financial services. Today we are helping consumers take control of their financial lives with simple and transparent products, and we have $5 billion in loan balances, more than $50 billion in deposits and 4 million customers — all without the traditional brick and mortar branch model.”
“Apple Card is big, but it’s also a beginning,” Solomon added. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the core of everything we do.”
The co-branded credit card officially launched on Tuesday (Aug. 20) to all U.S. customers, boasting a cash-back policy of up to 3 percent.
Goldman's employees — including Solomon — actually tested out the card ahead of the rollout and gave it positive feedback.
“As a beta user for the last few months, I’m a happy customer and use the card all the time both through Apple Pay and the titanium physical card,” Solomon noted in the memo.