In today’s top news in payments, Goldman plans to launch a robo advisor for clients with lower investment capital than traditional customers, and Apple plans to offer 0 percent installment financing on iPhones bought with the Apple Card. Also, as big tech moves into the financial services industry, regulators call for more “vigilant monitoring” of its data use.
Goldman Sachs is planning to launch digital wealth management services in 2020 for clients with “significantly lower” investment capital than traditional customers. The robo advisor will serve clients with as little as “$5,000, $10,000 or $15,000” to invest.
Apple plans to offer 24-month, 0 percent installment financing on iPhones bought with the Apple Card. The company updated its Wallet app on iOS to reflect the new financing option. Every Apple Card owner who uses the card to buy and finance an iPhone with 0 percent interest will also get 3 percent Daily Cash on their total purchase.
The U.K.’s Competition and Markets Authority (CMA) will decide on Dec. 10 whether Amazon can move forward with its bid for a minority stake in Deliveroo. CMA halted the $500 million deal over antitrust concerns, as tech giants attempt to extend their “tentacles” far and wide.
On Dec. 8, the Financial Stability Board (FSB) called for “vigilant monitoring” of Big Tech’s move into financial services. Banks and FinTechs are already required to share customer data with each other, and by moving into the industry with services like payments, asset management and lending, tech giants such as Google, Alibaba and Facebook could be forced to comply with similar rules.
This is just the pre-show for payments and financial services, according to PayPal CEO Dan Schulman. The next five years could be bigger than the last 40. And the places to look for today’s big disruptors are not the technology that is making the loudest bangs. It’s the tech that’s adding the most value to users’ lives.
How can a retail giant like Sam’s Club appeal to all types of customers? By acting less like a wholesaler and more like a tech startup. The company finds inspiration from its established membership base to provide what all customers want: choice and convenience, whether that entails scan-and-pay technology, a buy online, pick up in-store program or an extensive network of physical locations for those who want to go treasure hunting.