From those who had watch Apple’s Worldwide Developers Conference (WWDC) 2019 event, will note that one of the service Apple will launch is the Apple Card. No sure how other is watch for along the transition from Apple from hardware, software and service digital transformation (DT). But for this Apple Card, it go beyond Apple Pay.
Apple now become financial sector player and will compete with the rest of banker for the credit card business. Digital transformation (DT) always possible to discover and unlock business opportunity you never thoughts before. For me no matter how I saw, it after ipod (change music sector), iphone (change telco and phone maker sector), ipad (create new tablet category product market), smart watch (change the traditional watch sector), and now Apple Card (change the financing sector).
iPhone being under intensive competition and keep falling market share due to rising of low cost and alternative Android smartphone in the market. The unique value proposition for what I can saw is that, Apple ecosystem continue to provide hassle free value for customer who adopt Apple eco systems, from iphone, ipad, Mac, smart watch and Apple TV and launch of Apple Card will make Apple be one of the credit card player in the market. Due to innovative credit card software they built, and make the iphone be the unique 2 factors authentication medium, it will become one of the strong player on the credit card market without doubt, financing charges and interest they earn from credit card financing buyer for their daily, and they own that financial information and know where customer buy (phone GPS), buy what, and spending habits, that is very important piece of customer information. From the information collect they can segment customer based on financial wealth and spending habit, for recommend various lifestyle spending product, this is just few of the example we can thinking off.
The new way for how Apple Card being digital and physical (Titanium card) for customer use, make it more easy for digital transformation (DT). Existing credit card market already get used to how they tie to bank and routine statement. Apple Card as the product, provide innovative service and eco system will make the change in the sector, and let see how the others will follow for the changes. We do not surprise to see how in the near future people start to use phone to make credit card payment, cashless society transform one more time again. But this round Apple be the credit card financing sector.
This again provide a digital transformation (DT) lesson, it can be anything, just need a future perspective how it will transform the future for the market and user at large will happen.
