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Kate george
2023-02-14
Investing in the crypto markets has been great for me and the family, 𝗦𝗧𝗘𝗙𝗔𝗡𝗠𝗨𝗘𝗟𝗟𝗘𝗥_𝗧𝗥𝗔𝗗𝗘𝗦 𝗢𝗡 𝗜𝗡𝗦𝗧𝗔𝗚𝗥𝗔𝗠 it been a turning point for me financially
Apple’s Push Into Next-Generation Financial Services Hits Delays
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Also: The company hires its first chief people officer, shifting those responsibilities from its head of retail.</p><p>Last week in Power On: Apple talks up high-end iPhones in sign that an Ultra model may be coming.</p><h3>The Starters</h3><p>Expanding into financial services is one of Apple Inc.’s biggest growth opportunities. But it’s also one of the most challenging. The company’s new initiatives have suffered engineering and technical setbacks that have led to slow progress and missed deadlines.</p><p>Over the past eight months, the tech giant has announced at least two new features: a “buy now, pay later”-style service and a savings account program that will be tied to the Wallet app. The former, called Apple Pay Later, was introduced in June and was set to launch last September. The latter, meanwhile, was unveiled in October and was supposed to be delivered many weeks ago.</p><p>Two other financial initiatives that haven’t yet been announced also have been slow to arrive. There’s an iPhone hardware subscription program and an expanded version of the Pay Later program called Apple Pay Monthly Installments that can handle larger transactions over longer periods — while charging interest.</p><p>Both of those services remain underway at Apple, but it’s clear that the financial push has proven more difficult than expected. I believe the delays to all four initiatives stem from engineering challenges, as well as work on a next-generation financial system that will support them.</p><p>Creating this underlying platform is one of the most ambitious parts of Apple’s finance efforts. Under an initiative called Project Breakout, which I first described last March, the company is developing its own technology for handling interest calculations, rewards, credit checks, approvals and transaction histories — all things that are currently overseen by partners.</p><p>There have been recent signs of progress. After a delay of several months, the company is preparing to release the first version of Apple Pay Later to consumers. Several weeks ago, it started allowing corporate Apple employees to test the feature. And earlier this month, it opened that up to retail employees — essentially creating a test group with tens of thousands of people.</p><p>In a memo to retail employees, the company said that workers participating in the beta test may not share screenshots or demonstrations of the feature. They also can’t discuss it with anyone either inside or outside of Apple. “Participation in this feature preview is subject to the confidentiality agreements you agreed to in connection with your employment at Apple,” the company said.</p><p>The company followed a similar process with the Apple Card in 2019, providing it to retail staff about a month before the public release.</p><p>The Pay Later beta test isn’t available in Hawaii, Montana, Nevada, New Mexico, North Carolina and Wisconsin. I’ve also heard that Apple’s unionized store in Towson, Maryland, hasn’t been offered the option. The company caused an uproar last year when it didn’t give its latest employee perks to staff at that location.</p><p>Apple also informed retail employees that Pay Later loans would require soft credit checks that don’t affect credit scores — in line with other “buy now, pay later” services.</p><p>Given that the retail beta test just launched this past week, I’d imagine the feature goes public by March or April. The service isn’t tied to a specific release — like the upcoming iOS 16.4 — but can be enabled over the air on iOS 16.3.</p><p>I believe Apple will wait to see how the initial version of Pay Later performs before expanding it to higher transaction amounts. The service will rely on an in-house lending subsidiary, and it behooves Apple to see how that works before launching a more extensive offering with partners and interest rates.</p><p>Then there’s the Apple savings account. When the company announced this feature in October, it said the service would be released in the “coming months.”</p><p>Back then, everything looked to be on target: Apple quickly added the underlying code to support the feature in iOS 16.1 last year and partner Goldman Sachs Group Inc. published its fine print for the service in December. Since then, there hasn’t been a word from Apple or Goldman Sachs about the release.</p><p>As for the iPhone subscription service, the goal for that program was to debut it in 2022 or 2023. It remained in development alongside the release of the iPhone 14 last year — which would have been an ideal time to launch it — but the service never appeared. It should still arrive eventually. Anything that makes it easier for consumers to buyever-costlier iPhones probably makes sense for Apple in the long run.</p><p>Another key component of the financial strategy has been oddly slow: the international Apple Card expansion. The credit card wasannouncedin March 2019. Three years later, it remains a US-only product.</p><p>But there has been headway in other areas. The company’s campaign fordigital drivers licenseshas gotten off the ground, albeit slowly. And Apple Pay has expanded to much of the globe (with South Korea coming soon). The company alsorecently enabledtap-to-pay support for small businesses.