Goldman Sachs Leads In Digital-Only Banking Sector
Digital-only banks have been steadily growing in popularity. They originally had larger success in Europe, but digital-only banks in the U.S. have begun to expand in the past 12 months. Goldman Sachs took note of this expansion within digital-only banks and launched Marcus.
Marcus has found success because of its competitive products and key acquisitions made by Goldman Sachs when launching the bank. More specifically, Marcus offers high-yield savings accounts with extremely competitive interest rates.
Customers can receive 2.25% interest on deposits. Goldman Sachs asserts that this interest rate is four times larger than the average interest rate paid by banks.
Additionally, Goldman Sachs strategically bought Clarity Money, which is a personal finance management app. Customers on Clarity Money could open an account with Marcus directly through the app. This in turn created an entire pool of customers where Marcus was the main digital-only bank available. Marcus, has expanded outside of the U.S. and was recently launched in the United Kingdom.