Goldman aims high with Marcus, eyes checking account

Goldman Sachs plans to continue rolling out new products through Marcus. During a fireside chat at LendIt Fintech on Tuesday, Goldman Sachs Chief Strategy Officer Stephanie Cohen said Goldman wants Marcus to be a full-service digital bank. [caption id="attachment_186558" align="alignright" width="300"] Image via Marcus by Goldman Sachs[/caption] “We want to manage people’s financial life,” Cohen said. “We service people all the way from ultra-high net worth to high net worth, really through mass affluent.” Goldman Sachs waded into consumer banking with the launch of the digital-only Marcus in 2016, which offers personal loans, savings and personal finance management tools. According to Cohen, the bank wants to add checking accounts to Marcus as well. The 151-year-old investment bank has slowly been making upgrades to Marcus since 2016. In January this year, the bank finally created an app for Marcus, allowing customers to use the service outside the bank’s website. Goldman’s move into personal finance management traces back to 2018 when the bank purchased the budgeting app Clarity Money . Last month, the bank launched Marcus Insights so customers can link outside accounts and track their spending. Cohen said that, despite the conception that Marcus has been built organically, acquisitions and partnerships have played a major role in Goldman’s retail efforts. The bank acquired GE Capital Bank’s online deposit platform in 2016, and acquired the credit card startup Final in 2018. And, Goldman backed the Apple Card, which launched last year . Despite all the attention Goldman has paid Marcus, the brand has lost the investment bank $1.3 billion as of September 2019, according to a Wall Street Journal report . See also: Goldman is quickly expanding its digital retail bank Marcus In addition to the fireside at LendIt, Tuesday marked an important day for Cohen, who was promoted to co-head of Goldman’s consumer banking and wealth management division, effective in January. She will run the division with Tucker York, the current global head of wealth management. “Tucker is an amazing partner, and I can’t wait to work with him,” Cohen said. The 2020 Banking Automation Summit Virtual Experience , taking place November 9-10, is a new event that will provide a platform for industry professionals to share fresh insights, tools, trends and strategies. The Summit will focus on how automation will transform banking, especially with regard to back-office operations, risk management, data science and utilization, customer experience and more. Register here .

Goldman aims high with Marcus, eyes checking account

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