</p><p>Apple remains determined to have a bigger role in consumers’ financial lives. It just may be a long time coming.</p><h3>The Bench</h3><p><b>Apple splits up its retail and human resources roles.</b>Four years ago, when former head of retail Angela Ahrendts departed the iPhone maker, the company didn’t have an obvious successor from the retail world ready to take over. So it insteadappointedDeirdre O’Brien, who was its top executive in charge of human resources.</p><p>Themove made sense: The vast majority of the company’s employees are retail workers, and O’Brien had helped launch the original Apple stores two decades ago. But it’s clear that running HR and retail are two major and distinct roles, so it made sense for Apple to split them up again.</p><p>That’s especially true as Apple deals with employeeactivism and unionization, in addition to embarking on another retail expansion. The growth of its stores had stagnated during the pandemic (especially as Covid spikes caused locations to temporarily shutter), but Apple is now planning to open outlets in countries like India and Malaysia.</p><p>So Apple is shifting O’Brien’s HR responsibilities to a new chief people officer: Carol Surface, who is coming from Medtronic Plc in early March. Surface will be Apple’s first executive to have that title, but the role is essentially the one O’Brien held before becoming head of retail.</p><p>Perhaps the most surprising part of this transition is that it took four years to happen. In a memo to Apple employees, Chief Executive Officer Tim Cook said that breaking up the roles again was always his plan. So it’s unclear why it took so long to do.</p><p>The shift is one of many changes at Apple during the past few months. With the departure of industrial design head Evans Hankey, Chief Operating Officer Jeff Williams is getting additional responsibility over Apple’s design team. M&A chief Adrian Perica, meanwhile, is gaining some oversight in the services division following Peter Stern’s exit.</p><h3>The Schedule</h3><p>March 10: Apple’s annual shareholder meeting. Cook and his lieutenants, such as General Counsel Kate Adams, will take the virtual stage to field carefully selected questions from shareholders and give some company updates. Major news rarely breaks at these conferences, but there will be shareholder votes on Apple’s board, executive pay, labor and other matters.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple’s Push Into Next-Generation Financial Services Hits Delays</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple’s Push Into Next-Generation Financial Services Hits Delays\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-13 15:35 GMT+8 <a href=https://www.bloomberg.com/news/newsletters/2023-02-12/apple-services-delays-apple-pay-later-apple-card-savings-iphone-subscriptions-le1i0niw><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple’s slate of new financial services — including “buy now, pay later” offerings, savings accounts and an iPhone subscription program — have hit delays. Also: The company hires its first chief ...</p>\n\n<a href=\"https://www.bloomberg.com/news/newsletters/2023-02-12/apple-services-delays-apple-pay-later-apple-card-savings-iphone-subscriptions-le1i0niw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.bloomberg.com/news/newsletters/2023-02-12/apple-services-delays-apple-pay-later-apple-card-savings-iphone-subscriptions-le1i0niw","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118306548","content_text":"Apple’s slate of new financial services — including “buy now, pay later” offerings, savings accounts and an iPhone subscription program — have hit delays. Also: The company hires its first chief people officer, shifting those responsibilities from its head of retail.Last week in Power On: Apple talks up high-end iPhones in sign that an Ultra model may be coming.The StartersExpanding into financial services is one of Apple Inc.’s biggest growth opportunities. But it’s also one of the most challenging. The company’s new initiatives have suffered engineering and technical setbacks that have led to slow progress and missed deadlines.Over the past eight months, the tech giant has announced at least two new features: a “buy now, pay later”-style service and a savings account program that will be tied to the Wallet app. The former, called Apple Pay Later, was introduced in June and was set to launch last September. The latter, meanwhile, was unveiled in October and was supposed to be delivered many weeks ago.Two other financial initiatives that haven’t yet been announced also have been slow to arrive. There’s an iPhone hardware subscription program and an expanded version of the Pay Later program called Apple Pay Monthly Installments that can handle larger transactions over longer periods — while charging interest.Both of those services remain underway at Apple, but it’s clear that the financial push has proven more difficult than expected. I believe the delays to all four initiatives stem from engineering challenges, as well as work on a next-generation financial system that will support them.Creating this underlying platform is one of the most ambitious parts of Apple’s finance efforts. Under an initiative called Project Breakout, which I first described last March, the company is developing its own technology for handling interest calculations, rewards, credit checks, approvals and transaction histories — all things that are currently overseen by partners.There have been recent signs of progress. After a delay of several months, the company is preparing to release the