Goldman Sachs Banking on New Mobile App

by | Jan 17, 2020

This week, Goldman Sachs customers finally received what they have been asking for—a mobile banking app. The Marcus app, which integrates with their digital bank of the same name, is finally available in the App store.

Goldman Sachs is widely recognized as a global leader in investment banking, securities, and financial management. In 2016, they released Marcus, named after founder Marcus Goldman, which added savings accounts and personal loans for their retail consumers.

While customers could look at their accounts on a computer, they were extremely vocal about the need for a mobile app. Of the delay, Goldman Sachs’ Kristen Greco explained, “People expect a digital bank to have an app. We wanted to make sure we did it right.”

Though its consumer bank contributes less than 3% of the overall revenue at Goldman Sachs, the announcement of the app helps better position the company to compete with the savings and personal loan segments of other banks.

For now, the Marcus app allows customers to set up recurring payments and check their balances, but there are much larger plans for it in the long run. The hope is that it will eventually serve as the bank’s storefront and the centerpiece of its digital banking services.

Given open banking and PSD2 were such hot topics in 2019, it was extremely necessary that the Marcus app be unveiled this year. As mentioned in 2020 Payments Trends: E-Wallets, AI and More, instant payments have been a hot topic in banking for years and consumer expectations continue to rise. Banks can no longer have payment delays or issues with mobile applications, as customers will not stand for it.

In the case of the Marcus app, Goldman Sachs takes a much needed step towards its future and working to create the proper foundation to ensure success for its digital banking customers.

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-Amanda Bierfeld Williams, Marketing Coordinator