We’re used to Apple being a major player in the electronics market. But a decade ago, few people expected the company to have similar ambitions in the financial sector. This ambition is now crystal clear from Apple’s activities over the past years. In the latest edition of Fintech Sparks, we explore this theme with French fintech research and consulting firm C-Innovation. The publication can be downloaded in both English and Hungarian here and here.
After a brief historical overview, the publication presents Apple’s financial products and services announced so far, one by one. Most of our readers will probably be familiar with Apple Pay, as the mobile payment service is highly popular around the world. We also mention other interesting products such as Apple’s own credit card, or a payment service that replaces payment terminals with iPhones. Additionally, we speculate a bit on what health insurance based on the Apple Watch could look like.
Apple’s master plan
An interesting shift appeared in Apple’s financial strategy in recent years. At the beginning of the process, there was a huge emphasis on partnerships, with Visa, Mastercard and American Express, for example, all involved in the development of Apple Pay. The financial licence necessary to offer credit cards, BNPL loans and savings accounts is provided by Goldman Sachs. In other areas, such as virtual card offerings and payment processing, the BigTech is working with innovative fintechs.
Apple, however, is starting to reduce the role of its partners spectacularly. A recent initiative called Project Breakout aims to bring as many financial processes in-house as possible. It is no coincidence that from time to time Apple acquires companies from the financial sector. In this publication, we introduce the acquisitions to date, as well as all the relevant partners. We also look at why the relationship with Goldman Sachs has become contentious and how the role of partnerships may evolve in the future. As usual, Apple is keen to take the credit for itself, and the tech giant seems to possess many pieces of the puzzle.
Finally, we look at what Apple’s banking product range could look like in the future. Alongside the services already announced, we have combined analysis from renowned fintech experts with our own opinions to shape the potential new features of the future. Overall, this is a hugely exciting process that could have a sizable impact on the future of the financial sector. That is why it is worth reading Fintech Sparks’ latest publication, available in both English and Hungarian.
The latest Fintech Sparks publication arrives with international experts
Fintech Sparks is the online publication series of fintech.hu, which is also part of the Peak News media portfolio. The main aim of launching the series was to provide professional yet accessible information on fintech topics to those interested in the sector.
A topic as fresh and complex as Apple’s foray into the financial sector requires a team with deep expertise. That is why, in addition to the usual team of experts, the publication was produced with the help of specialists from the French fintech research and consultancy firm C-Innovation. We were excited to work with a major player in the European fintech research scene. Hopefully, we can offer a high-quality and meaningful read for our audience. We are also delighted that for the first time in the history of Fintech Sparks, we have published a publication in English in addition to Hungarian. Our team looks forward to exploring equally exciting topics in the future.
Hungarian-French collaboration in the fintech sector
Since its founding in 2013, Peak has been representing the next generation of digital finance, and is one of the most influential fintech companies in Hungary. Peak’s Platform business enables the launch of innovative digital financial services for players in any sector. Peak Science, our consulting and research business supports our clients’ strategic decisions by providing market intelligence and analysis. The Peak News media portfolio provides news and educational content that informs those interested in digital finance in an accessible and entertaining way.
C-Innovation is a fintech research and consulting firm based in France. With its research findings and detailed analysis, C-Innovations supports leading financial services companies, European startups, and fintech companies to navigate the financial environment, reach their full potential, and develop their business strategies. Through content creation, C-Innovations also plays an important role in educating professionals and companies interested in the fintech sector.
