Market Research

#DigitalBanking / Building the Marcus brand: Goldman’s 2021 vision for its consumer banking product

Marcus by Goldman Sachs, which launched four years ago, had $96 billion in deposits as of the third quarter of 2020. With personal loans, savings accounts, and Marcus Insights, its personal finance analysis tool, Goldman is building a comprehensive product suite...

[CFO at Goldman Sachs:] “Our ambition is to grow out the product set that’s there, including in 2021, seeing checking and a wealth module to again grow out that platform in a more profound way.”

[Melissa Manne, who is vice president and head of product at Marcus Digital Storefront:] 

We have a big opportunity at Marcus to really demonstrate to the world what a modern consumer bank is. We are working on products that will support how people spend, how they borrow, how they plan and how they invest. The common thread through all of those is we want to do it in a way that’s really transparent, where customers know exactly what they’re getting and what they’re paying for, without hidden fees or costs. We think there’s a big opportunity to do it in a way that’s simple, that’s engaging and that’s intuitive.

… We’ve also rolled out our feature set with an eye on making the experience simple [and] engaging, using simple visualizations, to really bring Insights to life that empower customers... We have a snapshot feature that allows [customers] to see relative to the amount of income they’ve taken home, how much they’ve spent, how much they’ve saved, how much they’ve invested and then how much is left over. We show them how much they’ve spent in a certain time period at some of their most frequented merchants...

The competition… What we often hear is actually the biggest competitor isn’t a specific brand, but it’s actually just inertia. People tend to have financial accounts with the same institution for years and years, if not decades, and it’s just really hard to make a switch, even if you know that you could be potentially optimizing your money somewhere else. 

2021 priorities… We’ve already built lending, savings and card capabilities. Right now, we’re focusing on building checking and investing products for launch in 2021...

[tags BankTech, DigitalBanking]