Loyal customers wishing to use smartphones for financial transactions have been frustrated by the company’s lack of an app until now. Previously, users could only make transfers and loan payments via Goldman’s website.
Released January 8th of this year, the Marcus app has been well-received so far by consumers. “Exactly what I was waiting for,” one Apple App comment read regarding Goldman’s latest product.
When it launched in 2016, Marcus offered an online alternative that helped the company differentiate its revenue stream with saving accounts and personal loans for Goldman’s retail consumers.
Prior to that time, the venerable Goldman Sachs was primarily an investment bank and trading house utilizing wholesale market funding since being founded in 1869.
Company spokeswoman Kristen Greco commented last Friday that one of the most frequent Goldman customer requests has been for an app integrated with the rest of the bank. She added that software designers and developers “spent the better part of 2019” creating the Marcus app.
Developers and software engineers who enhanced Clarity Money, a personal finance startup purchased in 2018 by Goldman Sachs, were assigned the Marcus app. “People expect a digital bank to have an app,” Greco said. “We wanted to make sure we did it right.” With $55 billion in U.S. and U.K. deposits and $5 billion in loans, Marcus enables Goldman to build and increase a pool of deposits to run day to day much more cost-efficiently.
Goldman reported last Monday that its consumer bank, which includes Marcus and its newer credit card business, contributes less than 3% of the company’s overall revenue. The company also recently changed its overall reporting structure.