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Goldman Sachs (GS) Launches Mobile App for Online Bank Marcus

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Per Reuters, Goldman Sachs (GS - Free Report) recently launched an app for its online bank, Marcus. The mobile app was developed on demand from smart phone-using customers, who could only view account information, make loan payments or transfer balance on the bank's website.

Goldman’s software engineers and developers had "spent the better part of 2019" to create the app. Notably, the same team had worked on Clarity Money, a personal finance start-up that the bank had bought in 2018.

Prior to the launch of Marcus in 2016, Goldman operated primarily as an investment bank and trading house. Post the launch of Marcus, the bank was able to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. Over time, Marcus has grown into a multiproduct platform with four million customers in the United States and the United Kingdom without the traditional brick-and-mortar branch model. Also, the online bank has deposits worth $50 billion and $5 billion in consumer loan balances.

Conclusion

The key source of Goldman’s earnings stability lies in its diversified business. Traditional banking along with a diverse product portfolio is likely to help sustain growth. Thus, the company’s initiative to form a digital bank by developing Marcus and now its mobile app is likely to boost the bank’s consumer business.

Shares of this Zacks Rank #3 (Hold) company have appreciated 35.5% over the past year outperforming the industry’s rise of 14.4%.



 

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