Apple and Goldman Sachs Heading for a Split

Goldman Sachs' financial involvement in Apple Card, while extensive, has failed to yield significant return, triggering the move to end the multi-million dollar partnership.

Goldman Sachs has invested around $300 million in Apple Card, without making a notable return.

Apple and Goldman Sachs have disagreements over shared data and branding.

Issues over control of customer data and branding conflict have significantly influenced the decision to end the partnership.

Other banks are being considered to manage Apple Card, suggesting a different financial dynamic for Apple's credit card venture in the future.

On the other hand, countless organizations and their innovations are being recognized, showing the evolution and progress in banking technology.

Here are the winners of the Banking Tech Awards 2023

ADP, Inc: Winner for Best Contribution to Economic Mobility for Consumers with "Wisely by ADP".

HSBC: Multiple mentions, including Winner for Best Bank & FinTech Partnership with Token.io, Best Embedded Finance Initiative, and Best Mobile Initiative for Business with "HSBC Kinetic".

Merrill Wealth Management: Highly Commended in Best Mobile Initiative for Business with "Mobile Advisor Experience (MAX)" and Winner in Top Innovation with "Merrill Advisor Match".

J.P. Morgan: Winner in Best Tech Overhaul – Front Office, Highly Commended in Best Use of Data, Winner in Best Use of Tech in Consumer Lending, Highly Commended in Top Innovation – Internal Controls, and more.

Morgan Stanley: Highly Commended in Best Tech Overhaul – Front Office, Winner in Best Use of Data, Winner in Top Innovation – Internal Controls.

Wells Fargo: Winner in Best Use of RegTech and Highly Commended in Best Use of Tech in Combatting Fraud.

Bank of Montreal (BMO): Multiple mentions, including Winner in Best Use of Tech in Retail Banking and Best User/Customer Experience Initiative - Payments.

Goldman Sachs: Winner in Top Innovation – Digital Assets & Blockchain with "Goldman Sachs Digital Asset Platform (GS DAP™)".

Headlines You Don’t Want to Miss

Former SVGS Owner Charged with Fraud and Identity Theft. Hongru Tian was charged with access device fraud, aggravated identity theft, and money laundering. Tian created several fraudulent schemes to bilk money from investors, obtaining credit cards in their names, and stealing their identities. If convicted, Tian could face long prison sentences and million-dollar fines.

AI Wars: Amazon's Epic Battle with Microsoft and Google Amazon Web Services (AWS) launched a range of new AI services in 2019 that compete directly with Microsoft Azure’s AI and Google Cloud’s AI services. AWS wants to democratize AI and machine learning to make it accessible and affordable for everyone.

Microsoft's President Says Super-Intelligent AI Isn't Coming Soon Smith highlights that although AI is advancing, particularly in areas such as machine learning and predictive capabilities, the development of superintelligent AI is not imminent. AI currently lacks the level of contextual understanding that humans possess. Governments worldwide are required to understand more about AI and machine learning so regulations can keep pace with rapid advancement.

Our Opinion:

The situation with Apple and Goldman Sachs, the success of other companies, the AI wars shows that AI Technology is significantly disrupting the Financial industry, being able to adapt and come up with new ideas is really important for success in the fast-changing space.

It’s crucial for lenders to remain knowledgeable about the developments in AI from these big players to ascertain the various advantages and challenges these technologies can bring to their unique business models.

Weighing these news, we come to a conclusion that businesses in the alternative financing must make informed decisions about whether and how to integrate AI into their models.

Here are 3 Simple Ways to Integrate Your Business with AI. You can try these for FREE.

1. Watch how we use ChatGPT to automate Underwriting Processes

2. Try our AI Powered Financial Tools For FREE. See links below.

3. Get in touch with us here at Cobalt Intelligence.

We hope to talk to you soon!

-Jordan Hansen
CEO of Cobalt Intelligence