Goldman Sachs finally launches app for Marcus online banking

NEW YORK (Reuters) – Goldman Sachs Group Inc this week launched a much-anticipated app for customers of its Marcus online bank.

The lack of a mobile app had frustrated smartphone users who until now could only view account information, make loan repayments or make balance transfers on the bank’s website.

“Exactly what I expected,” wrote a Marcus customer at the Apple App Store, where the mobile app was released on Monday.

The bank launched Marcus in 2016 to diversify its income and funding sources by offering savings accounts and personal loans to individuals. Until then, Goldman Sachs had operated primarily as an investment bank and trading house since its founding in 1869, primarily using wholesale market money.

Goldman Sachs spokeswoman Kristen Greco said on Friday that one of the most common requests from customers was for the bank to launch an app, and that software engineers and developers “have spent the best part of 2019” to create one.

Software engineers and developers who worked on Clarity Money, a personal finance startup that Goldman bought in 2018, were tasked with developing the Marcus app. “People expect a digital bank to have an app,” Greco said. “We wanted to make sure we got it right. Marcus, with $ 55 billion in customer deposits in the US and UK and $ 5 billion in loans, allowed the bank to build a deposit pool to run much cheaper on a daily basis.

The bank announced Monday that its consumer bank, which includes Marcus and its nascent credit card business, contributes less than 3% of its overall revenue.

Reporting by Elizabeth Dilts Marshall; Editing by Richard Chang

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David A. Albanese