Daily Tearsheet: Marcus by Goldman Sachs’ CFO on consumer finance, Remitly’s CEO on the evolution of remittances, and more


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Daily Tearsheet: Marcus by Goldman Sachs’ CFO on consumer finance, Remitly’s CEO on the evolution of remittances, and more

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Marcus by Goldman Sachs' CFO, Liz Ewing, on consumer finance amid rising inflation

Launched in 2016, Marcus by Goldman Sachs is a consumer "online-only" wing of the bank that offers no-fee personal loans and rewards savers with higher-than-average rates, high-yield and penalty-free certificates of deposit via its Marcus app.

The ongoing financial crunch has led to a roadblock in mergers and acquisitions throughout the industry, along with a slump in financial assets, which has exerted a direct influence on Goldman Sachs' Q2 earnings as reported by the bank last week.

Tearsheet's Sara Khairi spoke with Liz Ewing, Chief Financial Officer at Marcus by Goldman Sachs, on how inflation can impact consumer finance and how to come to grips with the current economic climate.

Read more

Power of Payments Ep. 11: 'There's a lot of heart in our business when you really understand our customers' – Remitly's Matt Oppenheimer

In episode 11 of Power of Payments, host Ismail Umar speaks with Matt Oppenheimer, co-founder and CEO of Remitly, an online remittance service based in Seattle that offers international money transfers to over 135 countries.

Remitly says its vision is to improve the lives of millions of immigrants and their families back home by making international money transfers quicker, easier, more affordable, and more transparent than traditional money transfer processes.

Matt talks about how the remittance industry has evolved over the last decade, the changing needs of Remitly's customers, the potential role of crypto in remittances, and what he sees as the future of global money movement.

Listen / read more

The latest briefing

Banking Briefing: Learning the moves to the 'gig groove'

A couple of weeks ago, Citi announced that it is now accepting P2P payments as direct deposits that can qualify for monthly fee waivers. Until now, Citi only waived monthly fees for consumers with an average balance or a direct deposit amounting to $1500 – P2P payments did not fall into the equation here.

Citi's 'change of heart' seems to be geared directly towards gig economy workers.

While the gig economy may be about taking up temporary work, the move itself doesn't seem temporary at all. The gig economy has grown by 30% since the start of the pandemic, and isn't showing any signs of slowing down – it's expected to surpass the full-time workforce by 2027.

Read more (exclusive to Outlier members)

Just look at the charts

1. Banks closed 9% of their branches in 2021

Source: David Jimenez Maireles

2. What would an Apple bank account look like?

SourceAlex Johnson

Today's stories

Uber unveils driver perks and debit card
Uber has introduced a pair of features designed to provide more flexibility and opportunities for drivers. The Upfront Fares feature reimagines the way drivers accept rides, and Trip Radar gives drivers more options for choosing rides. Uber is also working on a new Uber Pro debit card and checking account designed to help drivers save on gas, fees, and other expenses. (PYMNTS)

Messaging app Viber launches digital wallet
Payments on Viber is a new service that will let users set up digital wallets tied to their Viber accounts, allowing them to make bill payments, buy goods, and transfer money to other individuals. (TechCrunch)

Tiffany and Co. unveils $50K CryptoPunk necklaces
Tiffany and Co. is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) a pop, exclusively for CryptoPunks holders. (CoinDesk)

US card lenders are stepping up marketing efforts to attract new borrowers
Even as the economy slips into a recession, leading US card lenders are hunting for new borrowers. After rising 47% in Q1, the volume of paper and digital mail solicitations sent by US credit card issuers increased again in Q2, putting it on track to reach a record high this year. (FT)

Are the fintech layoffs part of a normal business cycle?
Underneath all the good news about hiring sprees, loan volume surges, and profitability is ironically just the opposite. Some fintech lending darlings of Wall Street have abruptly changed gears over the past few months and are now in a state of self-preservation. (deBanked)

Stay ahead of the game with Outlier -- Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.

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