Goldman Sachs set to make waves in the banking industry

Goldman Sachs are planning on disrupting the banking industry in a big way with their startup consumer banking project Marcus. The well-known investment banking and financial services provider?s goal is to completely transform the consumption and distribution experience of the financial services space. Harit Talwar the head of global consumer business at Goldman said in a recent interview "Think about it ? a mom wants to buy diapers. The diapers she buys at Walgreens or the diapers she buys at Amazon are the same diapers, but, with Amazon she's convinced of value, it is easy, it is simple, it's transparent, it's personal, it's repeatable, and she does it from her family room,? he continued to say. ?There is no reason why you need to walk to a branch to do banking.?

Goldman?s banking startup initially debuted three years ago, as the new arm to their online consumer and lending services. The name Marcus was chosen for the new sector and chosen as a mark of respect for the banks founder Marcus Goldman. Marcus? head of product Adam Dell has explained that the aim of project Marcus is to educate and ensure understanding to their customer base that they are paying their current banking provider $150 - $200 in fees each year, and in the same time frame are receiving little to no interest on their savings. The benefits of a Marcus account at face value are glaringly obvious, with the Goldman arm offering a 2.25% annual percentage yield, with no banking fees. Additionally customers can open a Marcus account for as little as $1 and gain access to a plethora of fixed rate, zero fee loans of up to $40,000.

Marcus has been a big hit with consumers in the US, as currently they are managing over 4 million customers, and have processed over $4.7 billion in loans to their client base. Not only is the company creating personal accounts, they have more recently partnered with tech giant Apple and are offering their services for Apples upcoming Apple card, a low fee credit card that can be used for both physical and digital purchases, set to launch this summer.
Adam Dell said in a note to clients "We are growing at a quite rapid rate. I think that's a reflection of the value proposition of our business, you will see us move into other categories of finance whether it be investing, retirement, insurance, all of the things that make up a person's financial life are fair game,"

While this could certainly cause waves in the banking industry, it may take Goldman a little longer than expected to see any major changes in the way consumers deal with their finances.

Brian Anderson ? AMT Associates

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