Member Exclusive, New banks

Inside Goldman’s product roadmap for digital bank Marcus

  • Next year, Marcus by Goldman Sachs will roll out a series of new products, including checking accounts and digital investment offerings.
  • Data-driven insights will enhance personalization, possibly with the help of an AI assistant.
close

Email a Friend

Inside Goldman’s product roadmap for digital bank Marcus

For Marcus by Goldman Sachs, the bank’s digital consumer brand, large consumer-obsessed online companies are a bigger source of inspiration than high street banks. 

 “We want to do what Amazon has done to retail, or what Apple has done to music, where you innovate on the distribution and consumption experience for the consumer,” said Harit Talwar, partner and global head of Goldman Sachs’ consumer business, at the Tearsheet Resilience Conference on Tuesday. “We want to give consumers a bank on a phone with products which are valuable, easy and transparent.”

The momentum for Marcus accelerated during the pandemic. Talwar referenced Goldman’s research which suggests that more than a quarter of consumers won’t want to visit branches even when it’s safe to do so.

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

1 comments on “Inside Goldman’s product roadmap for digital bank Marcus”

  • Thank you Marcus for discussing the roadmap and by all accounts, the company is saying exactly what is needed and expected of digital-only bank brands. This was a key point, “… its in-house prowess,” signaling that “talent,” not technology will be the catalyst for a great digital engagement.

Outlier OpinionsMakers

New banks

‘I have a visceral understanding of the underserved customer because I was one too’: The story behind Ahead Financials

  • Ahead Financials was launched back in December to provide banking services to anyone who feels financially insecure or underbanked.
  • Anu Shultes is the CEO of Ahead. Her inspiration for the challenger bank and her understanding of how to build it come from 25+ years in the banking industry, as well as her own experience as an immigrant in the US trying to make ends meet.
Rivka Abramson | May 17, 2021
New banks

Banking software providers are helping their clients go digital

  • Small banks and credit unions need to digitize to compete in an evolving industry.
  • Experts say open banking is the way to go.
Shehzil Zahid | May 11, 2021
New banks

‘Our sweet spot is healthcare’: Laurel Road for Doctors takes niching down one step forward

  • The demand for personalized digital banking products is booming.
  • And with that, companies like Laurel Road and KeyBank may need to figure out a way to become niche ninjas.
Rivka Abramson | May 10, 2021
New banks

Challenger bank Fortú targets Latinos in the U.S.

  • Fortú serves the underbanked and unbanked Latino communities in the U.S.
  • The digital bank uses the Galileo payments platform.
Ismail Umar | May 06, 2021
New banks

As gig work tops $1 trillion in the U.S, workers demand more real time payouts

  • Pandemic related loss of income has spurred an increased interest in gig economy work.
  • Branch and Marqeta’s report shows that 94 percent of gig workers associate faster payouts with financial security.
Rimal Farrukh | May 05, 2021
More Articles