Would you use a credit card from Google, Amazon or Apple?

Reports of a joint venture between Apple and Goldman Sachs to launch a credit card have whet the public appetite for more tech giants to offer banking products.

According to research by Equifax, more than half of Brits under the age of 45 would be keen to see financial products or services from the likes of Apple, Amazon or Google.

However, 45% of those people said loans, credit cards or current accounts from these technology companies would only be of interest to them if they offered better value than their existing bank.

Jake Ranson, banking and financial institution expert at Equifax, said: “The recent announcement that Apple is joining forces with Goldman Sachs to launch a consumer credit card highlights how tech companies plan to shake up the banking industry, creating products and services to compete against the big high street banking names as well as newer digital entrants.

“Although a sense of brand familiarity pins many people to their current bank, there’s an appetite for new products and a desire for alternatives that can offer something genuinely different.

“The tech giants have a loyal brand following in their own right, if they can combine this with a competitive product offering we’ll see an interesting shift in dynamics as the fight to attract customers heats up.

It is understood Apple and Goldman Sachs will introduce their credit card to the market next year. Reports in the Wall Street Journal suggested the card would be launched under the Apple Pay brand.

According to Equifax’s research when all age groups were taken into account, as opposed to under 45s only, the level of interest in banking products created by tech giants fell to 40%.

Meanwhile, a quarter of those questioned said they would rather use products from their existing bank as they were more familiar with them.

 

 

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