Credit-card competitors have cast doubt on the Apple Card's profit potential. Goldman's Omer Ismail sees the card as a tool to build customer loyalty.
, which charges no fees and boasts consumer friendly features that help customers avoid paying costly interest, is dim.
Omer Ismail, head of consumer digital finance in the Americas for Goldman's Marcus division, isn't sweating it. When asked about the credit-card's prospects Monday at Business Insider's IGNITION: Transforming Finance event Monday, Ismail threw cold water on the notion that providing value and protection for customers wasn't in their best interest.
"When I think about Marcus overall, the idea that doing right by the customer means being less profitable is just not an idea we subscribe to," Ismail said during a conversation withIsmail said they take the opposite view: the only way Goldman, a new entrant in the consumer finance world, is going to build a sustainable competitive advantage is by taking care of and winning over customers.Being the new bank on the block gives Goldman advantages, as well.
We'll get more clues about the Apple Card's potential and popularity with customers when it launches later this summer.
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