US-based Goldman Sachs Group has launched a long-awaited app for customers of its online bank Marcus, according to Reuters.
The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. Until then, Goldman Sachs had operated primarily as an investment bank and trading house since its founding in 1869, using mostly money from the wholesale market.
Goldman Sachs officials have declared that one of the most common customer requests has been for the bank to launch an app, and software engineers and developers “spent the better part of 2019” creating one. Software engineers and developers who worked on Clarity Money, a personal finance startup Goldman bought in 2018, were tasked with developing the Marcus app. The bank reported that its consumer bank, which includes Marcus and its credit card business, contributes less than 3% of its overall revenues.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.