The honeymoon between Apple and Goldman Sachs may be over. Recent complaints from Apple Savings customers about their inability to quickly withdraw funds and encountering “rude” customer support staff from Goldman Sachs have awakened the trillion-dollar company to some of the challenges of partnering with a BaaS or Embedded Finance (EF) enablers. For a company like Apple, known for its impeccable customer support, the impact of these complaints could pose a risk to the exceptional customer experience Apple provides its users.
BaaS and EF continue to revolutionize and democratize financial services, and many are taking note. The global embedded finance market valued at USD 65.46 billion in 2022 is expected to grow at a compound annual growth rate (CAGR) of 32.2% from 2023 to 2030. From the surface the benefits are clear; reduced costs, quicker time to launch, out of the box tech, with regulatory and compliance requirements met.
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