ALEX BRUMMER: Banks beware if Apple launches a titanium credit card that matches their phones
The appeal of a titanium credit card for whip devices will undoubtedly make Apple lovers drool. Tim Cook & # 39; s unity required something better than the platinum that Amex has at the top of the range.
The people who really have to worry about Apple and the other digital giants are the established credit card brands and banks.
For a long time, I thought that the greatest threat to the banks was intervention by major technology.
The appeal of a titanium credit card for whip devices will no doubt make Apple lovers drool
All banks have invested heavily in fintech, but as we saw when TSB tried to embrace a comprehensive platform that was pioneered by its Spanish owner Sabadell, this resulted in a costly £ 300 million bill, the departure of chief executive Paul Pester and reputational damage.
Amazon has quietly stepped into the financial room, granted credit to its customers in the United Kingdom in the United Kingdom and has granted a low-interest loan in the US.
Apple has smartly recruited Goldman Sachs as its credit card partner. Goldman is located in the foothills as a retail bank, but has the advantage of no legacy consumer systems.
Goldman's plan is to turn retail banking into an activity that combines investment banking and asset management as a business.
In the UK, by offering a relatively high return of 1.5 percent on savings on his Marcus account, the company has already raised up to £ 7 billion deposits with an average of an amazingly high £ 20,000.
The titanium card lets all the techies grumble and with 1.4 million people it is believed that Apple devices cannot take away the possibility of exponential growth.
The card offers various improvements to the competition. Cook promises more privacy.
We know how much Apple is doing this at the shootings in San Bernardino in 2015, when the FBI went to court to convince the company to open a back door for the iPhone owned by one of the killers.
The titanium card has no printed numbers, but details are etched with the laser and offer more security when people miss out on cards.
It also works with the Apple wallet and offers simple transaction summaries without the annoying pop-up ads.
The come-ons for holders include a discount on Apple purchases, no international costs and an option to match payments to locations. This all sounds dandy.
But a warning for powerful Goldman and for anyone working with Apple: the group has a constant learning curve and, once it has gained the expertise, has an annoying habit of letting partners and suppliers pop up.
Tims & # 39; world
You may wonder what online grocer Ocado and tonic water champion Fever-Tree have in common
They are both led by dedicated entrepreneurs with the schoolly name Tim: Steiner at Ocado and Warrillow at Fever-Tree. Both are disrupters in their respective industries and each have their skeptics.
Among British consumers and some analysts, Ocado has never taken away the image of the grocer.
But it becomes the Amazon of the supermarket industry and sells its automatic warehousing and logistics software all over the world.
After joining M & S in an expensive joint venture in the UK, with the help of chairman Archie Norman, it now goes Down Under to Coles where Norman is director and vice-chairman.
Ocado can still find it difficult to make a profit, but it is located on three continents. In the US, with Kroger and Australia, with Coles, it works with some of the larger animals.
Tech investors do not value the retina, but the prospects. Faith in Ocado means that with a market value of £ 9 billion it is now worth twice as much as M&S.
Fever-Tree is also buzzing away and has left established players in the tonic water space, such as Schweppes, in the sand.
It makes a profit, operates with large margins and sales are bubbling. Growth is closely related to the gin-fad. So there is a matter of how long investors will adhere to what is seen as a one-trick pony.
This is the next time you are going to eat a Pret A Manger salad: the Reimann family behind the owner JAB Holdings, who also controls Krispy Kreme and has a major stake in cosmetics company Coty, has just been scrapped with a Nazi past.
Albert Reimann and his son Albert – both now dead – are exposed in a report commissioned by the family as anti-Semitic, enthusiastic Nazis and employers of slave labor.