Fintech: Goldman Sachs Launches Its Marcus App

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Marcus now has $55 billion in deposits under management.

Online bank Marcus accounts from Goldman Sachs Group are finally easier to manage on a mobile device. The Wall Street financial giant launched its long-awaited app for customers last week. The lack of an app has been an ongoing source of frustration for customers who could only see balance transfers, account information and make payments on loans with their phones and other devices.

A Goldman Sachs spokesperson told Reuters last week that its app was the most common request from customers last year. The firm reportedly spent a significant part of last year developing the new app.

Can Online Bank Marcus Succeed?

While Goldman Sachs regularly generates headlines under its new CEO David Solomon, its new banking initiative has largely slid under the radar. Marcus launched in 2016 to provide banking services and smaller, personal loans to customers. In 2018, the firm began providing home improvement loans. The bank provides a relatively largest interest rate in comparison to other savings account – most recently at 1.7%.

In October, Marcus reportedly had $55 billion in deposits.

Recently, it expanded its lending capacity with a series of new initiatives.

In December, Marcus announced it was partnering with Guaranteed Rate. The collaboration will allow Marcus to “provide an unsecured personal loan for Guaranteed Rate customers looking to finance their home improvement projects or consolidate their debt.”

Goldman said that it will provide insight into consumer segments and the progress at Marcus during its upcoming Q4 earnings report on January 15.

Related: Digital Assets: The Insight Partners-Armis Deal Will Mint Millionaires by the Dozen

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