first version of Apple Pay Later to consumers. Several weeks ago, it started allowing corporate Apple employees to test the feature. And earlier this month, it opened that up to retail employees — essentially creating a test group with tens of thousands of people.In a memo to retail employees, the company said that workers participating in the beta test may not share screenshots or demonstrations of the feature. They also can’t discuss it with anyone either inside or outside of Apple. “Participation in this feature preview is subject to the confidentiality agreements you agreed to in connection with your employment at Apple,” the company said.The company followed a similar process with the Apple Card in 2019, providing it to retail staff about a month before the public release.The Pay Later beta test isn’t available in Hawaii, Montana, Nevada, New Mexico, North Carolina and Wisconsin. I’ve also heard that Apple’s unionized store in Towson, Maryland, hasn’t been offered the option. The company caused an uproar last year when it didn’t give its latest employee perks to staff at that location.Apple also informed retail employees that Pay Later loans would require soft credit checks that don’t affect credit scores — in line with other “buy now, pay later” services.Given that the retail beta test just launched this past week, I’d imagine the feature goes public by March or April. The service isn’t tied to a specific release — like the upcoming iOS 16.4 — but can be enabled over the air on iOS 16.3.I believe Apple will wait to see how the initial version of Pay Later performs before expanding it to higher transaction amounts. The service will rely on an in-house lending subsidiary, and it behooves Apple to see how that works before launching a more extensive offering with partners and interest rates.Then there’s the Apple savings account. When the company announced this feature in October, it said the service would be released in the “coming months.”Back then, everything looked to be on target: Apple quickly added the underlying code to support the feature in iOS 16.1 last year and partner Goldman Sachs Group Inc. published its fine print for the service in December. Since then, there hasn’t been a word from Apple or Goldman Sachs about the release.As for the iPhone subscription service, the goal for that program was to debut it in 2022 or 2023. It remained in development alongside the release of the iPhone 14 last year — which would have been an ideal time to launch it — but the service never appeared. It should still arrive eventually. Anything that makes it easier for consumers to buyever-costlier iPhones probably makes sense for Apple in the long run.Another key component of the financial strategy has been oddly slow: the international Apple Card expansion. The credit card wasannouncedin March 2019. Three years later, it remains a US-only product.But there has been headway in other areas. The company’s campaign fordigital drivers licenseshas gotten off the ground, albeit slowly. And Apple Pay has expanded to much of the globe (with South Korea coming soon). The company alsorecently enabledtap-to-pay support for small businesses.Apple remains determined to have a bigger role in consumers’ financial lives. It just may be a long time coming.The BenchApple splits up its retail and human resources roles.Four years ago, when former head of retail Angela Ahrendts departed the iPhone maker, the company didn’t have an obvious successor from the retail world ready to take over. So it insteadappointedDeirdre O’Brien, who was its top executive in charge of human resources.Themove made sense: The vast majority of the company’s employees are retail workers, and O’Brien had helped launch the original Apple stores two decades ago. But it’s clear that running HR and retail are two major and distinct roles, so it made sense for Apple to split them up again.That’s especially true as Apple deals with employeeactivism and unionization, in addition to embarking on another retail expansion. The growth of its stores had stagnated during the pandemic (especially as Covid spikes caused locations to temporarily shutter), but Apple is now planning to open outlets in countries like India and Malaysia.So Apple is shifting O’Brien’s HR responsibilities to a new chief people officer: Carol Surface, who is coming from Medtronic Plc in early March. Surface will be Apple’s first executive to have that title, but the role is essentially the one O’Brien held before becoming head of retail.Perhaps the most surprising part of this transition is that it took four years to happen. In a memo to Apple employees, Chief Executive Officer Tim Cook said that breaking up the roles again was always his plan. So it’s unclear why it took so long to do.The shift is one of many changes at Apple during the past few months. With the departure of industrial design head Evans Hankey, Chief Operating Officer Jeff Williams is getting additional responsibility over Apple’s design team. M&A chief Adrian Perica, meanwhile, is gaining some oversight in the services division following Peter Stern’s exit.The ScheduleMarch 10: Apple’s annual shareholder meeting. Cook and his lieutenants, such as General Counsel Kate Adams, will take the virtual stage to field carefully selected questions from shareholders and give some company updates. Major news rarely breaks at these conferences, but there will be shareholder votes on Apple’s board, executive pay, labor and other matters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":58,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
