Goldman Sachs launches app for online bank Marcus

Tuesday 14 January 2020 11:48 CET | News

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.

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Keywords: Goldman Sachs, Marcus, digital bank, corporate bank, commercial banking, online banking, product launch, US, Clarity Money, startup
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech